Superior historical track record: #1 in the world, +25%/year Aug 1998 - PowerPoint PPT Presentation

Superior historical track record: #1 in the world, +25%/year Aug 1998 – Apr 2008 (USD, net of fees) • Carnegie Global Healthcare Fund + 799 % (after mgt fee + 20% perf fee) • Carnegie Medical¹ + 163 % (after mgt fee) • Berkshire Hathaway (Warren Buffet) + 93 % • MSCI Global Index + 40 % • MSCI Healthcare Index + 20 % 9+ YEARS (’98 - ’08) #1 out of a total of approximately 75 peers (worldwide) Last 5 YEARS (‘03 - ’08) Top 3 out of a total of approximately 270 peers (worldwide) Last 3 YEARS (‘05 - ’08) Top 3 out of a total of approximately 280 peers (worldwide) 1) Inception Jan 1999 Souce: Bloomberg 1

Rhenman Healthcare Equity L/S: +23% per year IC1 EUR (net of fees) YTD 2014 (Sep) + 23 % 2013 + 55 % 2012 + 18 % 2011 + 10 % 2010 + 8 % 2009 + 13 % Since fund inception (Jun 22, 2009) + 204 % 2

Ranked #1 in EuroHedge: +23% annualised return (Sep 2014) Ranked #1 among all 90 global hedge funds with at least 2Y track record in the category ”Global Equity” based on the fund’s annualised compound return since inception, +23% Source: EuroHedge, September 2014 3

Portfolio Management Team Henrik Rhenman, Chief Investment Officer (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 , 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

Team Göran Nordström , CEO / Founding Partner (born 1954) Over 25 years of senior management experience 2004 – 2008 Head of Private Banking, Kaupthing Bank, Sweden 1993 – 2004 Managing Director, Carnegie Asset Management AB 1994 – 1995 Managing Director, Carnegie Pension Consulting 1987 – 1993 Deputy Managing Director, Midland Montague Bank/HSBC 1984 – 1987 Portfolio Manager, Handelsbanken Asset Management 1981 – 1984 Tax Specialist, Stockholm County Administrative Board 1978 – 1981 General banking duties, Handelsbanken Carl Grevelius , Head of Sales & Marketing / Founding Partner (born 1972) Over 15 years of international fund/equity experience 2006 – 2008 Portfolio Manager, Carnegie Investment Bank, Stockholm 2003 – 2006 Partner and Portfolio Manager, Absolute Plus, Zurich 2000 – 2003 Equity Analyst / Sales, ABG Sundal Collier, London / Zurich 1997 – 2000 Portfolio Strategist, Fidelity Investments, Luxembourg / London 5

Team Anders Grelsson , Institutional Sales, Sweden (born 1962) Over 20 years of equity experience 2006 – 2011 Institutional Equity Sales, Kaupthing/Ålandsbanken 1999 – 2006 Institutional Equity Sales, Handelsbanken Markets 1993 – 1999 Institutional Equity Sales, Myrberg & Wiklund 1988 – 1993 Institutional Equity Sales, Midland Montague Bank/HSBC/James Capel Camilla Hermansson , Assistant (born 1980) Over 5 years of experience 2008 – 2012 Assistant, Contender Kapital 6

Scientific Advisory Board 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. 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. 7

External Members of the Board 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 and Biotechnology, KTH and MBA Harvard Business School. Chairman of the boards of Medivir AB and Stockholms Sjukhem, director of the boards of Elekta AB, HL Display AB and Stockholm Chamber of Commerce. CEO of Memira Group, (refractive eye surgery) until 2013, before that numerous senior management positions in Swedish industry including CEO Semantix, Telefos, Åhléns, Gambro and Excorim. Senior consultant with McKinsey & Co and internships at former Swedish Technical Attachés in Washington D.C. 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. 8

Unique collective wisdom in healthcare SEB act as Fund Management Company & Custodian Bank Current fund AUM: 274 MEUR (346 MUSD) RPAM Board Members Scientific Advisory Board 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. 9

Why you should consider our sector fund Long history of investing in the complicated & dynamic healthcare sector • that represent more than 10% of global equity markets Poorly managed and misunderstood by generalists • • Completely free of index considerations The sector is expected to show high earnings growth • The growth is quite stable – driven by several factors • Emerging markets is an important contributor to growth • Fund focuses on fast growing companies which typically are • underrepresented in regional and global equity funds Valuations are attractive and growth is expected to continue • 10