Rhenman & Partners Fund Rhenman Healthcare Equity L/S Rhenman - PowerPoint PPT Presentation

Rhenman & Partners Fund – Rhenman Healthcare Equity L/S

Rhenman Healthcare Equity Long/Short Fund Fundamental inställning som stöds av ett Vetenskapligt Råd  Global hedgefond med långsiktigt positiv grundsyn (nettoexponering normalt 70-150%)   Fokuserad strategi: endast hälso- och sjukvårdssektorn, oberoende av index Årligt nettoavkastningsmål > 12%  Flerdimensionell riskdiversifiering:  Generellt 60-80 aktiva positioner i noterade bolag - Typisk allokering: 2/3 i USA och 1/3 i övriga världen - 1/4 vardera i läkemedel, bioteknik, medicinsk teknik och service - 1/3 vardera i små, medelstora och stora bolag - Portföljbolags börsvärde > 200 miljoner USD (med sällsynta undantag)  Kassaflödespositiva bolag är dominerande (vanligtvis > 80%)   Långsiktig placeringshorisont, men aktiv handel 2

Unique collective wisdom in healthcare SEB act as Fund Management Company & Custodian Bank Current fund AUM: 214 MEUR (296 MUSD) Scientific Advisory Board RPAM Board Members RPAM is supervised by the Swedish Financial Supervisory Authority Göran Nordström Prof. Hans Wigzell Prof. Bertil Hållsten Henrik Rhenman CEO / Founding Partner Chairman Chairman CIO / Founding Partner 30+ Years of Experience 40+ Years of Experience 40+ Years of Experience 25+ Years of Experience 15+ Years with Rhenman 20+ Years with Rhenman 15+ Years with Rhenman Carl Grevelius Ellinor Hult Henrik Rhenman Birgitta Stymne Göransson Head of Sales & Marketing Assistant Portfolio Member Member Founding Partner Manager 25+ Years of Experience 25+ Years of Experience 15+ Years of Experience 6 Years of Experience 7 Years with Rhenman 5 Years with Rhenman Camilla Hermansson Anders Grelsson Prof. Peter Arner Assistant Håkan Åström Swedish investor relations Member 5 Years of Experience Member 20+ Years of Experience 30+ Years of Experience 30+ Years of Experience 2 Years with Rhenman 5 Years with Rhenman 5 Years with Rhenman Compliance Outsourced to Änglarum Prof. Tomas Olsson Göran Nordström Finanskonsult AB Member Risk Management Henrik Rhenman 30+ Years of Experience Member 5 Years with Rhenman IT Investment and Outsourced to Derivatives Strategy LC24 Sweden AB Prof. Sten Nilsson Outsourced to Staffan Member Göran Nordström Knafve Rådgivning AB 30+ Years of Experience Member Accounting 15 Years with Rhenman 2 Year with Rhenman Outsourced to Viveka Luiga Ekonomibyrå AB Legal Carl Grevelius Outsourced to Secretary Hoflund Juridik AB Auditor BDO Sverige AB For more than 15 years a Scientific Advisory Board has successfully provided the portfolio manager with its enhanced knowledge of scientific rationale, clinical trials, clinical usage, products, companies and market trends. In addition, the RPAM External Board Members are actively collaborating to the research process. 3

Förvaltarteam Henrik Rhenman, Chief Investment Officer / Founding Partner (born 1957) Over 20 years of portfolio management experience 1999 – 2008 Founder and Chief Investment Officer, Carnegie Healthcare Funds, Carnegie Investment Bank 1997 – 1999 Managing Director, Portfolio Manager, SG Cowen, Boston 1991 – 1997 Portfolio Manager, SEB Pharmaceutical Fund 1988 – 1991 Head of Research, Head of Asset Management, Hagströmer & Qviberg 1978 – 1988 Pharmacia, Alfa-Laval Ellinor Hult , Analyst / Assistant Portfolio Manager (born 1981) 6 years experience of Equity Sales 2011 – 2012 Vice President, Non-Japan Asian Equity Sales, Samsung Securities, London 2006 – 2011 Vice President, Non-Japan Asian Equity Sales, Credit Suisse, London 2001 – 2006 Masters in Finance, Stockholm School of Economics 4

Enastående avkastningshistorik - #1 i världen, +25,3%/år Utveckling aug 1998 – apr 2008 (USD, netto efter avgifter) • Carnegie Global Healthcare Fund + 799 % • Carnegie Medical¹ + 163 % • Berkshire Hathaway (Warren Buffet) + 93 % • MSCI Global Index + 40 % • MSCI Healthcare Index + 20 % Ovanstående period hänvisar till den period som Henrik Rhenman var aktiv på Carnegie Asset Management 1) January 1999 (inception) - Apr 2008 Source: Bloomberg 5

Rhenman Healthcare Equity L/S IC1 EUR (basvaluta) YTD 2014 (apr) +/- 0 % 2013 + 55 % 2012 + 18 % 2011 + 10 % 2010 + 8 % 2009 + 13 % + 148 % Sedan fondstart (22 jun, 2009) 6

Rhenman Healthcare Equity L/S utsedd till "Årets Hedgefond 2013" av Privata Affärer

Ranked #1 in EuroHedge, +23.9% annualiserad avk (feb 2014) Ranked #1 among all 94 global hedge funds in the category ”Global Equity” based on the fund’s annualised compound return since inception, +23.9% Source: EuroHedge, Feb 2014 8

Vetenskapligt Råd An established portfolio management tool used over 10 years to highlight potentials and risks in clinical development. Quarterly official meetings. Frequent informal contacts. Professor Bertil Hållsten, Chairman Ph.D. from Stockholm School of Economics. Professor at the Royal Collage of Forestry. Various positions at SEB in asset management and from inception until 1992 responsible for SEB Pharmaceutical Fund. Previous board member of Conpharm, Karo Bio, Meda och Skandigen. Håkan Åström Med.Dr. (h.c.), M.Sc.(Econ), Chairman of the Board for Affibody Holding AB, PledPharma AB and Tubulus AB, board member of Ferrosan Medical Devices AS. Former Chairman of the board Swedish Orphan Biovitrum AB (SOBI ), Orexo AB and Ferrosan AS. CEO of Kabi Pharmacia AB, Pharmacia AB and Astra Pharmaceutical Ltd. Numerous previous senior positions in the pharmaceutical industry. Professor Peter Arner Professor of Medicine, Karolinska Institutet. Expert in metabolism, endocrinology and internal medicine. Professor Tomas Olsson Professor of Neurology, Karolinska Institutet. Expert in autoimmunity and diseases in the nervous system. Member of the Nobel Assembly. Head of neuroimmunology research at the Centre for Molecular Medicine, Karolinska Hospital. President of the International society of Neuroimmunology. Author of more than 400 scientific articles. Professor Sten Nilsson Professor of Oncology - Pathology, Radiumhemmet, Karolinska Institutet. Previously Managing Director of Radiumhemmet. 9

Externa medlemmar i styrelsen Professor Hans Wigzell, Chairman Professor of Immunology, Karolinska Institutet. President of the Karolinska Institute between 1995 – 2003. Professor in the Department of Immunology at Uppsala University and Department of Immunology at Karolinska Institutet. In 1988, he became Director General of the National Bacteriological Laboratory in Stockholm. In 1990, he was elected Chairman of the EU Concerted Research Programme into AIDS vaccination and from 1990 – 1992 he was Chairman of the Nobel Committee for Medicine and Physiology. In 1993, he was appointed Secretary-General of the Swedish Institute for Infectious Disease Control. Between 1999 and 2007, he was Chief Scientific Advisor to the Swedish Government. Prof. Wigzell was Chairman of the Nobel Assembly at Karolinska Institutet in 2000. He has published more than 600 articles and is a member of the editorial boards of several international journals. Birgitta Stymne Göransson M.Sc. Chemical Engineering/Biotechnology Royal Institute of Technology, MBA Harvard Business School. CEO of Memira Holding AB. Management consultant with McKinsey & Co. Several senior management and CFO positions in Swedish industry including: Gambro, Excorim, Telefos, Swedish Technical Attaches in Washington D.C. and Åhléns. Board member of Elekta AB. Håkan Åström Med.Dr. (h.c.), M.Sc.(Econ), Chairman of the Board for Affibody Holding AB, PledPharma AB and Tubulus AB, board member of Ferrosan Medical Devices AS. Former Chairman of the board Swedish Orphan Biovitrum AB (SOBI ), Orexo AB and Ferrosan AS. CEO of Kabi Pharmacia AB, Pharmacia AB and Astra Pharmaceutical Ltd. Numerous previous senior positions in the pharmaceutical industry. 10

Fund facts (I) Base currency: EUR Subscription/redemption frequency: Monthly (T-3) Soft- / hard close: MEUR 500 / EUR 1 bn Share classes: (I) Institutional class / (R) Retail class Dividends: I = Capitalization + Distribution R = Only capitalization Reporting frequency Monthly Hurdle rate: Euribor 90D 11

Fund facts (II) Legal Structure: Open-ended FCP (Fonds Commun de Placement) under Part II of the Luxembourg Law on Investment Funds (20 Dec, 2002) Fund Management Company: SEB Fund Services S.A. Fund Promoter (Sponsor): SEB Fund Services S.A. Investment Manager: Rhenman & Partners Asset Management AB (supervised by the Swedish Financial Supervisory Authority. FI ID nr: 035221) Placement and Distribution Agent: Rhenman & Partners Asset Management AB Custodian Bank and Paying Agent: Skandinaviska Enskilda Banken S.A. Prime Broker: Skandinaviska Enskilda Banken AB (publ) External Auditor: PricewaterhouseCoopers (PwC) 12