Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

    Interim Management Statement - 3 months to 31 December 2013 (unaudited)    

 The Biotech Growth Trust PLC seeks capital appreciation through investment in 
                     the worldwide biotechnology industry.                     

During the 3 month period ended 31 December 2013 the Company's net asset value
per share (NAV) rose by 8.2%, compared to a rise of 5.6% in the Company's
benchmark, the NASDAQ Biotechnology Index measured in sterling terms. The
Company's share price rose by 11.2% and ended the period on a 1.5% discount to
the Company's NAV. The outperformance of the Company's NAV when compared to the
benchmark can largely be attributed to the Company's holdings in Fluidigm and
Incyte.  Shares of Fluidigm appreciated due to strong financial performance and
increased guidance.  Additionally, investor enthusiasm has increased for the
recently launched application of their single-cell genome analysis for whole
genome sequencing.  Incyte shares appreciated due to the disclosure of
encouraging results for their IDO inhibitor, currently in phase I trials.  This
drug is an immunotherapy for cancer, which has become an area of great interest
to investors.
 

From the period-end to 7 February 2014, the Company's NAV rose by 9.6% and the
share price rose by 8.5%; this compares to a rise of 9.7% in the Company's
benchmark.

During the three-month period and to the date of this report 350,000 new shares
were issued raising £1.8m of new funds for the Company. No shares were
repurchased by the Company during this period. As at 12 February 2014 the
Company had 68,886,347 shares in issue.

Trust Characteristics

                               31 December 2013          30 September 2013    
                                                                              
Number of Holdings                    40                        40            
                                                                              
Net Assets (£m)                      325.5                     301.1          
                                                                              
Gearing (AIC basis)                   10%                       8%            
                                                                              
Share Price (p)            468.00                             421.00          
                                                                              
NAV (p)                             474.90                    439.26          
                                                                              
Premium/(Discount)                  (1.5%)                    (4.2%)          

Source: Frostrow Capital LLP


Geographical Analysis

                               % of portfolio             % of portfolio      
                             at 31 December 2013       at 30 September 2013   
                                                                              
North America                       88.7                       96.2           
                                                                              
Continental Europe                   5.1                       1.6            
                                                                              
Far East                             4.9                       1.4            
                                                                              
Unquoted                             0.7                       0.8            
                                                                              
United Kingdom                       0.6                        -             
                                                                              
Total                               100.0                     100.0           

Source: Frostrow Capital LLP


10 Largest Investments

                                % of portfolio            % of portfolio      
Name                          at 31 December 2013      at 30 September 2013   
                                                                              
Gilead Sciences                      10.0                       8.7           
                                                                              
Celgene                               9.7                       9.6           
                                                                              
Biogen Idec                           9.0                       6.0           
                                                                              
Regeneron Pharmaceuticals             5.9                       8.1           
                                                                              
Incyte                                5.6                       4.7           
                                                                              
Ono Pharmaceutical                    4.9                        -            
                                                                              
Amgen                                 3.9                       8.1           
                                                                              
Illumina                              3.6                        -            
                                                                              
Impax Laboratories                    3.0                        -            
                                                                              
Alexion Pharmaceuticals               2.8                        -            
                                                                              
Mylan                                  -                        4.1                      
                                                                              
Medivation                             -                        3.9                      
                                                                              
Biomarin Pharmaceutical                -                        3.7           
                                                                              
Vertex Pharmaceuticals                 -                        3.4           
                                                                              
Total                                58.4                      60.3           

Source: Frostrow Capital LLP


Performance to 31 December 2013 (%)

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     11.2            60.1           176.5           282.8          
                                                                              
NAV per share   8.1             63.5           168.0           253.0          
                                                                              
Benchmark*      5.8             62.4           129.9           185.8          

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: Victoria Hale on 0203 170 8732

Frostrow Capital LLP
Company Secretary

12 February 2014