FUND CHARACTERISTICS

AUMFund: EUR

473mFirm: EUR

489m

Investable currenciesEuro (EUR) / Swedish

Krona (SEK) / US Dollar (USD)

Target fund sizeEUR 500m (soft close) EUR 1bn (hard close)

Return targetAnnualised net returns in

excess of 12% with volatility below the market

Legal structureFCP (Fonds Commun de

Placement) under Part II of the Luxembourg Law on Investment Funds/ AIF

Portfolio managerRhenman & Partners Asset Management AB

Management company & AIFM SEB Fund Services S.A.

Subscription /redemptionMonthly

Notice period3 working days

Management fee1.00% to 2.00%*

Performance fee10% to 20%*

Hurdle rateEuribor 90D

Minimum investmentEUR 2,500 to EUR

20,000,000*

Chief Investment OfficerHenrik Rhenman

Managing DirectorGöran Nordström

Head of Sales & MarketingCarl Grevelius

Tel +46 8 459 88 83Mob +46 768 438 803

carl@rhepa.com

Strandvägen 5A114 51 Stockholm

Sweden

• Annualised return of 23% (net) since inception• Over 20 years managing successful healthcare funds.• World renowned industry professionals each with over 30 years experience,

actively involved through the Scientific Advisory Board.• Unquestionable alpha generation, outperforming all relevant indices and top

quartile in all relevant rankings.• Long term investment horizon:

• Diversified across subsectors, company size and geographies to lower volatility.

• Active trading around holdings.• Predominantly cash flow positive companies.• Typically investing post approval, mitigating event risk.

Scientific Advisory Board - Enhancing Performance and Lowering Risk

• Over the last 15 years a Scientific Advisory Board has successfully provided the portfolio manager with enhanced knowledge of scientific rationale, clinical trials, clinical usage, products, companies and market trends.

• The Scientific Advisory Board uses member networks consisting of hundreds of professors at the Karolinska Institute, University of Uppsala and other internationally renowned institutions in Sweden and abroad.

• The board has four official meetings a year for the in-depth discussion of topics that have been pre-selected by the investment team. In addition, the individual members are available, on demand, for continuous dialogue during the year.

• The board enhances the portfolio manager’s understanding of companies’ complex product pipelines and the competitive environment they operate in, as well as helping to develop strategies for different approval outcomes.

NAV

*Dependant on share class

Henrik Rhenman – Founder and CIO

• Founded Rhenman in 2008 following on his success as founder and head of Carnegie Healthcare (1998-2008)

• Carnegie Global Healthcare returned +799% between 1998 and 2008 v MSCI Healthcare Index of +20%

• No.1 over 1, 3 and 5 years (Citywire August 2015)

Fund Performance Class IC1 (EUR)

RHENMAN HEALTHCARE EQUITY L/S FUNDOutstanding performance in a complex market

Subscribe to our monthly newsletter at www.rhepa.com R

W W W . R H E P A . C O M

The Investment Manager is under the supervision of The Swedish Financial Supervisory Authority (Finansinspektionen) as of February 2009

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Mar

-12

Jun-

12

Sep

-12

Dec

-12

Mar

-13

Jun-

13

Sep

-13

Dec

-13

Mar

-14

Jun-

14

Sep

-14

Dec

-14

Mar

-15

Jun-

15

Sep

-15

100

150

200

250

300

350

400

450 Since inception +271%

2015 YTD (September) +5%

2014 +43%

2013 +55%

2012 +18%

2011 +10%

2010 +8%

2009 +13%

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 one 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 outside 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 or inaccuracies in the information. Any dated information is published as of its date only and no obligation 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.

The information in this document was prepared by Rhenman & Partners Asset Management AB (Rhenman & Partners) and should not be considered a recommendation to purchase, sell or hold any particular security. This document contains general information only and does not take account of your individual objectives, financial situation or needs. You should get professional advice as to whether investment in the Fund is appropriate having regard to your particular investment needs, objectives and financial circumstances before investing. An investment in the Fund does not represent deposits or other liabilities of any member of the Rhenman & Partners Group. Neither Rhenman & Partners nor any member of the Rhenman & Partners Group and its affiliates guarantees in any way the performance of the Fund, repayment of capital from the Fund, any particular return from or any increase in the value of the Fund.

KEY MANAGEMENT TEAM MEMBERS

Henrik Rhenman, Chief Investment Officer• Over 20 years of portfolio management experience • Founder and Chief Investment Officer, Carnegie Healthcare

Funds, Carnegie Investment Bank• Managing Director/Portfolio Manager, SG Cowen in Boston• Portfolio Manager, SEB Pharmaceutical Fund• Head of Research, Hagströmer & Qviberg• Pharmacia, Alfa-Laval  Göran Nordström, Managing Director• Over 25 years of senior management experience • Head of Private Banking, Kaupthing Bank, Sweden• Managing Director, Carnegie Asset Management AB• Managing Director, Carnegie Pension Consulting• Deputy Managing Director, Midland Montague Bank/HSBC• Portfolio Manager, Handelsbanken Asset Management• Tax Specialist, Stockholm County Administrative Board  Carl Grevelius, Head of Sales & Marketing • Over 18 years of international fund/equity experience • Portfolio Manager, Carnegie Investment Bank, Stockholm• Partner and Portfolio Manager, Absolute Plus, Zurich• Equity Analyst / Sales, ABG Sundal Collier, London / Zurich• Portfolio Strategist, Fidelity Investments, Luxembourg /

London

Hans Wigzell, Chairman of the Board• Over 40 years in healthcare• M.D. Professor of Immunology. Member of the Royal

Swedish Academy of Sciences and the Royal Swedish Academy of Engineering Sciences. Member of editorial committees of numerous international magazines. Holds over 700 scientific articles in international magazines

• Previous appointments include: • Chairman of the Karolinska Institutet's Nobel committee• President of Karolinska Institutet• President of Swedish Institute for Infectious Disease

Control• President of Statens Bakteriologiska Laboratorium

 Sten Nilsson, Chairman of the Scientific Advisory Board• Over 30 years in Healthcare• Professor of Oncology - Pathology, Radiumhemmet,

Karolinska Institutet • Previously Managing Director of Radiumhemmet

 A FOCUSED ASSET MANAGEMENT PLATFORM

• Established in 2008• Dedicated management team focusing entirely on the

healthcare sector• Strong skill set and experience – the management team

consists of three professionals with more than 50 years of combined relevant experience from the sector

• Supported by SEB as Fund Management Company and Depositary

• Audited by PricewaterhouseCoopers (PWC)

RISK CONTROL

Liquidity constraints Individual equity positions maximum

25% of

average daily turnover for 75%

of fund portfolioStop-loss Formal risk review triggered after -6%

NAV in a single monthLeverage / exposure Maximum gross 250% (as prospectus)

Average gross c.150%

Target net exposure 70% to 150%

Average net c.120%

Legal disclaimer