Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2013 (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 2013 the Company's net asset value per
share (NAV) rose by 2.7%, compared to a rise of 8.7% in the Company's
benchmark, the NASDAQ Biotechnology Index measured in sterling terms. The
Company's share price rose by 4.8% and ended the period on a 1.0% premium to
the Company's NAV. The relative underperformance of the Company's NAV when
compared to the benchmark can largely be attributed to a negative contribution
from Infinity Pharmaceuticals, following the release of unfavourable data
regarding its product IPI-145 for the treatment of blood related cancers.

From the period-end to 8 August 2013, the Company's NAV rose by 11.0% and the
share price rose by 4.8%; this compares to a rise of 10.0% in the Company's
benchmark.

The strong IPO market in U.S. biotechnology sector has provided a number of
investment opportunities for the Company. The Company's Investment Manager
continues to be selective in the Company's involvement and the following issues
were participated in during the period and to the date of this report: Esperion
Therapeutics, Prosensa, Portola Pharmaceuticals, OncoMed Pharmaceuticals, Agios
Pharmaceuticals, and NanoString Technologies.

During the three-month period and to the date of this report 4,070,000 new
shares were issued raising £15.9m of new funds for the Company. No shares were
repurchased by the Company during this period. As at 8 August 2013 the Company
had 68,536,347 shares in issue.

At the Company's Annual General Meeting, held on 9 July 2013, all of the
resolutions were passed.

The Company published a Prospectus on 29 July 2013 to obtain Admission to the
Official List of any shares issued pursuant to a placing programme. An
application was also made to the UKLA for the block listing of 6,408,134 new
shares on the Official List and to the London Stock Exchange for the admission
to trading on the main market for listed securities.

Trust Characteristics

                                 30 June 2013              31 March 2013      
                                                                              
Number of Holdings                    40                        38            
                                                                              
Net Assets (£m)                      259.7                     239.6          
                                                                              
Gearing (AIC basis)                   2%                        0%            
                                                                              
Share Price (p)                     385.50                     368.0          
                                                                              
NAV (p)                             381.75                    371.73          
                                                                              
Premium/(Discount)                   1.0%                     (1.0%)          

Source: Frostrow Capital LLP


Geographical Analysis

                                % of portfolio            % of portfolio      
                                at 30 June 2013          at 31 March 2013     
                                                                              
North America                        93.0                      91.1           
                                                                              
Continental Europe                    4.0                       4.5           
                                                                              
Far East                              2.0                       3.4           
                                                                              
Unquoted                              1.0                       1.0           
                                                                              
Total                                100.0                     100.0          

Source: Frostrow Capital LLP


10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                at 30 June 2013          at 31 March 2013     
                                                                              
Amgen                                 9.2                       9.0           
                                                                              
Gilead Sciences                       9.1                       9.6           
                                                                              
Biogen Idec                           8.0                       6.5           
                                                                              
Celgene                               7.6                       7.2           
                                                                              
Regeneron Pharmaceuticals             7.5                       4.5           
                                                                              
Incyte                                4.6                       4.6           
                                                                              
Mylan                                 4.3                       3.4           
                                                                              
Illumina                              3.6                       2.8           
                                                                              
Onyx Pharmaceuticals                  3.0                       3.4           
                                                                              
Portola Pharmaceuticals               2.9                        -            
                                                                              
Total                                59.8                      51.0           

Source: Frostrow Capital LLP


Performance to 30 June 2013

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     +4.8            +37.1          +142.8          +287.4         
                                                                              
NAV per share   +2.7            +37.0          +147.1          +257.1         
                                                                              
Benchmark*      +8.7            +38.5          +123.4          +199.6         

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

9 August 2013