General Disclaimer

The information contained herein (the “Materials”) is provided for
informational and discussion purposes only and contains statements of
opinion and belief. The Materials are not, and may not be relied on in any
manner as, legal, tax, or investment advice. The Materials do not constitute
an ofer to sell, a solicitation to buy, or a recommendation for any security,
nor do they constitute an ofer to provide investment advisory or other
services by RA Capital Management, LLC and its afliates and/or any
investment products it advises (collectively, “RA Capital” or the “Firm”). Each
recipient should make its own investigations and evaluations of RA Capital,
and any investment products it advises, and should consult its own attorney,
business adviser, and tax adviser as to legal, business, tax, and related
matters thereto. The information contained in the Materials is not intended
to be, and should not be viewed as, “investment advice” within the meaning
of 29 C.F.R. §2510.3-21 or otherwise.
Any views expressed herein, unless otherwise indicated, are those of RA
Capital as of the date indicated, are based on information available to RA
Capital as of such date, and are subject to change, without notice, based
on market and other conditions. No representation is made or assurance
given that such views are correct and such views may have become
unreliable for various reasons, including changes in market conditions or
economic circumstances. Such views may have been formed based upon
information, believed to be reliable, that was available at the time the
Materials were published. Certain information contained herein concerning
economic trends and/or data may be based on or derived from information
provided by independent third-party sources. RA Capital believes that
the sources from which such information has been obtained are reliable;
however, it cannot guarantee the accuracy of such information and has not
independently verifed the accuracy or completeness of such information or
the assumptions on which such information is based. RA Capital has no duty
or obligation to update the information contained herein.
The content of the Materials neither constitutes investment advice nor
ofers any opinion with respect to the suitability of any security. Any
references, either general or specifc, to securities and/or issuers are for
illustrative purposes only and are not intended to be, and should not be
interpreted as, advice or recommendations to purchase, continue to hold,
or sell such securities, or as an endorsement of any security or company.
Certain current and prior investments may be highlighted in order to provide
additional information regarding RA Capital’s investment strategy, the types
of investments it pursues, and current or anticipated exit strategies. In
addition, due to confdentiality restrictions, the information contained herein
might not reference investments in certain companies. Accounts managed
by RA Capital may invest in certain companies referenced in the Materials;
however, RA Capital makes no guarantees as to accuracy or completeness
of views expressed in the Materials. Any strategies and companies
referenced in the Materials may not be suitable for all investors.
As stated above, the Materials are not an ofer or solicitation for the
purchase or sale of any security, including any interest in RA Capital
Healthcare Fund, L.P. (the “Master Fund”) or RA Capital Healthcare
International Fund Ltd. (the “Ofshore Fund,” and, collectively with the Master
Fund, the “Fund”), and should not be construed as such. Such an ofer will
only be made by means of a confdential Private Placement Memorandum
(the “PPM”) to be furnished to qualifed investors upon request. The
information contained herein is qualifed in its entirety by reference to
the PPM, which contains additional information about the investment
objective, terms, and conditions of an investment in the Fund, and also
contains certain disclosures that are important to consider when making an
investment decision regarding the Fund. In the case of any inconsistency
between any information contained herein or in the Materials and the PPM,
the terms of the PPM shall control.
The Materials are proprietary and confdential and may include
commercially sensitive information. As such, the Materials must be kept
strictly confdential and may not be copied or used for an improper purpose,
reproduced, republished, or posted in whole or in part, in any form, without
the prior written consent of RA Capital. The recipient of the Materials
must not make any communication regarding the information contained
herein, including disclosing that the Materials have been provided to such
recipient, to any person other than its authorized representatives assisting
in considering the information contained herein. Each recipient agrees to
the foregoing and to return (or destroy upon RA Capital’s instructions) the
Materials promptly upon request.
Any investment strategies discussed herein are speculative and involve a
high degree of risk, including loss of capital. Investments in any products
described herein and the Fund’s performance can be volatile, and investors
should have the fnancial ability and be willing to accept such risks. An
investor could lose all or a substantial amount of his or her investment. The
Fund may be leveraged. Interests in the Fund are illiquid, as there is no
secondary market for the Fund interests, and none is expected to develop.
The Fund interests are subject to restrictions on transfer. Prior to investing
in the Fund, investors should read the PPM and pay particular attention to
the risk factors contained therein. Fees and expenses charged in connection
with an investment in the Fund may be higher than the fees and expenses
of other investment alternatives and may ofset investment profts of the
Fund. RA Capital has total trading authority over the Fund. The use of a
single advisor applying generally similar trading programs could mean lack
of diversifcation and, consequentially, higher risk. A portion of the trades
executed for the Fund may take place on foreign exchanges. It should
not be assumed, and no representation is made, that past investment
performance is refective of future results. Nothing herein should be
deemed to be a prediction or projection of future performance. To the
extent any prior or existing investments are described, RA Capital makes
no representations, and it should not be assumed, that past investment
selection is necessarily refective of future investment selection, that any
performance discussed herein will be achieved or that similar investment
opportunities will be available in the future or, if made, will achieve similar
In particular, to the extent valuation information is provided for any
unrealized investments, such valuations are RA Capital’s estimates as of
the date set forth in the Materials, and there can be no assurance that
unrealized investments will be realized at such valuations. While RA Capital
believes any valuations presented herein are reasonable, such valuations
may be highly subjective, particularly for private investments, and are based
on information provided by third parties and/or RA Capital’s assumptions,
any or all of which might be mistaken or incomplete. Actual realized returns
will depend on, among other factors, future operating results, the value
of the assets and market conditions at the time of disposition, any related
transaction costs, and the timing and manner or sale, all of which may difer
from the assumptions on which the valuations contained herein are based.
As a result of the foregoing, actual realized returns may difer materially
from the valuations contained herein.
Certain information contained in this document constitutes “forwardlooking statements,” which can be identifed by the use of forwardlooking terminology such as “may,” “will,” “should,” “expect,” “anticipate,”
“target,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the
negatives thereof or other variations thereon or comparable terminology.
Due to various risks and uncertainties, actual events or results or the
actual performance of any investment may difer from those refected or
contemplated in such forward-looking statements. Prospective investors
should not rely on these forward-looking statements when making an
investment decision.
None of the information contained herein has been fled with the U.S.
Securities and Exchange Commission, any securities administrator under
any securities laws of any U.S. or non-U.S. jurisdiction, or any other U.S. or
non-U.S. governmental or self-regulatory authority. No such governmental
or self-regulatory authority will pass on the merits of any ofering of
interests by RA Capital or the adequacy of the information contained herein.
Any representation to the contrary is unlawful. The interests in the Fund
have not been, and will not be, registered under the U.S. Securities Act of
1933, as amended, or qualifed or registered under any applicable state,
local, provincial, or other statutes, rules, or regulations. The Fund has not
been, and will not be, registered as an investment company under the U.S.
Investment Company Act of 1940, as amended.

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