Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2011 (unaudited)      

The Biotech Growth Trust PLC seeks capital appreciation through investment in
the worldwide biotechnology industry principally by investing in emerging
biotechnology companies.

The 3 month period ended 30 June 2011 was a positive one for the Company
largely because of positive new product data and merger and acquisition
speculation. The Company's net asset value per share (NAV) rose by 10.7%, a
strong performance compared to a 6.5% rise in the Company's benchmark, the
NASDAQ Biotechnology Index measured in sterling terms.  The share price
increased by 15.2% as the discount to the net asset value per share narrowed to
7.1% at the period end. From 30 June 2011 to 31 July 2011, the Company's NAV
fell by 4.3% and the share price fell by 0.8%; this compared to a fall of 4.7%
in the Company's benchmark.

During the three-month period ended 30 June 2011, 811,084 shares were
repurchased for cancellation at a cost of £1.4m including expenses. From 30
June 2011 to 31 July 2011 194,440 shares have been bought back for cancellation
at a cost of £377k including expenses.

At the Company's Annual General Meeting, held on 14 July 2011, all of the
resolutions were passed.

Trust Characteristics

                                 30 June 2011              31 March 2011      
                                                                              
Number of Holdings                    44                        43            
                                                                              
Net Assets (£m)                     132.0m                    120.8m          
                                                                              
Gearing (AIC basis)                   103                       100           
                                                                              
Share Price (p)                     191.25                    166.00          
                                                                              
NAV (p)                             205.81                    186.00          
                                                                              
(Discount)/Premium                  (7.1%)                    (10.8%)         

Source: Frostrow Capital LLP

Geographical Analysis

                                % of portfolio            % of portfolio      
                                                                              
                                at 30 June 2011          at 31 March 2011     
                                                                              
North America                        85.9                      80.7           
                                                                              
Continental Europe                   10.3                      12.7           
                                                                              
Far East                              2.8                       2.3           
                                                                              
Unquoted                              1.0                       0.9           
                                                                              
Israel                                 -                        3.4           
                                                                              
Total                                100.0                     100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                                                              
                                at 30 June 2011          at 31 March 2011     
                                                                              
Gilead Sciences                       8.3                       8.3           
                                                                              
Pharmasset                            5.3                       3.6           
                                                                              
Pharmacyclics                         5.1                       3.2           
                                                                              
Incyte Genomics                       4.9                       4.0           
                                                                              
Life Technologies                     4.3                       4.7           
                                                                              
Biogen Idec                           4.1                       3.4           
                                                                              
Illumina                              3.9                       4.5           
                                                                              
Shire                                 3.7                       6.2           
                                                                              
Thermo Fisher Scientific              3.5                       3.3           
                                                                              
Perrigo                               3.3                       2.9           
                                                                              
Total                                46.4                      44.1           

Source: Frostrow Capital LLP

Performance to 30 June 2011

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +15.2%          +20.5%         +92.2%          +83.0%         
                                                                              
NAV per share   +10.7%          +33.2%         +92.5%          +90.8%         
                                                                              
Benchmark*      +6.5%           +29.0%         +73.1%          +71.5%         

Source: Bloomberg & Morningstar

* Benchmark - NASDAQ Biotechnology Index measured in sterling terms.

Past performance is not a guide to future performance.

This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

This Interim Management Statement is available on the Company's website 
www.biotechgt.com.

The Company's net asset value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com

SEDOL Code:

Ordinary shares - 0038551

ISIN -

Ordinary Shares GB0000385517

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

2 August 2011