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t be reprinted, sold or redistributed without the written consent of Morgan Stanley. 13 EFTA00598634 Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdo
euticals. Inc., Ophthotech Corp. Portola Pharmaceuticals Inc, Relypsa. Inc.. Synageva Biopharma Corp. Theravance Inc, Ultragenyx Pharmaceutical Inc, Versartis, Inc.. In the next 3 months. Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Akebia Therapeu
t be reprinted, sold or redistributed without the written consent of Morgan Stanley. 12 EFTA00598618 Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdo
euticals. Inc., Ophthotech Corp, Portola Pharmaceuticals Inc, Relypsa. Inc.. Synageva Biopharma Corp. Theravance Inc, Ultragenyx Pharmaceutical Inc, Versartis, Inc.. In the next 3 months. Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Akebia Therapeu
s Shareholders under the CFC rules, and (ii) will be subject to the Section 1248 recharacterization rule described above. In addition, if the Fund is a United States Shareholder of a CFC and a U.S. Partner disposes of its Limited Partner Interest, that Partner generally will recognize income under Section 751 of t
ma (NLV-II, NASDAQ: ARRY, oncology, exited at 2.25x), Chimerix (NLV-IL, private initially, now public on NASDAQ: CMRX, novel anti-viral therapy), and Versartis (NLV-II, private, novel, long-acting human growth hormone). e Novel product platforms that offer the potential to target known, and well understood
Entities connected to both United States and Versartis

Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATION
Tokyo
LOCATION
Morgan Stanley
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Hong Kong
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Reuters
ORGANIZATIONthe Monetary Authority of Singapore
ORGANIZATION
Kowloon
LOCATIONMorgan Stanley & Co. LLC
ORGANIZATIONViews
ORGANIZATIONDavid Friedman
PERSONthe Financial Services Board
ORGANIZATION
DIFC Branch
ORGANIZATIONBank Street
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Biogen
ORGANIZATIONVersartis, Inc.
ORGANIZATIONConsensus
ORGANIZATIONSingapore) Pte
ORGANIZATIONthe Dubai Financial Services
ORGANIZATIONMorgan Stanley Mexico
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