Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

    Interim Management Statement - 3 months to 31 December 2011 (unaudited)    

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

In the three month period ended 31 December 2011 the Company's net asset value
per share rose by 14.2% compared to a rise of 12.9% in the Company's benchmark,
the NASDAQ Biotechnology Index, measured in sterling terms. The Company's share
price rose by 11.8% during the three-month period as the discount of share
price to net asset value per share widened from 5.2% to 7.3%. The Company's
strong performance was in large part due to the acquisition of Pharmasset, the
Company's largest emerging biotechnology position, by Gilead Sciences, also a
significant holding in the portfolio, at an 89% premium to Pharmasset's closing
share price on 18 November. Other contributors to our out-performance included
Anadys, which was taken over by Roche, and Amgen following the completion of a
share buyback programme. Negative contributors to performance included Chinese
biopharmaceutical company 3SBio which was a victim of the general weakness that
has affected emerging market stocks and also concerns about pricing pressure on
drugs in China.

During the period 749,279 shares were repurchased by the Company for
cancellation at an average discount of 9.9%.

In the period from 31 December 2011 to 6 February 2012, the Company's net asset
value per share rose by 17.8% and the share price by 17.7%. The Company's
benchmark rose by 14.5%. During this period a further 880,832 shares were
repurchased for cancellation by the Company at an average discount of 9.7%. As
at 6 February 2012 there were 62,240,426 shares in issue.

Our performance in the 2011 calendar year has been good. In research published
by Winterflood Securities covering a universe of 230 listed investment trust
companies, the Company was judged to have been the third best performing
investment trust in terms of its net asset value performance (+18.0%) and the
fifth best in terms of its share price performance (+14.6%).

Trust Characteristics

                               31 December 2011          30 September 2011    
                                                                              
Number of Holdings                    39                        42            
                                                                              
Net Assets (£m)                     132.0m                    116.9m          
                                                                              
Gearing (AIC basis)                   100                       100           
                                                                              
Share Price (p)                     194.00                    173.50          
                                                                              
NAV (p)                             209.17                    182.96          
                                                                              
Discount of share price to           7.3%                      5.2%           
net asset value per share                                                     

Source: Frostrow Capital LLP

Geographical Analysis

                               % of portfolio             % of portfolio      
                                                                              
                             at 31 December 2011       at 30 September 2011   
                                                                              
North America                       90.2                       85.4           
                                                                              
Continental Europe                   6.2                       8.0            
                                                                              
Israel                                -                        2.7            
                                                                              
Unquoted                             1.5                       1.4            
                                                                              
Far East                             2.1                       2.5            
                                                                              
Total                               100.0                     100.0           

Source: Frostrow Capital LLP

10 Largest Investments

Name                            % of portfolio            % of portfolio      
                                                                              
                              at 31 December 2011      at 30 September 2011   
                                                                              
Pharmasset                            9.8                      10.2           
                                                                              
Gilead Sciences                       8.7                      10.0           
                                                                              
Celgene                               5.5                       2.9           
                                                                              
Incyte                                5.1                       4.6           
                                                                              
Amgen                                 4.2                       4.4           
                                                                              
Ariad Pharmaceuticals                 4.2                       0.9           
                                                                              
Biogen Idec                           4.0                       2.2           
                                                                              
Alexion Pharmaceuticals               4.0                       4.4           
                                                                              
VIVUS                                 3.4                       2.2           
                                                                              
Life Technologies                     3.4                       4.1           
                                                                              
Total                                52.3                      45.9           

Source: Frostrow Capital LLP

Performance to 31 December 2011

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +11.8%          +14.6%         +58.7%          +72.4%         
                                                                              
NAV per share   +14.2%          +18.0%         +55.5%          +82.7%         
                                                                              
Benchmark*      +12.9%          +12.4%         +39.7%          +71.4%         

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 Company's website www.biotechgt.com and
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

7 February 2012