Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2012 (unaudited)      

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

During the 3 month period ended 30 June 2012 the Company's net asset value per
share (NAV) rose by 11.0%, a strong performance compared to a 7.6% rise in the
Company's benchmark, the NASDAQ Biotechnology Index measured in sterling terms.
NAV performance was, in part, due to strong returns from portfolio holdings in
Questcor Pharmaceuticals, following reports of strong sales of its multiple
sclerosis treatment Acthar and also from Onyx Pharmaceuticals, following a
positive vote from a U.S. Food & Drug Administration Panel for the approval of
its drug Carfilzomib for the treatment of advanced Myeloma.  The Company's
share price also performed well, increasing by 19.1% due, in part, to strong
demand from new retail shareholders; the share price ended the period on a 0.9%
premium to the Company's NAV. From the period-end to 18 July 2012, the
Company's NAV rose by 3.2% and the share price fell by 0.2%; this compares to a
rise of 3.9% in the Company's benchmark.

During the three-month period ended 30 June 2012, 19,079 shares were
repurchased for cancellation at a cost of £47,000 including expenses. The
Company also issued 275,000 new shares, at a premium to the prevailing NAV,
raising £681,000 of new funds for the Company. From 30 June 2012 to 18 July
2012, no new shares have been issued nor shares repurchased for cancellation.

At the Company's Annual General Meeting, held on 12 July 2012, all of the
resolutions were passed. The Chairman, Mr John Sclater, CVO, retired from the
Board at the conclusion of the Annual General Meeting and he was succeeded in
this role by Lord Waldegrave of North Hill.

Trust Characteristics

                                 30 June 2012              31 March 2012      
                                                                              
Number of Holdings                    44                        41            
                                                                              
Net Assets (£m)                      174.1                     156.1          
                                                                              
Gearing (AIC basis)                   104                       100           
                                                                              
Share Price (p)                     281.13                     236.0          
                                                                              
NAV (p)                             278.57                    250.86          
                                                                              
Premium/(Discount)                   0.9%                     (5.9%)          

Source: Frostrow Capital LLP

Geographical Analysis

                                % of portfolio            % of portfolio      
                                                                              
                                at 30 June 2012          at 31 March 2012     
                                                                              
North America                        87.6                      86.8           
                                                                              
Continental Europe                    8.6                       9.5           
                                                                              
Far East                              2.8                       2.5           
                                                                              
Unquoted                              1.0                       1.2           
                                                                              
Total                                100.0                     100.0          

Source: Frostrow Capital LLP

10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                                                              
                                at 30 June 2012          at 31 March 2012     
                                                                              
Gilead Sciences                       7.1                       8.6           
                                                                              
Amgen                                 6.4                       6.7           
                                                                              
Questcor Pharmaceutical               5.0                       5.6           
                                                                              
Perrigo                               4.7                       4.7           
                                                                              
Celgene                               4.5                       6.1           
                                                                              
Onyx Pharmaceuticals                  4.3                       2.6           
                                                                              
Auxilium Pharmaceuticals              4.2                        -            
                                                                              
Alexion Pharmaceuticals               4.1                       4.3           
                                                                              
Incyte Genomics                       4.0                       4.2           
                                                                              
Biogen Idec                           3.9                       3.9           
                                                                              
Total                                48.2                      46.7           

Source: Frostrow Capital LLP

Performance to 30 June 2012

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +19.1           +47.0          +132.3          +160.3         
                                                                              
NAV per share   +11.0           +35.4          +110.3          +142.4         
                                                                              
Benchmark*      +7.6            +24.9          +89.3           +115.5         

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

Bloomberg: - BIOG LN

EPIC: - BIOG

For further information contact: Mark Pope on 0203 008 4913

Frostrow Capital LLP

Company Secretary

20 July 2012