Portfolio Update

Net Assets

£209m

Net Assets per share

556p

Share price

570p

Total value of unquoted investments

£30m

Total number of portfolio companies

61

Dividend

4% of NAV per annum

Company Name

% NAV

Incyte

6.1

Vertex

5.6

Celgene

5.4

Genmab

5.1

Gilead Sciences

5.0

Regeneron

4.4

Exelixis

4.4

Illumina

3.8

Neurocrine

3.4

Biomarin

3.0

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Total

46.2

Geographical Allocation

% NAV

US & Canada

87

Europe

13

-----------

Total

100

Quoted/Unquoted Allocation

% NAV

Quoted

85

Unquoted

15

-----------

Total

100

NAV % Market Cap

% NAV

Large Cap >USD10BN

44

Mid Cap =USD1-10BN

33

Small Cap

23

-----------

Total

100

NAV % by Therapeutic Areas

% NAV

Oncology

35

Rare diseases

21

CNS

10

Ophthalmology

5

Infectious Diseases

5

Tools

4

Inflammation

3

Medtech

3

Metabolic

0

Other

14

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Total

100