Worldwide Healthcare Trust The Biotech Growth Trust

Worldwide Healthcare Trust The Biotech Growth Trust Samuel D. Isaly and Sven H. Borho Investor Presentation November 2014

This document does not constitute an offer to sell, or the solicitation of an offer to purchase, any security or fund, including shares of Worldwide Healthcare Trust PLC (“WWH”) or The Biotech Growth Trust PLC (“BIOG”), each a “Fund” and together the “Funds”. Any such offer may only be made by means of a prospectus or other appropriate offering document. This presentation is as of the date noted above and may be changed without notice.

OrbiMed Overview

© 2014 OrbiMed Advisors LLC. All Rights Reserved. CONFIDENTIAL

2

Largest Global Healthcare-Dedicated Investment Firm

Note: As of 30 September 2014

*OrbiMed is the largest healthcare-dedicated investment firm worldwide based on net assets under management as determined from publicly-available information. Past performance is no guarantee of future results.


3

OrbiMed Platform Advantage BIOG

$0.6 Bn

WWH

$1.2 Bn

Other Public

$6.6 Bn

Leading Global Healthcare Platform… ~80 Total Professionals

~20 PhD or MD degrees

• >$12 billion in net assets, largest among peers • ~20 year track record in both public and private equity • Institutional infrastructure, world class investor base, and long history of good alignment with our investors

…With Rigorous Proprietary Research Abilities… • Internal PhDs/MDs provide proprietary research

~10 Former CEOs or Founders Private Equity

$3.6 Bn

Royalty & Debt

• Over 75 board seats provide industry insights, relationships • Exhaustive disease area reviews, round tables, conferences

…And Global Coverage Across Industry Landscape ~75 Board Seats

$0.6 Bn

>$12Bn Assets Under Mgmt.

• Significant operating skills from industry CEOs/founders

Industry Experience

• Investing from venture capital through large public companies across all sectors: drugs, devices, services, etc. • Global reach from offices in New York, San Francisco, Shanghai, Mumbai and Herzliya • Significant synergies between public/private markets Note: As of 30 September 2014


4

Differences between BIOG and WWH

Investment Universe Objective

WWH

BIOG

Worldwide Healthcare (pharma, biotech, devices, services, diagnostics)

Biotechnology

Capitalize on global growth of healthcare Participation in worldwide discovery research spending and development

Return/Risk/Volatility

++/+/+

+++/++/++

Benchmark

MSCI World Health Care Net Index (2)

NASDAQ Biotechnology Index

£ 747 million

£ 384 million

Option Use

Yes

None

Gearing

5-20%

0-10%

Dividend Income

~1%

0%

Custodian

JP Morgan

JP Morgan

Buyback Facility

Protect 6% discount

Protect 6% discount

Structured Finance

90% of Hepatitis C Patients

3000

$12.0bn

2500

US Quarterly Sales ($mm)

Drug (Company)

2000

1500

1000

Sovaldi (Gilead)

$2.9bn

Tecfidera (Biogen)

$6.8bn

Avastin (Roche)

$12.6bn

Humira (AbbVie)

$2.2bn

Zytiga (Johnson & Johnson)

$1.0bn

Xtandi (Astellas / Medivation)

$4.8bn

Gleevec (Novartis)

$5.0bn

Revlimid (Celgene)

$6.5bn

Herceptin (Roche)

$7.5bn

Rituxan (Roche)

$0.5bn

Imbruvica (Johnson & Johnson / Pharmacyclics)

Treatment for Relapsing Multiple Sclerosis

500

0 1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Quarters since Launch Source: OrbiMed, Company Filings, Select Broker Reports, ISI Group and First Order Analytics


11

The Curing Potential of Immunotherapy for Cancer Immunotherapy Could Achieve Long-Term Cures

• •

PD-1 and Other Checkpoint Agents are Emerging

Immunotherapy approaches involve enhancing the ability of the immune system to identify and eradicate cancer. Initial 3-year survival rates for patients with metastatic melanoma on immunotherapy: • Untreated: ~10% • Yervoy (anti-CTLA-4) alone: ~20% • nivolumab (anti-PD-1) alone: ~40% • Yervoy + nivolumab combination: ~80% (preliminary data, not mature)

Companies of interest with immunotherapy programs:

Source: ASCO, ESMO, Nature, Company presentation, Yervoy product label.


12

2016: The Next Big Thing? There are numerous new emerging therapeutic classes that could yield $5-10 billion+ annual revenue drugs by 2016. Oncology

NASH

Hepatitis B

Dry AMD

Cystic Fibrosis

CAR T

- - - Overall Market Potential - - -

$10B+

$10B+

$10B+

$10B+

$5B+

Source: Various broker research reports, company reports and analysis by OrbiMed. Overall Market Potentials are estimates of aggregate potential peak sales for all drugs launched or expected to be launched in the relevant category. Such estimates are based on various assumptions and are subject to the occurrence of future events.


13

Strategically Driven M&A Remains Strong US Treasury Actions and Political Pressures will likely curb “Financially-Driven” Inversions, but “Strategically-Driven” M&A will likely continue

Strategically-Driven Inversion Announced Despite US Treasury Pressure

Increasing Scale / Synergies in the Medication Safety Space

Synergies in IPF and Pulmonary Space

Consolidation in the Orthopedic Implant Space

Acquisition of a Potential Multi-Billion Dollar HCV Product

Potential Strategic M&A in WWH and/or BIOG:

Multi-Billion Dollar Oncology and Rheumatology Market Potential

Ongoing M&A Speculation as Valeant Bids for Allergan

Accelerated Medicaid Growth Could Attract Commercial HMO Bidders

Potential Life-Sciences Acquisition Following Keysight Split

Potential Resumption of Rumored M&A after SHPG/ABBV Debacle

Potential Diversification into Single-Cell Sequencing

Potential M&A as Astellas Looks to Acquire Full Economics of Xtandi

Note: For illustrative purposes only; example M&A transactions are not comprehensive and may not be representative of either Fund’s portfolio.


14

Healthcare Valuations Still Compelling Market Cap

2014

P/E Ratio 2015

2016

EPS Growth 2015 2016

LTG

J&J

$300,859

18.0x

16.9x

15.7x

6.8%

7.5%

7.3%

2.5x

2.3x

2.1x

Pfizer

$188,619

13.2x

13.2x

12.7x

(0.2%)

3.7%

2.9%

4.5x

4.6x

4.4x

Merck

$171,895

17.0x

16.5x

14.8x

3.2%

11.2%

4.3%

4.0x

3.9x

3.5x

Abbvie

$91,937

18.3x

14.7x

12.3x

24.4%

19.3%

10.9%

1.7x

1.3x

1.1x

Bristol-Myers Squibb

$84,447

28.6x

29.5x

24.5x

(3.2%)

20.7%

12.3%

2.3x

2.4x

2.0x

Eli Lilly

$72,596

23.3x

20.5x

17.1x

13.7%

19.9%

5.7%

4.1x

3.6x

3.0x

18.1x

16.7x

15.2x

5.0%

15.2%

6.5%

3.2x

3.0x

2.6x

Company

PEG Ratio* 2014 2015 2016

Big Pharma

Average

Big Biotech Gilead

$162,447

13.2x

11.0x

10.2x

19.7%

8.5%

21.9%

0.6x

0.5x

0.5x

Amgen

$106,665

16.8x

15.6x

14.3x

7.4%

9.0%

7.2%

2.3x

2.2x

2.0x

Biogen Idec

$78,468

25.2x

20.4x

17.1x

23.5%

19.6%

18.3%

1.4x

1.1x

0.9x

Celgene

$75,748

25.8x

19.5x

15.2x

32.2%

28.3%

24.1%

1.1x

0.8x

0.6x

21.0x

17.5x

14.8x

21.6%

14.3%

20.1%

1.2x

1.0x

0.8x

Average

* Source: FactSet as of September 30, 2014. * PEG Ratio calculated as P/E in respective year divided by consensus forecast long-term growth (“LTG”) rate.


15

BIOG Overview


16

BIOG Performance vs. Benchmark Since Since OrbiMed 3-Year 5-Year OrbiMed Annualized Annualized Inception Inception Return Return (18/05/05) (18/05/05) Annualized

Periods Ending 30/9/14

Calendar 2014 YTD

Calendar 2013

BIOG NAV (£)

26.3%

63.5%

48.5%

31.3%

21.0%

498.6%

NASDAQ Biotech Index (£)

23.2%

62.6%

41.5%

27.4%

18.1%

374.4%

Excess Returns (£)

3.1%

0.9%

7.0%

3.9%

3.0%

124.2%

Est. Currency Impact on NAV

2.6%

-3.0%

-2.0%

-0.4%

1.6%

71.2%

MSCI World Gross Index (£)

6.5%

25.0%

17.0%

11.2%

8.6%

117.0%

FTSE All-Share Index (£)

-2.1%

16.7%

10.0%

6.0%

3.9%

43.5%

Russell 2000 Index (£)

-3.3%

34.5%

18.0%

12.4%

8.0%

105.7%

Note: OrbiMed commenced investment management of BIOG on May 18, 2005. See Endnotes for additional information, including with regard to the calculation of these results and the indices shown above.


Source: Frostrow, Bloomberg.

17

BIOG Performance vs. Other Closed-End Health Care Funds NAV(£) % Change Since Inception 18/05/05

As of 30 September 2014. Source: Bloomberg.

Ticker BIOG LN BION SW BME US HQH US

Name The Biotech Growth Trust BB Biotech AG BlackRock Health Sciences H&Q Healthcare Investors

Ticker HQL US HBMN SW IBT LN WWH LN

Name H&Q Life Sciences Investors HBM BioVentures International Biotechnology Worldwide Healthcare Trust

OrbiMed commenced investment management of BIOG on 18/05/05. Gabelli Global Health & Wellness and Polar Capital Global Healthcare were formed after 18/05/05. They are excluded from the analysis. Note: Comparison group as selected by Board of Trustees. See Endnotes for additional information, including with regard to the calculation of these results and the indices shown above.


18

NAV Performance of UK Trusts 19 May 2005 to 30 September 2014

1 THE BIOTECH GROWTH TST.

Total return

Annualised return

501.6%

21.1%

429.1% 415.9% 405.0% 397.4% 336.6% 314.1% 305.4% 289.9% 274.3% 268.7% 267.9% 263.4% 256.1% 253.5% 250.5% 248.8% 242.6% 240.0% 237.2%

19.5% 19.1% 18.9% 18.7% 17.0% 16.4% 16.1% 15.6% 15.1% 14.9% 14.9% 14.8% 14.5% 14.4% 14.3% 14.3% 14.0% 14.0% 13.9%

2 SCOTTISH ORIENTAL SMCOS. 3 ABERDEEN ASIAN SMCOS. 4 STANDARD LIFE UK SM.COS. 5 ABERDEEN NEW THAI 6 BLACKROCK SMCOS.TST. 7 SCOTTISH MORTGAGE 8 SCHRODER UK MID CAP.FD. 9 LINDSELL TRAIN 10 HENDERSON SMALLER COS. 11 ACORN INCOME FUND 12 TEMPLETON EMRG.MKTS.IT. 13 WORLDWIDE HLTHCR.TST. 14 JUPITER EUR.OPPS. 15 F&C GLOBAL SMALLER COS. 16 INVESCO ASIA TRUST 17 MURRAY INTL. 18 INVESCO PERP.UK SMCOS. 19 FIDELITY ASIAN VALUES 20 EDINBURGH DRAGON TST.

Past performance is no guarantee of future results. Only includes UK trusts in existence on 19 May 2005 through present. Source: Winterflood Securities, Thomson Reuters.


19

BIOG Holdings

As of 30 September 2014 UNITED STATES Emerging Biotechnology Achillion Pharmaceuticals Inc Affymetrix Inc AMAG Pharmaceuticals Inc Arqule Inc Arrowhead Research Corp Fluidigm Corp Impax Laboratories Inc Incyte Corp Ltd Infinity Pharmaceuticals Inc Ironwood Pharmaceuticals Inc Medivation Inc Neurocrine Biosciences Inc NPS Pharmaceuticals Inc Pacira Pharmaceuticals Inc Puma Biotechnology Inc Synageva Biopharma Corp Xencor Inc Major Biotechnology Agilent Technologies Inc Alexion Pharmaceuticals Inc Amgen Inc Biogen Idec Inc Celgene Corp Gilead Sciences Inc Illumina Inc Regeneron Pharmaceuticals Inc Salix Pharmaceuticals Ltd Vertex Pharmaceuticals Inc

United States Total

Market Price $ Millions

Pct. Value

1.6 12.5 5.0 1.5 16.0 8.5 16.6 20.7 9.5 11.3 32.6 12.5 6.4 23.1 3.3 2.3 7.8 191.2

0.3 2.0 0.8 0.2 2.6 1.4 2.7 3.3 1.5 1.8 5.2 2.0 1.0 3.7 0.5 0.4 1.3 30.6

15.2 32.8 57.2 68.0 57.8 52.8 33.8 28.1 12.8 32.6 391.1

2.4 5.3 9.2 10.9 9.3 8.5 5.4 4.5 2.1 5.2 62.6

582.3

93.2

INTERNATIONAL Europe Emerging Biotechnology GW Pharmaceuticals PLC Horizon Pharma Inc Innate Pharma SA

Market Price Pct. $ Millions Value 17.9 11.0 8.5 37.3

2.9 1.8 1.4 6.0

14.7 18.5 4.3 37.5

2.4 3.0 0.7 6.0

74.8

12.0

4.6 4.6

0.7 0.7

18.7 18.7

3.0 3.0

Far East Subtotal

23.3

3.7

International Total

98.1

15.7

Cash

‐55.8

‐8.9

Total Portfolio

624.6

100.0

Major Biotechnology Actelion Ltd Jazz Pharmaceuticals Plc Qiagen NV

Europe Subtotal Far East Emerging Biotechnology Caduceus Asia Partners Major Biotechnology Ono Pharmaceutical Co Ltd


20

Strategy Heading Into Fiscal Year 2015 • Continue investing in big biotech companies with compelling valuations and strong outlooks for earnings growth • Participate in mid-cap biotech stocks with major positive catalysts coming in 2015 • Continue screening early-stage emerging biotech companies to proactively identify drug candidates with strong preclinical data and encouraging early clinical data • Participate in select high quality IPOs • Position the portfolio properly to benefit from potential M&A activity


21

WWH Overview


22

WWH Performance Since Inception

Cumulative growth through 30 September 2014 (£ - Total Return)

*The “Blended DS/MSCI Benchmark” uses the Datastream World Pharma/Biotech TR Index from inception to September 30, 2010, the MSCI World Health Care Gross Index from September 30, 2010 to December 31, 2011, and the MSCI World Health Care Net Index from December 31, 2011. Note: See Endnotes for additional information, including with regard to the calculation of these results and the indices shown above.


23

WWH Performance vs. Benchmark Calendar 2013

3-year Annualized return

5-year Annualized return

OrbiMed Inception (28/04/95) Annualized Return

OrbiMed Inception (28/04/95)

24.2%

44.5%

30.3%

21.3%

16.2%

1738.2%

Datastream P/B-MSCI HC (£)*

17.1%

33.8%

24.0%

17.2%

11.9%

788.4%

Excess Returns (£)

7.2%

10.8%

6.3%

4.1%

4.3%

949.8%

Est. Currency Impact on NAV

2.6%

-2.7%

-1.7%

-0.3%

0.0%

-10.0%

MSCI World Net Index (£)

6.1%

24.4%

16.4%

10.5%

6.7%

255.3%

FTSE All-Share Index (£)

-2.1%

16.7%

10.0%

6.0%

4.2%

123.9%

S&P 500 TR Index (£)

10.6%

30.0%

21.4%

15.4%

9.2%

449.3%

Calendar 2014 YTD

WWH TR NAV (£)

Periods Ending 30/9/14

OrbiMed commenced investment management of WWH on April 28, 1995. *The “Blended DS/MSCI Benchmark” uses the Datastream World Pharma/Biotech TR Index from inception to September 30, 2010, the MSCI World Health Care Gross Index from September 30, 2010 to December 31, 2011, and the MSCI World Health Care Net Index from December 31, 2011. Note: See Endnotes for additional information, including with regard to the calculation of these results and the indices shown above.

Source: OrbiMed Advisors. © 2014 OrbiMed Advisors LLC. All Rights Reserved. CONFIDENTIAL

24

NAV Performance of UK Trusts 27 April 1995 to 30 September 2014

Total return

1 WORLDWIDE HLTHCR.TST. 2 RIGHTS & ISSUES CAP. 3 TR PROPERTY INV. 4 HG CAPITAL TRUST 5 FIDELITY SPC.VALUES 6 FIDELITY EUR.VALUES 7 SCOTTISH ORIENTAL SMCOS. 8 ABERFORTH SMCOS. 9 JPMORGAN EUR.SMALL CO. 10 GRAPHITE ENTERPRISE TST. 11 INVESCO PERP.UK SMCOS. 12 BLACKROCK SMCOS.TST. 13 MERCANTILE IT. 14 HANSA TRUST 15 HANSA TRUST 'A' 16 HEND.EUROTR.ORD. 17 HERALD INV.TST. 18 JPMORGAN SMALLER COS. 19 HENDERSON EUR.FOCUS TST. 20 ELECTRA PRIVATE EQUITY

Annualised return

1732.1%

16.1%

1270.2% 1166.5% 1156.1% 1150.0% 1078.4% 1045.3% 1038.6% 1033.6% 954.6% 908.6% 837.3% 819.5% 815.3% 807.5% 792.4% 777.7% 776.2% 726.3% 725.1%

14.4% 14.0% 13.9% 13.9% 13.5% 13.4% 13.3% 13.3% 12.9% 12.6% 12.2% 12.1% 12.1% 12.0% 11.9% 11.8% 11.8% 11.5% 11.5%

Past performance is no guarantee of future results. Only includes UK trusts in existence on 27 April 1995 through present. Source: Winterflood Securities, Thomson Reuters


25

Healthcare Spending Rises over Time Health Care Expenditure (% of GDP) 20.0%

Healthcare Spending as % of GDP

18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2000

2001

2002

2003

United States

2004

2005 France

2006

2007

2008

2009

Brazil

2010

2011

China

2012

2013

2014

2015

2016

Historical Projected

Source: World Bank Data, CMS, Digital Research, OrbiMed Note: GDP per capita as of 2013


26

Emerging Markets and Long Term Growth Investing in Superior Long Term Growth Market Cap of EM Healthcare as a Percent of All Emerging Markets

Market Cap of US Healthcare as a Percent of all US Companies

3.1% 13.0%

EM Healthcare

US Healthcare

All Other EM

All Other US

87.0%

96.9%

Source: Bloomberg, using GICs classifications and MSCI Developed/Emerging/Frontier definitions.

Secular growth drivers: Large aging populations, rising incomes, increasing incidence of chronic disease, increasing insurance coverage, improving infrastructure •

Capitalization on long-term growth trends and convergence to developed market norms, especially in China and India

•

Fund exposure to emerging markets has increased over time

•

Dedicated public equity analysts in Shanghai and Mumbai provide local on-the-ground research


27

MSCI World Health Care Index Subsector

WWH

MSCI World H.C.

Delta

Large Cap Pharmaceuticals

21.6

48.5

(26.9)

Specialty Pharmaceuticals

15.4

9.1

6.3

Large Cap Biotech

19.9

13.2

6.6

Emerging Biotech

10.5

1.5

8.9

Life Science Tools

8.7

3.1

5.6

Healthcare Services

10.1

12.6

(2.5)

Medtech / Devices

12.6

12.0

0.6

Emerging Markets

12.7

0.0

12.7

Structured Finance

2.2

0.0

2.2

Total

113.5

100.0

13.5

Regions

WWH

MSCI World H.C.

Delta

North America

80.9

64.1

16.7

Europe

10.5

30.5

(19.9)

Developed Asia

7.2

5.4

1.8

Emerging Markets

12.7

0.0

12.7

Structured Finance

2.2

0.0

2.2

113.5

100.0

13.5

Total

*As of 30 September 2014. Excludes Options. Future weightings may differ.


28

Worldwide Healthcare Trust Holdings As of 30 September 2014

Biotechnology Amgen Inc Actelion Ltd Biogen Idec Inc Celgene Corp Celldex Therapeutics Inc Curis Inc Gilead Sciences Inc Incyte Corp Ltd Infinity Pharmaceuticals Inc Medivation Inc Neurocrine Biosciences Inc NPS Pharmaceuticals Inc Portola Pharmaceuticals Inc Regeneron Pharmaceuticals Inc Shire PLC Vertex Pharmaceuticals Inc Pharmaceuticals AbbVie Inc Actavis plc Allergan Inc/United States Astellas Pharma Inc Bristol‐Myers Squibb Co Chugai Pharmaceutical Co Ltd Impax Laboratories Inc Ironwood Pharmaceuticals Inc Merck & Co Inc Nichi‐iko Pharmaceutical Co Novartis AG Ono Pharmaceutical Co Ltd Perrigo Co Plc Pfizer Inc Roche Holding AG Sawai Pharmaceutical Co Ltd Supernus Pharmaceuticals Inc Towa Pharmaceutical Co Ltd


Pct. Value

44.7 32.4 38.0 33.2 2.7 2.7 50.7 25.5 7.3 21.8 6.9 6.6 9.5 50.0 30.0 14.7 376.5

3.6 2.6 3.1 2.7 0.2 0.2 4.1 2.1 0.6 1.8 0.6 0.5 0.8 4.0 2.4 1.2 30.3

52.9 38.6 17.4 14.8 49.6 13.3 14.2 19.1 45.6 6.3 24.6 34.9 21.9 25.7 54.8 12.1 5.0 7.9 458.7

4.3 3.1 1.4 1.2 4.0 1.1 1.1 1.5 3.7 0.5 2.0 2.8 1.8 2.1 4.4 1.0 0.4 0.6 36.9

Life Science Tools & Services Agilent Technologies Inc Exact Sciences Corp Fluidigm Corp Illumina Inc OraSure Technologies Inc Qiagen NV Thermo Fisher Scientific Inc Medtech CareFusion Corp Cooper Cos Inc/The Insulet Corp Intuitive Surgical Inc NuVasive Inc St Jude Medical Inc Stryker Corp Tornier NV Wright Medical Group Inc Zimmer Holdings Inc Healthcare Services / Distributors Express Scripts Holding Co HCA Holdings Inc Health Net Inc/CA McKesson Corp Molina Healthcare Inc


Pct. Value

29.9 5.8 13.1 22.5 5.1 3.1 28.0 107.5

2.4 0.5 1.1 1.8 0.4 0.3 2.3 8.7

16.7 21.9 15.6 29.1 10.3 9.7 12.1 19.1 12.1 10.4 156.9

1.4 1.8 1.3 2.3 0.8 0.8 1.0 1.5 1.0 0.8 12.6

15.7 54.7 24.7 9.1 20.8 125.1

1.3 4.4 2.0 0.7 1.7 10.1


Pct. Value

2.9 14.3 4.2 4.7 1.6 23.0 6.2 17.8 7.0 26.1 14.1 12.9 11.1 11.9 157.9

0.2 1.2 0.3 0.4 0.1 1.9 0.5 1.4 0.6 2.1 1.1 1.0 0.9 1.0 12.7

Structured Finance

26.7

2.2

Options

1.3

0.1

Cash

(168.5)

(13.6)

TOTAL PORTFOLIO

1242.1

100.0

Emerging Markets Aier Eye Hospital Group Co Ltd Aurobindo Pharma Ltd Biosensors International Group China HC A Share Basket CSI300 Health Emerging Markets HC Basket IHH Healthcare Bhd Jiangsu Hengrui Medicine Co Lupin Ltd Luye Pharma Group Ltd Osstem Implant Co Ltd Shandong Weigao Group Medical Sino Biopharmaceutical Strides Arcolab Ltd


29

Investment Strategy – Key Positioning Key Over Weights: Large Cap Biotech offers compelling value relative to big pharma EPS reacceleration in 2015 given new products Emerging Biotech focus on stocks with major near-term catalysts M&A still highly prevalent Generic Pharma secular WW growth trend from healthcare cost containment by domestic governments US players appropriately diversifying

Specialty Pharma focused on catalysts, new products, and M&A Life Science Tools several new product stories for 2015 M&A momentum to continue Medical Devices consolidation in specialty medtech names new products in cycles in attractive end markets (shoulder, foot & ankle, contact lenses) Emerging Markets positioned for long-term growth

Key Under Weights: Large Cap Pharma an array of “haves” and “have nots” some exceptions (pipeline, new products, etc.) a source of funds for other sectors

Healthcare Services select positions in Medicaid HMOs and hospitals to capitalize on continued ACA expansion


30

Endnotes


31

Endnotes General Notes 1. The information presented herein relates to Worldwide Healthcare Trust PLC and The Biotech Growth Trust PLC (together, the “Funds”). OrbiMed Capital LLC ( “OrbiMed”) is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) that specializes in the investment of clients’ assets, including the Funds’ assets, in healthcare and life sciences companies, including the biotechnology and pharmaceutical sectors, across a number of products and strategies. This presentation includes information specifically relating to the Funds, and potential OrbiMed clients or fund investors should be aware that such information may not be applicable to other OrbiMed funds, products or strategies. The information contained in this presentation is not intended to supplement or replace the disclosures made in Part 2 of OrbiMed’s Form ADV filed with the SEC or in the prospectus or other offering document for any investment fund sponsored and/or managed by OrbiMed or its affiliates. SEC Registration does not imply a certain level of skill or training. 2. This document is confidential and may not be reproduced, in whole or in part, and may not be disclosed or distributed to any person other than the person to whom it was originally delivered and to such person's advisers without the prior written consent of OrbiMed. 3. Opinions and estimates may be changed without notice. This presentation is as of the date hereof and may be changed without notice, and nothing herein shall, under any circumstances, create any implication that there has been no change in the affairs of the Funds since the date hereof. OrbiMed does not warrant or guarantee the accuracy or completeness of the information presented herein. 4. This document does not constitute an offer to sell, or the solicitation of an offer to purchase, any security, fund or other investment product, including shares of the Funds (“Shares”). Any such offer or solicitation may only be made to qualified investors by means of the relevant Fund’s prospectus or other offering document. Each Fund’s governing documents, periodic reports and other relevant documents (collectively, “Fund Documents”) are available upon the request of any qualified potential investor and should be reviewed carefully in their entirety, including any applicable risk factors and conflicts of interests sections thereof, before making any investment decision. 5. This document has been prepared solely for discussion purposes and should not be relied upon in evaluating the merits of investing in any securities, including Shares. It does not purport to be all inclusive or to contain all the information that a prospective investor may desire in investigating a potential purchase of Shares. Prospective investors are cautioned not to rely on the prior returns or other information set forth herein in deciding whether to purchase any Shares and must conduct and rely on their own evaluation of the Funds and the terms on which Shares may be offered or otherwise available for purchase, including the merits and risks involved, in making an investment decision with respect to the Shares. 6. An investment in the Funds is speculative and involves a high degree of risk. The Funds are investment trusts listed on the London Stock Exchange. Investment trusts have the ability to borrow to invest, which is known as gearing. Companies with higher gearing are subject to higher risks, and therefore the investment value may change substantially. The value and the performance of the net asset value of the Company may not be the same as its share price. In considering an investment in the Funds, prospective investors should be aware of certain special considerations and risk factors, including those related to: the risk of deterioration in the financial markets in general and the healthcare sector in particular; the risk that a Fund could incur losses due to the failure of third parties to perform their contractual commitments to the Fund or financial difficulties on the part of brokerage firms, banks or other financial institutions that hold assets of the Fund; risks arising from the operation of pooled investment vehicles like the Funds; and tax-related risks arising from the status and operation of the Funds. See the Funds’ respective Fund Documents for more detail on those and other risks related to investing in Shares. No guarantee or representation is made that the Funds will achieve their investment objective or that the Funds’ risk management strategies will be successful. The Funds’ performance may be volatile, and Shares could lose all or a substantial amount of their value. In addition, the fees and expenses charged in connection with an investment in the Funds may be higher than those charged in connection with other investments, and in some market conditions may offset trading profits. Accordingly, Shares are suitable only for sophisticated investors for whom an investment in the Funds does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Funds’ investment programs.


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Endnotes (continued) 7. Prospective investors are not to construe the contents of this presentation as legal, business or tax advice. Each investor should consult such advisers as it deems appropriate concerning a potential investment in Shares. 8. No securities commission or regulatory authority in the United States or in any other country has in any way passed upon the merits of an investment in Shares or the accuracy or adequacy of this information booklet or the material contained herein. Performance Data The performance results included herein are presented on a net-of-fees basis and reflect the deduction of, among other things: management fees, brokerage commissions, administrative expenses, and accrued performance allocation or incentive fees, if any. Net performance includes the reinvestment of all dividends, interest, and capital gains. Performance results are stated in pounds sterling. The return information contained herein is estimated and has not been audited or verified by any independent party and should not be considered representative of the returns that may be received by an investor in the Funds. Net performance for a particular investor in a particular Fund’s Shares may vary from the net performance stated herein depending on, among other things, investment timing. Past performance is no guarantee of future results. Indices Information about indices is provided to allow for comparison of the performance of a Fund’s Shares to that Fund’s benchmark and certain other recognized indices. Investors cannot invest directly in an index, which also does not take into account trading commissions and costs. The indices shown are unmanaged, do not charge fees or expenses and do not employ special techniques such as leveraging or short selling. The volatility of indices may be materially different from the performance of the relevant Fund. In addition, a Fund’s portfolio holdings may differ significantly from the securities that comprise such indices. The MSCI World Health Care Net Index is a market-value weighted index of health care sector equities within the MSCI World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The NASDAQ Biotechnology Index includes securities of Nasdaq-listed companies classified according to the Industry Classification Benchmark as either Biotechnology or Pharmaceuticals which also meet other eligibility criteria, and is calculated under a modified capitalization-weighted methodology. The S&P 500 TR Index is a market capitalization-weighted index of 500 U.S. stocks selected by Standard & Poor’s as leading companies in leading industries of the U.S. economy. The FTSE All-Share Index is a market-capitalization weighted index representing the performance of all eligible companies listed on the London Stock Exchange’s main market, which pass screening for size and liquidity. The NYSE Arca Pharmaceutical Index is a capitalization-weighted index designed to represent a cross section of widely held, highly capitalized companies involved in various phases of the pharmaceutical industry. The NYSE Arca Biotechnology Index is an equal dollar weighted index designed to measure the performance of a cross section of companies in the biotechnology industry that are primarily involved in the use of biological processes to develop products or provide services.


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