London, UK, 21 February 2017

The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.

BIOG's current 7.0% discount to cum-income NAV is modestly wider than the historical averages of the last one, three, five and 10 years (range of 4.1% to 6.2%). The board has an active discount control mechanism in place, aiming to keep the discount below 6%. In keeping with the aim of generating long-term capital growth rather than income, BIOG does not pay a dividend.

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