March 2019

Rapha Capital Management, LLC is providing this website for informational purposes only. Nothing on this website is intended to constitute, or should be deemed to be, financial advisory, legal, tax, accounting or other professional advice to you or any other party; be an opinion of the appropriateness or suitability of any investment; or constitute an offer to sell or solicitation of an offer to buy any security or investment. This website and its content (collectively, “Content”) is intended for general informational purposes only and should not be acted upon without first obtaining financial advisory, legal, tax, accounting or other professional advice from your consultant or other professional with respect to your own personal investment objectives, financial circumstances and needs. Nothing on the Site shall be considered a recommendation or solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Any investment decisions you may make on the basis of any information found on this web site is your sole responsibility. Prior to making any investment or hiring any investment manager you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment. In no event shall Rapha Capital Management, LLC be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of these data.