Yes, basically he should be taking more exp from you, than you from him. Because it takes longer for him to level, he shares some of that penalty with whoever he groups with.
Example, it takes Johnny the Paladin 40 exp to hit level 2. At the same time, it takes Bob the Cleric 30 experience to hit level 2. If you group together, you'll be getting less experience from the monster, but it takes him more experience to get there, so it kind of evens out.
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