Tamarack Global Healthcare

Offshore Fund, Ltd.

Fund Investment Objectives

The Fund is a long/short equity vehicle which utilizes bottoms-up stock picking to construct the portfolio by investing in publicly-traded equities and equity-related derivatives of companies within the healthcare sector primarily in the U.S. The Fund is value-oriented and requires its investments to possess asymmetric return profiles as determined by the General Partner (GP) after substantial primary research, including management interviews, financial analysis, and market research. Investments in the Fund are primarily in businesses, companies with revenues and near profitability at minimum. Typically the Fund avoids pre-commercial biotech-type companies. Tactically, the Fund's holdings are turned over frequently and opportunistically in order to generate additional alpha. The Fund is long-biased though it has been net short on several occasions since inception. Typically, the Fund holds between 20-50 longs and 20-50 shorts, and uses stock option strategies to mitigate risk and supplement return. The Fund will utilize Reg T leverage only.