Portfolio Update

Net Assets

£199m

Net Assets per share

519p

Share price

450p

Total value of unquoted investments

£21m

Total number of portfolio companies

82

Company Name

% NAV

Celgene

7.6

Biogen

6.9

Regeneron

6.2

Genmab

5.6

Alexion

4.6

Amgen

4.3

Ophthotech

3.6

Vertex

3.5

Biomarin

3.4

Gilead

3.1

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Total

48.8

Portfolio Revenue Split

% NAV

Revenue Generating

75

Near Revenue

3

No sales in the near term

22

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Total

100

Geographical Allocation

% NAV

US & Canada

78

Europe & UK

22

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Total

100

Quoted/Unquoted Allocation

% NAV

Quoted

90

Unquoted

10

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Total

100