Circ re Change to Investment Policy

The Biotech Growth Trust PLC (the "Company")                  

             Publication of circular and supplementary prospectus              

The Company has today published a circular (the "Circular") to shareholders
seeking approval for a change to its investment policy.

The Directors, as advised by the Investment Manager, believe that a
simplification of the Company's Existing Investment Objective and Policy would
be beneficial to Shareholders as it would allow greater flexibility in the size
of biotechnology companies in which the Company can invest. As a result, the
Directors are proposing that the Company's Existing Investment Objective and
Policy be amended, in particular by the elimination of the restriction that a
majority of the investee companies must have a market capitalisation of less
than U.S.$3 billion. The amendment would allow the Company to have a greater
exposure to major biotechnology companies and better aligns the Investment
Policy with the Investment Manager's expectations for the portfolio.

Under the Listing Rules the Company is required to seek the approval of
shareholders for any material change to its investment policy. Therefore an
ordinary resolution to approve the changes to the Existing Investment Objective
and Policy will be proposed at a General Meeting, to be held at 9.30am on
Wednesday, 30 October 2013.

The Company has also today published a supplementary prospectus which is
supplemental to, and should be read in conjunction with, the prospectus
published on 29 July 2013 (the "Prospectus") in connection with the placing
programme of up to 50,000,000 shares.

The supplementary prospectus is required following the publication of the
Circular, which constitutes a significant new factor relating to information
included in the Prospectus.

Terms used and not defined in this announcement shall have the meanings given
in the circular dated 11 October 2013.

The circular and the supplementary prospectus will shortly be available for
inspection at www.morningstar.co.uk/uk/NSM

11 October 2013

For further information:

Mark Pope
Frostrow Capital LLP ......................... 0203 008 4913

Alex Blake
Winterflood Investment Trusts .................020 3100 0297