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

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

Aug 14, 2022 227 likes •672 views

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 Medical + 163 % (after mgt fee) Berkshire

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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)

Souce: Bloomberg

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1) Inception Jan 1999

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Rhenman Healthcare Equity L/S: +23% per year

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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 %

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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

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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

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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

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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

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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

  • f Radiumhemmet.

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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
  • f 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.

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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.

Henrik Rhenman CIO / Founding Partner 25+ Years of Experience Göran Nordström CEO / Founding Partner 30+ Years of Experience 15+ Years with Rhenman Carl Grevelius Head of Sales & Marketing Founding Partner 15+ Years of Experience 7 Years with Rhenman Anders Grelsson Swedish investor relations 20+ Years of Experience 2 Years with Rhenman Compliance Outsourced to Änglarum Finanskonsult AB IT Outsourced to LC24 Sweden AB Accounting Outsourced to Viveka Luiga Ekonomibyrå AB Göran Nordström Risk Management Henrik Rhenman Member Håkan Åström Member 30+ Years of Experience 5 Years with Rhenman

  • Prof. Hans Wigzell

Chairman 40+ Years of Experience 15+ Years with Rhenman Birgitta Stymne Göransson Member 25+ Years of Experience 5 Years with Rhenman Carl Grevelius Secretary Göran Nordström Member

RPAM Board Members

  • Prof. Bertil Hållsten

Chairman 40+ Years of Experience 20+ Years with Rhenman

  • Prof. Peter Arner

Member 30+ Years of Experience 5 Years with Rhenman

  • Prof. Tomas Olsson

Member 30+ Years of Experience 5 Years with Rhenman

  • Prof. Sten Nilsson

Member 30+ Years of Experience 2 Year with Rhenman Henrik Rhenman Member 25+ Years of Experience

Scientific Advisory Board

Auditor BDO Sverige AB

Unique collective wisdom in healthcare

Legal Outsourced to Hoflund Juridik AB Ellinor Hult Assistant Portfolio Manager 6 Years of Experience Camilla Hermansson Assistant 5 Years of Experience Investment and Derivatives Strategy Outsourced to Staffan Knafve Rådgivning AB 15 Years with Rhenman

SEB act as Fund Management Company & Custodian Bank Current fund AUM: 274 MEUR (346 MUSD) RPAM is supervised by the Swedish Financial Supervisory Authority

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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

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Fund characteristics

  • SEB act as Fund Management Company & Custodian Bank
  • Rhenman & Partners supervised by the Swedish Financial Supervisory Authority
  • Current AUM 274 MEUR (346 MUSD) = 55% of soft close capacity
  • Long bias (variable net exposure range, typically 70–150%)
  • Multi-dimensional diversification:
  • Approximately 2/3 USA, 1/3 Rest of the World
  • Approximately 1/4 each in Pharma, Biotech, Medtech, Service
  • Approximately 1/3 each in small-, mid- and large-cap companies
  • Generally 60–80 core positions in public companies (only)
  • Portfolio company market cap size > USD 200 million (with rare exceptions)
  • Cash-flow positive companies are predominant (typically 80%)
  • Long-term investment horizon but also active trading
  • Target annual net returns in excess of 12%

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Health expenditure as a share of GDP in OECD, 1960-2012

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0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 16 % 18 % 20 % 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Canada Japan United Kingdom United States OECD AVERAGE

Source: OECD Health Statistics 2013, WHO Global Health Expenditure Database.

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Annual average growth in real per capita expenditure on health and GDP, 2000-09

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NOR

Source: OECD Health Data 2011

ITA DNK MEX FRA DUE PRT BEL CHE ISR AUT USA CAN ESP GBR IRL JPN SWE NZL NLD OECD AUS ISL LUX HUN SVN CHL CZE TUR POL GRC EST KOR SVK FIN

2 4 6 8 10 12

  • 1

1 2 3 4 5 6

Annual average growth rate in real health expenditure per capita (%) Annual average growth rate in real GDP per capita (%)

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India and China far from OECD average

Source: The World Bank, 2013

0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 16 % 18 % 20 %

Health expenditure, % of GDP

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Emerging markets are increasingly important

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Health, WHO, IMF, US Census Bureau, Bureau of Labor Statistics, US Patent and Trademark Office, UBS (with permission)

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Pharma – patent headwinds mostly behind us

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Pharmaceutical Spend per Capita, est 2016

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Top 20 global therapy areas 2016

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Biotechnology continues to be the biggest growth area

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P/E and EPS growth for global top 25 MCAP (green = pure biotech)

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Source: Credit Suisse, Sep 1, 2014

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Biotech large cap – Cheaper than S&P500 on 2016 and 2017 numbers

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Source: Credit Suisse, Sep 1, 2014

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Hepatitis C – a case study

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  • Hepatitis C is an inflammation in the liver, caused by a virus, spread via blood
  • If the virus is not cleared -> chronic hepatitis C -> over 20 years progresses

into cirrhosis, liver failure & liver cancer

  • 3-6 mn Americans with chronic HCV
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Hepatitis C – a case study

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To Treat….

Development, treatment cost per cured patient:

  • First: Interferon treatment: 6 months, Price: 20’000 USD/patient. SVR: 6%.

Cure cost: 333’000 USD

  • Before 2011: IFN/RBV treatment: 12 months, Price: 31’700 USD. SVR: 40-

50%. Cure cost: 70’400 USD

  • 2011: Incivek treatment: 6 or 12 months. Price: 97’300 USD. SVR: 75%. Cure

cost: 129’800 USD

  • Dec 2013: Sovaldi treatment: 3 months, Price: 94’400 USD. SVR: 90%. Cure

cost: 104’900 USD

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Hepatitis C – a case study

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…or not treat…

  • Cost for untreated HCV patient: 24’176 USD/yr
  • Before cirrhosis: 17’277 USD/yr
  • Compensated cirrhosis: 22’752 USD/yr
  • Liver failure: 59’995 USD/yr
  • Total cost for liver transplantation: 577’100 USD

Payback time= 5 yrs!

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Hepatitis C – Gilead – EPS adj post Q114

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Scientific Advisory Board, early selection - Algeta

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First SAB- meeting

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Promising fundamentals

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  • Healthcare stocks are 25% undervalued compared to a historical average
  • Stable growth attracts in a low interest rate environment
  • Obamacare could deliver upside to the US market
  • Emerging markets contribute to growth very significantly
  • The interest in biotechnology mirrors large advances in R&D
  • The patent cliff is behind us
  • 2014-2020 will be good years for both sales and profit growth
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MSCI World Healthcare outperformance 1995-2014

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MSCI World Healthcare vs P/E (est): 1995-2014

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Appendix

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Rhenman Healthcare Equity L/S

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Sub-sector performance since fund inception

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Portfolio structure – long bias (70-150% net exposure)

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Long positions (50 positions) Short positions (15 positions)

Pairs

Market indices ETFs

Typical position 2–5% Risk management Typical position 1–3%

Derivatives

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Risk management

Liquidity constraints Individual equity positions maximum 25% of ADV (average daily volume) for 75% of portfolio Stop-loss After -6% NAV in a single month => reduce risk VAR (Value at Risk) Target max 3%/day (95% confidence interval)

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Investment Process (I)

  • The investment process is a continuous analysis of incoming data and

comparison of relative and absolute value

  • Focus on growth and innovation
  • Our Scientific Advisory Board is key to assess research and

development and to properly weight our investments

  • Research-driven and trading-oriented investment philosophy
  • We use all relevant sources of information but stay out of the rumour mill
  • Many companies have been followed for more than 10 years and been

met with either in our office, at conferences, or at their headquarters

  • Typically have a 12-36 month investment horizon

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Investment Process (II): Methods and principles

INFORMATION: Most sources. Work with more than 10 investment banks (35 000 inputs/year, 300 company meetings per year, 150 analyst meetings, conferences RESEARCH AND ANALYSIS: Our own assumptions but based on others frames SCIENTIFIC ADVISORY A unique network based on the Karolinska Institute BOARD: 80 companies, 200 projects discussed every year DECISION MAKING: Most decisions are quite incremental in nature but decisive changes can be made if necessary PORTFOLIO Sizing based on stringent criteria but it is also an art. An CONSTRUCTION: imaginary -1% worst case scenario on fund level. MONITORING AND A continuous part of the investment process RISK MANAGEMENT: 35

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INFORMATION RESEARCH AND PREPARATION SCIENTIFIC ADVISORY BOARD DECISION BUY/SHORT/ADJUST/EXIT PORTFOLIO CONSTRUCTION MONITORING AND RISK MANAGEMENT

ADJUSTMENTS

Investment Process (III):

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Dec 5 meeting For example: Amicus Anthera Arqule Array Celldex ChemoCentryx Innate Ironwood Lexicon NPS Pharmacyclics Trius Cubist MRSA Oct 3 meeting: Celldex Cempra Immunogen Inovio Orexo Peregrine Puma Sarepta YM Biosciences Ablynx Active Anacor Incyte Meda Medivation Prana Savient Topotarget

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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 37

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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) 38

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Share class info (I) – One fund with 10 share classes

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Institutional, EUR Currency Minimum initial investment Minimum top-up investment Management fee Performance fee Hurdle rate Performance fee method Class IC4 (EUR) EUR 20 000 000 No minimum 0.75% 10% 5%/year Annual, individual Class IC3 (EUR) EUR 5 000 000 No minimum 1.50% 10% Euribor 90D Quarterly, collective Class IC2 (EUR) EUR 5 000 000 No minimum 1.00% 20% Euribor 90D Quarterly, individual Class IC1 (EUR) EUR 250 000 No minimum 1.50% 20% Euribor 90D Quarterly, collective Retail, EUR Class RC1 (EUR) EUR 2 500 No minimum 2.00% 20% Euribor 90D Quarterly, collective Institutional, SEK Class IC2 (SEK) SEK 50 000 000 No minimum 1.00% 20% Euribor 90D Quarterly, individual Class ID1 (SEK) SEK 2 500 000 No minimum 1.50% 20% Euribor 90D Quarterly, collective Retail, SEK Class RC2 (SEK) SEK 2 500 000 No minimum 1.50% 20% Euribor 90D Quarterly, collective Class RC1 (SEK) SEK 500 No minimum 2.00% 20% Euribor 90D Quarterly, collective Institutional, USD Class IC2 (USD) USD 6 000 000 No minimum 1.00% 20% Euribor 90D Quarterly, individual

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Share class info (II) – One fund with 10 share classes

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Institutional, EUR Capitalization / Distributing Subscription/redemptio n frequency ISIN Bloomberg Lipper Reuters Telekurs Class IC4 (EUR) Capitalization Monthly (T-3), 1Y SL LU0815250997 RHHCIC4 LX 68173297 19867376 Class IC3 (EUR) Capitalization Monthly (T-3) LU0434614789 RHHCIC3 LX 68014068 10283697 Class IC2 (EUR) Capitalization Monthly (T-3) LU0417598447 RHHCIC2 LX 68121173 13336963 Class IC1 (EUR) Capitalization Monthly (T-3) LU0417598108 RHLEIC1 LX 65147588 10034579 Retail, EUR Class RC1 (EUR) Capitalization Monthly (T-3) LU0417597555 RHLERC1 LX 65147589 10034567 Institutional, SEK Class IC2 (SEK) Capitalization Monthly (T-3) LU0417598793 RHHIC2S LX 68204997 20323930 Class ID1 (SEK) Distributing Monthly (T-3) LU0417599098 RHHCID1 LX 68153820 18491109 Retail, SEK Class RC2 (SEK) Capitalization Monthly (T-3) LU0417598017 RHLSRC2 LX 68015239 10239528 Class RC1 (SEK) Capitalization Monthly (T-3) LU0417597712 RHLSRC1 LX 68014067 10239523 Institutional, USD Class IC2 (USD) Capitalization Monthly (T-3) LU0417598520 RHUIC2ULX 68265724 24456000

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Communication

  • Homepage: www.rhepa.com
  • KIID – Please find current versions on our homepage (http://rhepa.com/the-

fund/prospectus/)

  • Monthly comments about markets and fund activity
  • Monthly “First Thursday breakfast seminars” in our Stockholm office
  • High transparency

– Experience is a result of both successes and mistakes

  • Special events

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Contact details

Rhenman & Partners Asset Management AB Strandvägen 5A 114 51 Stockholm Sweden Phone +46 8 459 88 80 Fax +46 8 528 008 80 E-mail info@rhepa.com Website www.rhepa.com Managing Director Chief Investment Officer Head of Sales & Marketing Founding Partner Founding Partner Founding Partner Göran Nordström Henrik Rhenman Carl Grevelius Phone: +46 8 459 88 83 carl@rhepa.com 42

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Disclaimer

Rhenman Healthcare Equity L/S Fund, “the Fund” is not an investment fund as defined in the European Union directives relating to undertakings for collective investment in transferable securities (UCITS). Legal information regarding Fund is contained in the Prospectus and the KIID, available at Rhenman & Partners Asset Management AB (Rhenman & Partners) webpage: http://rhepa.com/the-fund/prospectus/. This material has been prepared by Rhenman & Partners for professional and non-professional

  • investors. Rhenman & Partners when preparing this information has not taken into account any
  • ne customer’s particular investment objectives, financial resources or other relevant

circumstances and the opinions and recommendations herein are not intended to represent recommendations of particular investments to particular customers. This material is for informational purposes only and should not be construed as an offer or solicitation to sell or buy units the Fund. All securities' transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. There can be no assurance that an investment in the Fund will achieve profits or avoid incurring substantial losses. There is a high degree of risk inherent in investments and they may not be suitable for all eligible investors. It is possible that an investor may lose some or all of its investment. The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount

  • invested. Changes in rates of foreign exchange may cause the value of investments to go up or

down. Before making an investment decision, an investor and/or its adviser should (i) consider the suitability of investments in the Fund with respect to its investment objectives and personal situation and (ii) consider factors such as its personal net worth, income, age, risk tolerance, and liquidity needs. Short-term investors and investors who cannot bear the loss of some or all of their investment or the risks associated with the limited liquidity of an investment should not invest. Due care and attention has been used in the preparation of this information. However, actual results may vary from their forecasts, and any variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are

  • utside the control of Rhenman & Partners. Rhenman & Partners cannot guarantee that the

information contained herein is without fault or entirely accurate. There may be delays, omissions

  • r inaccuracies in the information. Any dated information is published as of its date only and no
  • bligation or responsibility is undertaken to update or amend any such information.

The information in this material is based on sources that Rhenman & Partners believes to be

  • reliable. Rhenman & Partners can however not guarantee that all information is correct.

Furthermore, information and opinions may change without notice. Rhenman & Partners is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. Rhenman & Partners accepts no responsibility for the accuracy of its sources. Rhenman & Partners is the owner of all works of authorship including, but not limited to, all design, text, images and trademarks in this material unless otherwise explicitly stated. The use of Rhenman & Partners’ material, works or trademarks is forbidden without written consent except where otherwise expressly stated. Furthermore, it is prohibited to publish material made or gathered by Rhenman & Partners without written consent. By accessing and using the http://rhepa.com/ website and any pages thereof, you acknowledge that you have reviewed the following important legal information and understand and agree to the terms and conditions set therein. If you do not agree to the terms and conditions in this disclaimer, do not access or use http://rhepa.com/website in any way. Products and services described herein are not available to all persons in all geographical

  • locations. Rhenman & Partner will not provide any such products or services to any person if the

provision of such services could be in violation of law or regulation in such person's home country jurisdiction or any other related jurisdiction. The units of the Fund may not be offered or sold to or within the United States or in any other country where such offer or sale would conflict with applicable laws or regulations. In no event, including (but not limited to) negligence, will Rhenman & Partner be liable to you or anyone else for any consequential, incidental, special or indirect damages (including but not limited to lost profits, trading losses and damages). The sole legally binding basis for the purchase of shares of the Fund described in this information is the latest valid sales prospectus with its terms of contract. Subscriptions cannot be received on the basis of financial reports.

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