In July 2014, the Company adjusted its operational arrangements to ensure compliance with the Alternative Investment Fund Managers Directive, (AIFMD). Frostrow Capital was appointed as the designated Alternative Investment Fund Manager for the Company. Under a portfolio management agreement with Frostrow Capital, OrbiMed was appointed to manage the Company’s portfolio of investments.  These arrangements were put in place to ensure that the relationship between the Company, OrbiMed and Frostrow Capital LLP is compliant with the requirements of AIFMD.

OrbiMed Capital LLC

OrbiMed has many years experience of valuing companies in the pharmaceutical, biotechnology and healthcare sectors. The US-based company employs 80 experienced investment professionals. OrbiMed carries out extensive research, which involves company visits and developing an understanding of commercial prospects and development programmes for individual drugs. About 750 public healthcare companies are researched in detail and a further 1,200 private companies are tracked on global basis. OrbiMed is also the Portfolio Manager of Worldwide Healthcare Trust PLC.

For more information on OrbiMed, please see their website: www.orbimed.com

Geoffrey C. Hsu

Geoffrey C. Hsu

Portfolio Manager