Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

      Interim Management Statement - 3 months to 30 June 2014 (unaudited)      

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

During the 3 month period ended 30 June 2014 the Company's net asset value per
share (NAV) rose by 5.4%, compared to a rise of 6.1% in the Company's
benchmark, the NASDAQ Biotechnology Index measured in sterling terms. The
Company's share price rose by 5.9% and ended the period on a 6.0% discount to
the Company's NAV.

From the period-end to 5 August 2014, the Company's NAV fell by -0.1% and the
share price fell by -1.7%; this compares to a fall of -0.7% in the Company's
benchmark.

During the three-month period and to the date of this report 2,881,031 shares
were repurchased for treasury by the Company. No shares were issued by the
Company during this period. As at 7 August 2014 the Company had 68,886,347
shares in issue excluding 3,543,340 shares held in treasury.

Annual General Meeting

At the Company's Annual General Meeting, held on Thursday, 10 July 2014, all of
the resolutions were passed.

Board Changes

On 10 July 2014 the Company announced that following the retirement from the
Board of Dr John Gordon, Mr Andrew Joy has become the Senior Independent
Director and Chairman of the Remuneration Committee with immediate effect.

Appointment of New Auditor

At the Company's Annual General Meeting held on Thursday, 10 July 2014,
Shareholders passed a Resolution appointing Ernst & Young LLP as auditor to the
Company following a formal tender process.

Appointment of Alternative Investment Fund Manager and Depositary

On 21 July 2014 the Company announced that it had appointed Frostrow Capital
LLP (the "Manager") as its alternative investment fund manager ("AIFM") on the
terms and subject to the conditions of a new management agreement between the
Company and the Manager (the "Management Agreement").

The existing management agreement between the Company and the Manager dated 5
April 2007 (the "Original Management Agreement") has been terminated.

In addition, the Company entered into a portfolio management agreement (the
"Portfolio Management Agreement") with the Manager and OrbiMed Capital LLC (the
"Portfolio Manager"), pursuant to which the Manager has delegated portfolio
management of the Company's assets to the Portfolio Manager. The investment
management agreement between the Company and the Portfolio Manager dated 26
April 2006 (the "Investment Management Agreement") has been terminated.

The Company appointed J.P. Morgan Europe Limited (the "Depositary") to act as
the Company's depositary for the purposes of the Directive pursuant to a
depositary agreement between the Company, the Manager and the Depositary (the
"Depositary Agreement").

The custody agreement between the Company and Goldman, Sachs & Co. has been
terminated.

The Company also entered into a delegation agreement (the "Delegation
Agreement") with the Prime Broker, the Manager and the Depositary, pursuant to
which the Depositary has delegated the safe-keeping of certain of the Company's
assets to J.P. Morgan Clearing Corp (the "Prime Broker").

The Company also appointed J.P. Morgan Clearing Corp. (the "Prime Broker") and
certain other J.P. Morgan entities to provide the Company with execution,
clearing, settlement, custody, financing and other services pursuant to an
institutional account agreement between the Company, the Prime Broker and other
members of the JPMorgan group (the "Institutional Account Agreement").

Each of the Management Agreement, the Portfolio Management Agreement, the
Depositary Agreement and the Delegation Agreement entered into effect on 22
July 2014. 

Trust Characteristics

                                 30 June 2014              31 March 2014      
                                                                              
Number of Holdings                    42                        46            
                                                                              
Net Assets (£m)                      356.8                     340.3          
                                                                              
Gearing (AIC basis)                   8%                        8%            
                                                                              
Share Price (p)                     494.50                    467.00          
                                                                              
NAV (p)                             525.85                    498.75          
                                                                              
Premium/(Discount)                  (6.0%)                    (6.4%)          

Source: Frostrow Capital LLP


Geographical Analysis

                                % of portfolio            % of portfolio      
                                at 30 June 2014          at 31 March 2014     
                                                                              
North America                        84.0                      88.8           
                                                                              
Continental Europe                   12.1                       6.5           
                                                                              
Far East                              3.2                       3.9           
                                                                              
Unquoted                              0.7                       0.7                      
                                                                              
United Kingdom                         -                        0.1                      
                                                                              
Total                                100.0                     100.0          

Source: Frostrow Capital LLP


10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                at 30 June 2014          at 31 March 2014     
                                                                              
Gilead Sciences                      10.9                      10.0           
                                                                              
Biogen Idec                          10.2                      10.6           
                                                                              
Illumina                              5.6                       5.9           
                                                                              
Alexion Pharmaceuticals               4.7                       3.9           
                                                                              
Incyte                                4.4                       4.6           
                                                                              
InterMune                             3.7                       3.0           
                                                                              
Amgen                                 3.5                       4.1           
                                                                              
Actelion                              3.4                        -            
                                                                              
Ono Pharmaceutical                    3.2                       3.9           
                                                                              
Impax Laboratories                    3.2                       3.0           
                                                                              
BioMarin Pharmaceutical                -                        3.1           
                                                                              
Total                                52.8                      52.1           

Source: Frostrow Capital LLP


Performance to 30 June 2014 (%)

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     5.9             28.3           158.6           308.7          
                                                                              
NAV per share   5.4             37.8           155.5           297.0          
                                                                              
Benchmark*      6.1             31.6           127.7           245.0          

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:

Frostrow Capital LLP
Company Secretary
020 3170 8732

7 August 2014