BAKER BROS. ADVISORS LP

Baker Bros. Advisors LP (BBA) provides advisory services to clients, including investors in the Funds. While BBA utilizes a similar strategy for all Funds, it may tailor its advisory services to individual clients based on legal, tax, portfolio concentration, or other investment-related reasons. BBA does not tailor its advisory services to the needs of individual investors in the Funds and does not accept investor-imposed investment restrictions beyond the Investment Limits, which apply to all investors in a given Fund. In the past, BBA has established, and may in the future establish, managed accounts or single investor funds for large or strategic investors. The advisory agreements for these managed accounts or funds will generally be subject to different terms than the Funds, including liquidity, investment objectives, guidelines and restrictions, fees, and other terms.

BBA is a discretionary asset management firm that focuses on life sciences investing. They take large, concentrated positions in securities of life sciences companies with the potential for significant value creation over the long term. BBA's positions can be a significant portion of the capital structure of the companies they invest in, and they may engage in active dialogue with the management of those companies. BBA does not seek to diversify clients' portfolios. Each investment may constitute a significant portion of the assets under management of a client. Due to their large, concentrated, and relatively long-term investment strategy, as well as the volatile securities within their investible universe, BBA expects clients' returns to be volatile and uncertain.

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