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Investment Philosophy

Longs		Shorts
Target industry sub-sectors with the highest relative growth rates and high returns on invested capital without signs of excess financial funding Emphasize companies with new product cycles or a strong, growing pipeline Focus on companies with an executable commercialization strategy Back experienced management teams with prior successes Our analysis leads us to overweight sub-sectors where Wall Street research is particularly weak		Emphasize sub-sectors with slowing market growth, excess funding and ASP erosion Focus on companies with products that are: - Expected to fail in the marketplace or in clinical trials - Late to the market place in low barrier-to-entry industries - Frauds Target companies that are overvalued on both absolute terms and relative to their peer group Require a near-term catalyst to trigger a decline in the stock

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The information contained on this Web site is strictly confidential and is intended exclusively for the use of the person to whom it was delivered by Welch Capital Partners, LLC. This is not an offer or a solicitation for the sale of a security. Any offer or solicitation must be made only by means of a delivery of a definitive private offering memorandum. An investment with Welch Capital Partners, LLC or any of its affiliates involves a degree of risk. Past performance attributed to Welch Capital Partners, LLC or any of its affiliates, employees or principals may not be indicative of future results.