Worldwide Healthcare Trust The Biotech Growth Trust · This document does not constitute an offer to sell, or the solicit ation of an offer to purchase, any security or fund, includin

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.

Worldwide Healthcare TrustThe Biotech Growth TrustSamuel D. Isaly and Sven H. Borho

Investor PresentationNovember 2014

© 2014 OrbiMed Advisors LLC. All Rights Reserved. CONFIDENTIAL 2

OrbiMed Overview


Largest Global Healthcare-Dedicated Investment Firm

*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.

Note: As of 30 September 2014


OrbiMed Platform Advantage

Royalty & Debt

BIOG Leading Global Healthcare Platform…

• >$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

…And Global Coverage Across Industry Landscape

• 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 marketsIndustry

Experience

~80 TotalProfessionals

~20 PhD or MD degrees

~10 Former CEOs or Founders

~75 Board Seats

Other Public

…With Rigorous Proprietary Research Abilities…

• Internal PhDs/MDs provide proprietary research • Significant operating skills from industry CEOs/founders• Over 75 board seats provide industry insights, relationships• Exhaustive disease area reviews, round tables, conferences

>$12Bn Assets Under Mgmt.

$0.6 Bn

$3.6 Bn

$6.6 Bn

Private Equity

Note: As of 30 September 2014

$0.6 Bn

WWH $1.2 Bn


Differences between BIOG and WWH

WWH BIOG

Investment Universe Worldwide Healthcare (pharma, biotech, devices, services, diagnostics) Biotechnology

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

Return/Risk/Volatility ++/+/+ +++/++/++

Benchmark MSCI World HealthCare Net Index (2) NASDAQ Biotechnology Index

Net Assets (1)

£ 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 <15% 0%

(1) As of 30 September 2014. Source: Frostrow(2) WWH 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: This summary is not intended to be complete and is qualified in its entirety by each Fund’s prospectus and other governing documents. See Endnotes for additional information, including the calculation of these results and the indices shown above.


WWH

Emerging Biotech(10.5%)

Specialty Pharma(15.4%)

Medtech(12.6%)

Life Sciences Tools(8.7%)

Big Biotech(19.9%)

HC Services/Distributors

(10.1%)

Structured Finance (2.2%)

Differentiation between BIOG and WWH

Note: As of 30 September 2014. Percentages may not sum to 100% due to cash and/or leverage. Portfolio composition is estimated and as of the date hereof, and may differ in the future.

BIOG

EmergingBiotech(30.9%)

Big Biotech(47.5%)

Specialty Pharma (17.9%)

Life Sciences Tools

(11.9%)

Big Pharma(21.6%)

Emerging Markets(12.7%)


Summary of performance

Source: OrbiMed Advisors.

Periods Ending30/9/14

Calendar 2014 YTD

Calendar 2013

3-Year Annualized

Return

5-Year Annualized

Return

Since OrbiMed

Inception(28/04/95)

Since OrbiMed

Inception(18/05/05)

WWH NAV (£) 24.2% 44.5% 30.3% 21.3% 1738.2% -

Datastream P/B-MSCI HC (£)* 17.1% 33.8% 24.0% 17.2% 788.4% -

Excess Returns (£) 7.2% 10.8% 6.3% 4.1% 949.8% -

BIOG NAV (£) 26.3% 63.5% 48.5% 31.3% - 498.6%

NASDAQ Biotech Index (£) 23.2% 62.6% 41.5% 27.4% - 374.4%

Excess Returns (£) 3.1% 0.9% 7.0% 3.9% - 124.2%

FTSE All-Share Index (£) -2.1% 16.7% 10.0% 6.0% 123.9% 43.5%

S&P 500 TR Index (£) 10.6% 30.0% 21.4% 15.4% 449.3% 130.0%

*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: ObiMed commenced investment management of WWH on April 28, 1995 and 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.


Investment Themes


ObamaCare: Train Has Left the Station

• The health insurance exchange website is functioning properly and the government has reached its 2014 goal of enrolling seven million individuals.

• Average 2015 rate increase proposals not as bad as feared - individuals are tolerating narrow provider networks that exclude premium doctors and hospitals.

• Most states expanded Medicaid eligibility to cover more low income individuals.

• Midterm elections have little consequence. Republicans still do not have the votes to materially change the law.

• However, a risk factor is that the Supreme Court could decide to hear a case questioning if health insurance subsidies are allowed on Federal Exchanges by 2015. Repealing subsidies would most impact hospitals.

For 2015 we see more states expanding Medicaid, and continue to believe long term implementation will proceed with insurance coverage extended to 30+ million Americans

Medicaid HMOs

OrbiMed Positioned for ACA Expansion

Hospitals

Revenues Doubling on Program Eligibility

Expansions

Improved Collection of Previously Uncompensated

Care


2014: Dawn of the Biotech Mega Blockbuster?

Solid Tumors

LiquidTumors

Hepatitis C

MultipleSclerosis

Source: Various broker research reports, company reports and analysis by OrbiMed. Overall Market Potentials are estimates of aggregate potential peak sales. Such estimates are based on various assumptions and are subject to the occurrence of future events.

Several drugs originated by biotech, recently launched or expected to launch in 2014, could reach multi-billion dollars of peak sales.

PD‐1

$10B+

$6B+

$5B+

$2.5B+

$2.5B+

$20B+ $7B+


0

500

1000

1500

2000

2500

3000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

US

Qua

rter

ly S

ales

($m

m)

Quarters since Launch

Sovaldi (Gilead)

Tecfidera (Biogen)

Avastin (Roche)

Humira (AbbVie)

Zytiga (Johnson & Johnson)

Xtandi (Astellas / Medivation)

Gleevec (Novartis)

Revlimid (Celgene)

Herceptin (Roche)

Rituxan (Roche)

Imbruvica (Johnson & Johnson / Pharmacyclics)

The Mega Blockbuster Drug Launch

$12.0bn

$2.9bn

$6.8bn

$2.2bn

$1.0bn

$4.8bn

$5.0bn

$6.5bn

$7.5bn

$0.5bn

2014WWSalesEstimates Drug(Company)

Cure for >90% of Hepatitis C

Patients

Treatment for Relapsing Multiple

Sclerosis

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

$12.6bn


The Curing Potential of Immunotherapy for Cancer

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

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:


2016: The Next Big Thing?

- - - Overall Market Potential - - -

Oncology NASH Hepatitis B Dry AMD

$10B+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.

CART

There are numerous new emerging therapeutic classes that could yield $5-10 billion+ annual revenue drugs by 2016.

Cystic Fibrosis

$10B+$10B+ $10B+ $5B+


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

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

Strategically-Driven Inversion Announced Despite US Treasury PressureIncreasing Scale / Synergies in the Medication Safety Space

Consolidation in the Orthopedic Implant Space Acquisition of a Potential Multi-Billion Dollar HCV Product

Multi-Billion Dollar Oncology andRheumatology Market Potential

Ongoing M&A Speculation as Valeant Bids for Allergan

Potential Life-Sciences Acquisition Following Keysight Split

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

Potential Diversification into Single-Cell Sequencing

Accelerated Medicaid Growth Could Attract Commercial HMO Bidders

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

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

Synergies in IPF and Pulmonary Space


Healthcare Valuations Still Compelling

Market P/E Ratio EPS Growth PEG Ratio*Company Cap 2014 2015 2016 2015 2016 LTG 2014 2015 2016

Big Pharma

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

Average 18.1x 16.7x 15.2x 5.0% 15.2% 6.5% 3.2x 3.0x 2.6x

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

Average 21.0x 17.5x 14.8x 21.6% 14.3% 20.1% 1.2x 1.0x 0.8x

* 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.


BIOG Overview


BIOG Performance vs. Benchmark

Source: Frostrow, Bloomberg.


Calendar2014YTD

Calendar2013

3-Year Annualized

Return

5-Year Annualized

Return

Since OrbiMed

Inception(18/05/05)Annualized

Since OrbiMed

Inception(18/05/05)

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%


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.


BIOG Performance vs. Other Closed-End Health Care Funds

NAV(£) % Change Since Inception 18/05/05

Ticker NameBIOG LN The Biotech Growth TrustBION SW BB Biotech AGBME US BlackRock Health SciencesHQH US H&Q Healthcare Investors

Ticker NameHQL US H&Q Life Sciences InvestorsHBMN SW HBM BioVenturesIBT LN International BiotechnologyWWH LN Worldwide Healthcare Trust

As of 30 September 2014. Source: Bloomberg.

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.


NAV Performance of UK Trusts19 May 2005 to 30 September 2014

Source: Winterflood Securities, Thomson Reuters.

Past performance is no guarantee of future results. Only includes UK trusts in existence on 19 May 2005 through present.

Total return Annualised return

1 THE BIOTECH GROWTH TST. 501.6% 21.1%2 SCOTTISH ORIENTAL SMCOS. 429.1% 19.5%3 ABERDEEN ASIAN SMCOS. 415.9% 19.1%4 STANDARD LIFE UK SM.COS. 405.0% 18.9%5 ABERDEEN NEW THAI 397.4% 18.7%6 BLACKROCK SMCOS.TST. 336.6% 17.0%7 SCOTTISH MORTGAGE 314.1% 16.4%8 SCHRODER UK MID CAP.FD. 305.4% 16.1%9 LINDSELL TRAIN 289.9% 15.6%10 HENDERSON SMALLER COS. 274.3% 15.1%11 ACORN INCOME FUND 268.7% 14.9%12 TEMPLETON EMRG.MKTS.IT. 267.9% 14.9%13 WORLDWIDE HLTHCR.TST. 263.4% 14.8%14 JUPITER EUR.OPPS. 256.1% 14.5%15 F&C GLOBAL SMALLER COS. 253.5% 14.4%16 INVESCO ASIA TRUST 250.5% 14.3%17 MURRAY INTL. 248.8% 14.3%18 INVESCO PERP.UK SMCOS. 242.6% 14.0%19 FIDELITY ASIAN VALUES 240.0% 14.0%20 EDINBURGH DRAGON TST. 237.2% 13.9%


BIOG HoldingsAs of 30 September 2014

Market Price Pct. INTERNATIONAL Market Price Pct.UNITED STATES $ Millions Value Europe $ Millions ValueEmerging Biotechnology Emerging Biotechnology

Achillion Pharmaceuticals Inc 1.6 0.3 GW Pharmaceuticals PLC 17.9 2.9Affymetrix Inc 12.5 2.0 Horizon Pharma Inc 11.0 1.8AMAG Pharmaceuticals Inc 5.0 0.8 Innate Pharma SA 8.5 1.4Arqule Inc 1.5 0.2 37.3 6.0Arrowhead Research Corp 16.0 2.6 Major BiotechnologyFluidigm Corp 8.5 1.4 Actelion Ltd 14.7 2.4Impax Laboratories Inc 16.6 2.7 Jazz Pharmaceuticals Plc 18.5 3.0Incyte Corp Ltd 20.7 3.3 Qiagen NV 4.3 0.7Infinity Pharmaceuticals Inc 9.5 1.5 37.5 6.0Ironwood Pharmaceuticals Inc 11.3 1.8Medivation Inc 32.6 5.2 Europe Subtotal 74.8 12.0Neurocrine Biosciences Inc 12.5 2.0NPS Pharmaceuticals Inc 6.4 1.0 Far EastPacira Pharmaceuticals Inc 23.1 3.7 Emerging BiotechnologyPuma Biotechnology Inc 3.3 0.5 Caduceus Asia Partners 4.6 0.7Synageva Biopharma Corp 2.3 0.4 4.6 0.7Xencor Inc 7.8 1.3 Major Biotechnology

191.2 30.6 Ono Pharmaceutical Co Ltd 18.7 3.0Major Biotechnology 18.7 3.0

Agilent Technologies Inc 15.2 2.4Alexion Pharmaceuticals Inc 32.8 5.3 Far East Subtotal 23.3 3.7Amgen Inc 57.2 9.2Biogen Idec Inc 68.0 10.9Celgene Corp 57.8 9.3 International Total 98.1 15.7Gilead Sciences Inc 52.8 8.5Illumina Inc 33.8 5.4 Cash ‐55.8 ‐8.9Regeneron Pharmaceuticals Inc 28.1 4.5Salix Pharmaceuticals Ltd 12.8 2.1Vertex Pharmaceuticals Inc 32.6 5.2

391.1 62.6

United States Total 582.3 93.2 Total Portfolio 624.6 100.0


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


WWH Overview


WWH Performance Since InceptionCumulative 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.


WWH Performance vs. Benchmark

Source: OrbiMed Advisors.


Calendar2014YTD

Calendar2013

3-year Annualized

return

5-year Annualized

return

OrbiMed Inception

(28/04/95) Annualized

Return

OrbiMed Inception

(28/04/95)

WWH TR NAV (£) 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%


S&P 500 TR Index (£) 10.6% 30.0% 21.4% 15.4% 9.2% 449.3%

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.


NAV Performance of UK Trusts27 April 1995 to 30 September 2014

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

Total return Annualised return

1 WORLDWIDE HLTHCR.TST. 1732.1% 16.1%2 RIGHTS & ISSUES CAP. 1270.2% 14.4%3 TR PROPERTY INV. 1166.5% 14.0%4 HG CAPITAL TRUST 1156.1% 13.9%5 FIDELITY SPC.VALUES 1150.0% 13.9%6 FIDELITY EUR.VALUES 1078.4% 13.5%7 SCOTTISH ORIENTAL SMCOS. 1045.3% 13.4%8 ABERFORTH SMCOS. 1038.6% 13.3%9 JPMORGAN EUR.SMALL CO. 1033.6% 13.3%10 GRAPHITE ENTERPRISE TST. 954.6% 12.9%11 INVESCO PERP.UK SMCOS. 908.6% 12.6%12 BLACKROCK SMCOS.TST. 837.3% 12.2%13 MERCANTILE IT. 819.5% 12.1%14 HANSA TRUST 815.3% 12.1%15 HANSA TRUST 'A' 807.5% 12.0%16 HEND.EUROTR.ORD. 792.4% 11.9%17 HERALD INV.TST. 777.7% 11.8%18 JPMORGAN SMALLER COS. 776.2% 11.8%19 HENDERSON EUR.FOCUS TST. 726.3% 11.5%20 ELECTRA PRIVATE EQUITY 725.1% 11.5%


Source: World Bank Data, CMS, Digital Research, OrbiMed

Healthcare Spending Rises over Time

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Hea

lthca

re S

pend

ing

as %

of

GD

P

Health Care Expenditure (% of GDP)

United States France Brazil ChinaHistoricalProjected

Note: GDP per capita as of 2013


13.0%

87.0%

US Healthcare

All Other US

Emerging Markets and Long Term Growth

• 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

Investing in Superior Long Term Growth

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

3.1%

96.9%

EM Healthcare

All Other EM

Market Cap of EM Healthcare as a Percent of All Emerging Markets Market Cap of US Healthcare as a Percent of all US Companies


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

Total 113.5 100.0 13.5

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


Worldwide Healthcare Trust HoldingsAs of 30 September 2014

Market Price Pct. Market Price Pct. Market Price Pct.$ Millions Value $ Millions Value $ Millions Value

Biotechnology Life Science Tools & Services Emerging MarketsAmgen Inc 44.7 3.6 Agilent Technologies Inc 29.9 2.4 Aier Eye Hospital Group Co Ltd 2.9 0.2Actelion Ltd 32.4 2.6 Exact Sciences Corp 5.8 0.5 Aurobindo Pharma Ltd 14.3 1.2Biogen Idec Inc 38.0 3.1 Fluidigm Corp 13.1 1.1 Biosensors International Group 4.2 0.3Celgene Corp 33.2 2.7 Illumina Inc 22.5 1.8 China HC A Share Basket 4.7 0.4Celldex Therapeutics Inc 2.7 0.2 OraSure Technologies Inc 5.1 0.4 CSI300 Health 1.6 0.1Curis Inc 2.7 0.2 Qiagen NV 3.1 0.3 Emerging Markets HC Basket 23.0 1.9Gilead Sciences Inc 50.7 4.1 Thermo Fisher Scientific Inc 28.0 2.3 IHH Healthcare Bhd 6.2 0.5Incyte Corp Ltd 25.5 2.1 107.5 8.7 Jiangsu Hengrui Medicine Co 17.8 1.4Infinity Pharmaceuticals Inc 7.3 0.6 Medtech Lupin Ltd 7.0 0.6Medivation Inc 21.8 1.8 CareFusion Corp 16.7 1.4 Luye Pharma Group Ltd 26.1 2.1Neurocrine Biosciences Inc 6.9 0.6 Cooper Cos Inc/The 21.9 1.8 Osstem Implant Co Ltd 14.1 1.1NPS Pharmaceuticals Inc 6.6 0.5 Insulet Corp 15.6 1.3 Shandong Weigao Group Medical 12.9 1.0Portola Pharmaceuticals Inc 9.5 0.8 Intuitive Surgical Inc 29.1 2.3 Sino Biopharmaceutical 11.1 0.9Regeneron Pharmaceuticals Inc 50.0 4.0 NuVasive Inc 10.3 0.8 Strides Arcolab Ltd 11.9 1.0Shire PLC 30.0 2.4 St Jude Medical Inc 9.7 0.8 157.9 12.7Vertex Pharmaceuticals Inc 14.7 1.2 Stryker Corp 12.1 1.0

376.5 30.3 Tornier NV 19.1 1.5Pharmaceuticals Wright Medical Group Inc 12.1 1.0

AbbVie Inc 52.9 4.3 Zimmer Holdings Inc 10.4 0.8Actavis plc 38.6 3.1 156.9 12.6Allergan Inc/United States 17.4 1.4 Healthcare Services / Distributors Structured Finance 26.7 2.2Astellas Pharma Inc 14.8 1.2 Express Scripts Holding Co 15.7 1.3Bristol‐Myers Squibb Co 49.6 4.0 HCA Holdings Inc 54.7 4.4 Options 1.3 0.1Chugai Pharmaceutical Co Ltd 13.3 1.1 Health Net Inc/CA 24.7 2.0Impax Laboratories Inc 14.2 1.1 McKesson Corp 9.1 0.7 Cash (168.5) (13.6)Ironwood Pharmaceuticals Inc 19.1 1.5 Molina Healthcare Inc 20.8 1.7Merck & Co Inc 45.6 3.7 125.1 10.1Nichi‐iko Pharmaceutical Co 6.3 0.5 TOTAL PORTFOLIO 1242.1 100.0Novartis AG 24.6 2.0Ono Pharmaceutical Co Ltd 34.9 2.8Perrigo Co Plc 21.9 1.8Pfizer Inc 25.7 2.1Roche Holding AG 54.8 4.4Sawai Pharmaceutical Co Ltd 12.1 1.0Supernus Pharmaceuticals Inc 5.0 0.4Towa Pharmaceutical Co Ltd 7.9 0.6

458.7 36.9


Healthcare Services

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

Investment Strategy – Key Positioning

Specialty Pharmafocused on catalysts, new products, and M&A

Key Over Weights:

Emerging Biotechfocus on stocks with major near-term catalysts

M&A still highly prevalent

Key Under Weights:

Large Cap Pharmaan array of “haves” and “have nots”

some exceptions (pipeline, new products, etc.)a source of funds for other sectors

Large Cap Biotechoffers compelling value relative to big pharma

EPS reacceleration in 2015 given new products

Medical Devicesconsolidation in specialty medtech names

new products in cycles in attractive end markets (shoulder, foot & ankle, contact lenses)

Life Science Toolsseveral new product stories for 2015

M&A momentum to continue

Generic Pharmasecular WW growth trend from healthcare cost

containment by domestic governmentsUS players appropriately diversifying Emerging Markets

positioned for long-term growth


Endnotes


Endnotes

General Notes1. The information presented herein relates to Worldwide Healthcare Trust PLC and The Biotech Growth Trust PLC (together, the “Funds”). OrbiMed Capital LLC ( “OrbiMed”) isan investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) that specializes in the investment of clients’ assets, including the Funds’ assets, inhealthcare and life sciences companies, including the biotechnology and pharmaceutical sectors, across a number of products and strategies. This presentation includesinformation specifically relating to the Funds, and potential OrbiMed clients or fund investors should be aware that such information may not be applicable to other OrbiMedfunds, 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 filedwith 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 acertain 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.


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 DataThe 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.

IndicesInformation 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.