GREAT POINT PARTNERS LLC

Great Point consults an Advisory Board of limited partners of Clients for certain consents and approvals. Decisions of the Advisory Board are generally binding, but members owe no fiduciary duty to the Client and may act in the best interests of their affiliated investor. Although Great Point manages conflicts among Clients, Advisory Board members could have conflicts of interest that don't disqualify them from voting. Great Point also provides investment advisory services to Public Equity Clients, who operate in the same industry as Private Equity Funds, potentially creating conflicts. Great Point believes this is mitigated by investing in different sub-sectors and dedicating personnel to the Private Equity Funds.

Each Hedge Fund aims for positive excess returns by investing in publicly traded biotechnology, pharmaceutical, and life science companies. Great Point believes a balanced portfolio of undervalued companies can yield above-average returns. The Hedge Funds use a bottom-up, research-driven approach, investing in undervalued health care companies' securities. Securities are bought and sold in the open market and acquired through DNIs, often initiated by Great Point. Small and mid-cap stocks are the primary focus of the Hedge Funds' long exposure. Great Point may also modify or depart from its initial investment strategy.

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