Interim Management Statement

THE BIOTECH GROWTH TRUST PLC                          

    Interim Management Statement - 3 months to 31 December 2012 (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 31 December 2012 the Company's net asset value
per share (NAV) fell by 2.2%, compared to a fall of 4.3% in the Company's
benchmark, the NASDAQ Biotechnology Index measured in sterling terms. The
Company's share price fell by 1.3% and ended the period on a 0.6% premium to
the Company's NAV. From the period-end to 4 February 2013, the Company's NAV
rose by 10.2% and the share price rose by 9.5%; this compares to a rise of 9.7%
in the Company's benchmark.

During the three-month period ended 31 December 2012 no shares were issued nor
repurchased for cancellation. As at 4 February 2013 the Company had 63,056,347
shares in issue.

Trust Characteristics

                               31 December 2012          30 September 2012    
                                                                              
Number of Holdings                    37                        39            
                                                                              
Net Assets (£m)                      183.2                     187.3          
                                                                              
Gearing (AIC basis)                   104                       100           
                                                                              
Share Price (p)                      292.3                     296.0          
                                                                              
NAV (p)                              290.5                     297.0          
                                                                              
Premium/(Discount)                   0.6%                     (0.3%)          

Source: Frostrow Capital LLP


Geographical Analysis

                               % of portfolio             % of portfolio      
                                                                              
                             at 30 December 2012       at 30 September 2012   
                                                                              
North America                       92.5                       89.9           
                                                                              
Far East                             3.5                       4.0            
                                                                              
Continental Europe                   3.0                       5.0            
                                                                              
Unquoted                             1.0                       1.1            
                                                                              
Total                                100                       100            

Source: Frostrow Capital LLP


10 Largest Investments

Name

                                % of portfolio            % of portfolio      
                                                                              
                              at 31 December 2012      at 30 September 2012   
                                                                              
Infinity Pharmaceuticals              7.9                       4.1           
                                                                              
Amgen                                 7.9                       7.4           
                                                                              
Gilead Sciences                       7.3                       9.8           
                                                                              
Alexion Pharmaceuticals               5.1                       4.7           
                                                                              
Celgene                               5.1                       4.3           
                                                                              
Onyx Pharmaceuticals                  5.0                       5.5           
                                                                              
Medivation                            4.8                        -            
                                                                              
Regeneron Pharmaceuticals             4.6                        -            
                                                                              
Perrigo                               3.9                       4.7           
                                                                              
Mylan                                 3.9                        -            
                                                                              
Incyte Genomics                        -                        4.2           
                                                                              
Biogen Idec                            -                        4.1           
                                                                              
Illumina                               -                        3.6           
                                                                              
Total                                55.5                      52.4           

Source: Frostrow Capital LLP


Performance to 31 December 2012

                3 Months        1 Year         3 Years         5 Years        
                                                                              
Share Price     -1.3            50.6           99.5            169.4          
                                                                              
NAV per share   -2.2            38.9           91.5            155.1          
                                                                              
Benchmark*      -4.3            26.0           68.6            109.2          

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

5 February 2013