BAKER BROS. ADVISORS LP

Baker Bros. Advisors LP ("BBA") may tailor its advisory services to clients if certain investments cannot be held for legal, tax, portfolio concentration, or other investment-based reasons. While BBA utilizes a similar strategy for all of its Funds, it does not tailor its advisory services to the needs of individual investors in the Funds nor accepts Investor-imposed investment restrictions other than the Investment Limits. BBA has established, and may in the future establish additional, managed accounts or single investor funds for large or strategic investors. The advisory agreements for such managed accounts or funds will generally be subject to different terms than the Funds, including but not limited to liquidity, investment objectives, guidelines and restrictions, fees and other terms.

BBA is a discretionary asset management firm that employs a fundamentally-driven approach to life sciences investing. They typically invest in large, concentrated positions in life sciences companies with the potential for significant value creation over the long term. These positions can represent a significant portion of the capital structure of the companies they invest in, and BBA often engages in active dialogue with the management of those companies. BBA does not diversify the Funds’ portfolios for the purpose of achieving diversification. Instead, each investment may constitute a significant portion of a Fund's assets under management. Due to its large, concentrated, and relatively long-term investment strategy, as well as the volatile nature of the securities within its investible universe, BBA anticipates that the Funds’ returns will be volatile and uncertain.

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