Legal Disclaimer

Rhenman Healthcare Equity L/S (“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 in the Fund. Investors is strongly recommended to get professional advice as to whether investment in the Fund is appropriate having regard to their particular investment needs, objectives and financial circumstances before investing.

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 the http://rhepa.com/website in any way.

Products and services described herein are not available to all persons in all geographical locations. Rhenman & Partners 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 & Partners 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.

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.