Suvretta Capital Management LLC

ITEM 5 – Fees and Compensation

The fees applicable to each Fund are set forth in detail in their respective confidential private
placement memorandums. A summary of the fees is provided below.

Montanova and the General Partners typically receive compensation from the Funds in the
form of fees based on a percentage of assets under management and performance-based
incentive allocations.

    •   The Long-Short Funds pay Montanova a quarterly management fee in advance ranging
        from 0% to 1.5% (per annum) of the net assets of the Long-Short Funds. For Long-
        Short Fund assets that are Designated Investments, the quarterly management fee is
        based upon the lower of (i) initial cost, as adjusted for partial realizations of such
        Designated Investment and (ii) fair value (which may be at cost).

    •   The Averill Funds pay Montanova a quarterly management fee in advance ranging from
        1% to 2% (per annum) of the net assets of the Averill Funds. For Averill Fund assets
        that are Designated Investments, the quarterly management fee is based upon the

  A “SICAV,” which stands for Société d’investissement à capital variable, is a type of open-ended investment
fund with variable share capital that may invest in transferable securities, money market instruments, units of
investment funds, deposits and financial derivative instruments.

       lower of (i) initial cost, as adjusted for partial realizations of such Designated
       Investment and (ii) fair value (which may be at cost).

   •   The Madison Funds pay Montanova a quarterly management fee in advance ranging
       from 1.5% to 2% (per annum) of the net assets of the Madison Funds. For Madison
       Fund assets that are Designated Investments, the quarterly management fee is based
       upon the lower of (i) initial cost, as adjusted for partial realizations of such Designated
       Investment and (ii) fair value (which may be at cost).

The Funds will also allocate an annual performance allocation to the General Partners as
described below:

       The Long-Short Funds Performance Allocation

       The GP will receive an annual performance allocation ranging from 0% to 20% of the
       net profits (including net unrealized gains) as of the end of each fiscal year (after
       deducting all expenses) allocated to an investor, subject to a loss carryforward
       provision that is described in the Onshore Fund’s and Offshore Fund’s confidential
       private placement memorandums. Net unrealized profits attributable to Designated
       Investments are not included in calculating the performance allocation until a
       Designated Investment is realized or deemed realized.

       The Averill Funds Performance Allocation

       The Averill GP will receive an annual performance allocation ranging from 10% to 20%
       of the net profits (including net unrealized gains) as of the end of each fiscal year (after
       deducting all expenses) allocated to an investor, subject to a loss carryforward
       provision that is described in Averill Onshore’s and Averill Offshore’s confidential
       private placement memorandums. Net unrealized profits attributable to Designated
       Investments are not included in calculating the performance allocation until a
       Designated Investment is realized or deemed realized.

       The Madison Funds Performance Allocation

       The Madison GP will receive an annual performance allocation ranging from 20% of
       the net profits generated above the returns of a benchmark return (described below);
       to 20% of the net profits (including net unrealized gains) as of the end of each fiscal
       year (after deducting all expenses) allocated to an investor, subject to a loss
       carryforward provision that is described in Madison Onshore’s and Madison Offshore’s
       confidential private placement memorandums. Net unrealized profits attributable to
       Designated Investments are not included in calculating the performance allocation
       until a Designated Investment is realized or deemed realized.

       The benchmark return is calculated as the amount that a capital account or series of
       shares (collectively “Capital Accounts”) would have appreciated or declined during a
       performance period if it had achieved a rate of return for such period equal to that of
       the benchmark specified in the Madison Onshore Fund’s and Madison Offshore Fund’s
       confidential offering memorandums.

Because for certain limited partners and/or shareholders the annual performance
allocation is determined based upon a Capital Account outperforming the benchmark
return for any fiscal year, it is possible the Madison GP will be entitled to receive a
performance allocation for a fiscal year even if the Capital Account had depreciated in
value during the year. In addition, it is also possible that the performance allocation
earned by the Madison GP will exceed the Capital Account’s allocable share of net
profits at the Master Fund level in a fiscal year. Under such circumstances, the
performance allocation will be reallocated to the Madison GP for a fiscal year only to
the extent of the Master Fund’s net profits allocated to such Capital Account for such
fiscal year. The remaining portion of the performance allocation that was not
reallocated to the Madison GP (“Deferred Performance Allocation”) will not be
allocated to the Madison GP until the next fiscal year that there is sufficient amount of
Master Fund net profits allocated to the Capital Account even if no performance
allocation is otherwise due in such subsequent fiscal year. Unallocated Deferred
Performance Allocation will not reduce the value of a Capital Account for purposes of
determining the annual performance allocation in a subsequent fiscal year.

If a shareholder or limited partner subject to a Performance Allocation based on
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ITEM 7 – Types of Clients

As of the date of this Brochure, Montanova’s Clients consist of private pooled investment
vehicles and foreign pooled investment vehicles. Fund Investors may include, but are not
limited to; high net worth individuals; pension plans (corporate, state or foreign); sovereign
wealth funds; endowments; foundations; banks; pooled investment vehicles (e.g., funds-of-
funds); trusts; estates or charitable organizations and corporate or business entities.

Each Feeder Fund generally requires a minimum investment of $1 million; however,
Montanova (or a Fund’s board of directors if applicable) maintains discretion to accept less
than the minimum investment threshold. Montanova requires that all Fund Investors read
the confidential private placement memorandum, accompanying documentation and
complete a Fund’s respective subscription documents.