Portfolio Update

4 January 2008

                         THE BIOTECH GROWTH TRUST PLC                          

                                (the "Company")                                

                      QUARTERLY STATEMENT OF INVESTMENTS                       

The Company announces that the ten largest investments as at close of business
on 31 December 2007 were as follows:

  * Investments valuing greater than 5% of the Company's gross assets comprise
    the following:
   
Company Name                                 Value of Investment   % of Total  
                                                      at            Portfolio  
                                                                     Assets    
                                               31 December 2007                
                                                                               
AMGEN COM USD0.0001                               6,718,939           9.25     
                                                                               
GILEAD SCIENCES INC COM USD0.001                  6,469,004           8.90     
                                                                               
UK TREASURY 8% 29/09/13                           5,985,870           8.24     
                                                                               
BIOGEN IDEC COM USD0.0005                         5,061,208           6.97     
                                                                               
GENZYME CORP GENERAL DIVISION COM USD0.01         4,835,595           6.66     

  * The ten largest investments held by the Company comprise the following:
   
Company Name                                 Value of Investment   % of Total  
                                                      at            Portfolio  
                                                                     Assets    
                                               31December 2007                 
                                                                               
AMGEN COM USD0.0001                               6,718,939           9.25     
                                                                               
GILEAD SCIENCES INC COM USD0.001                  6,469,004           8.90     
                                                                               
UK TREASURY 8% 29/09/13                           5,985,870           8.24     
                                                                               
BIOGEN IDEC COM USD0.0005                         5,061,208           6.97     
                                                                               
GENZYME CORP GENERAL DIVISION COM USD0.01         4,835,595           6.66     
                                                                               
GENENTECH INC COM STK USD0.02 NPV                 3,167,176           4.36     
                                                                               
IMCLONE SYSTEMS COM USD0.001                      3,076,796           4.24     
                                                                               
ALLOS THERAPEUTICS COM STK US$0.01                2,764,870           3.81     
                                                                               
BIOMARIN PHARMACEUTICAL COM STK USD0.001          2,487,923           3.42     
                                                                               
INDEVUS PHARMACEUTICALS INC USD0.001              2,333,869           3.21     

                                   - ENDS -                                    

For further information please contact:

Mark Pope, Company Secretary

Frostrow Capital LLP

Telephone: [phone]