Sio Partners,

LP

Fund Investment Objectives

Founded in 2006 by Dr. Michael Castor, Sio Capital is a global equity long/short healthcare fund that targets double-digit returns in both up and down markets. The fund's primary focus is selecting individual investments to drive returns. The fund employs a bottom up 'value' oriented investment strategy, applying rigorous attention to financial statements and cash flow generation. The portfolio tends to run market neutral on a beta-adjusted basis (typical range -25% to +40%). The net exposure varies in accordance with the conviction of the shorts versus longs at any given time. Ultimately, prudent stock selection for diversified holdings, alongside disciplined portfolio management to insulate and protect against external market shocks, lead to generating attractive risk-adjusted returns.