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Merry X-Mas!

Before we close to X-mas/NY season and jump to Aspen few notes on last year 3Q/4Q:

- ZLCS did nice short (over 100% yield in 2 days)

- did nice return with ARIA / PRAN / EXEL / GALE

BIND/UAN/CDE/NVGS/DOW - keep for long and some may be for retirement ;) PRAN/AEZS/MNKD - should come with multi % return in 2014.

Keep ACHN/CTIC/ATHX/ZIOP for speculative play

Built POT again - looking at $36-38 to sell thereafter.

Increasing our medical advisory team to monitor small/med cap NASDAQ pharmas.

New clients - increasing ttl cap upto $0.9bln!

And now wishing all of SAlpha participants Merry X-mas - let the year 2014 brings you clear vision, straight minds, good health and love!

RNPE team