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 valueper share (NAV) rose by 8.2%, compared to a rise of 5.6% in the Company'sbenchmark, the NASDAQ Biotechnology Index measured in sterling terms. TheCompany's share price rose by 11.2% and ended the period on a 1.5% discount tothe Company's NAV. The outperformance of the Company's NAV when compared to thebenchmark can largely be attributed to the Company's holdings in Fluidigm andIncyte. Shares of Fluidigm appreciated due to strong financial performance andincreased guidance. Additionally, investor enthusiasm has increased for therecently launched application of their single-cell genome analysis for wholegenome sequencing. Incyte shares appreciated due to the disclosure ofencouraging results for their IDO inhibitor, currently in phase I trials. Thisdrug is an immunotherapy for cancer, which has become an area of great interestto investors.From the period-end to 7 February 2014, the Company's NAV rose by 9.6% and theshare price rose by 8.5%; this compares to a rise of 9.7% in the Company'sbenchmark.During the three-month period and to the date of this report 350,000 new shareswere issued raising £1.8m of new funds for the Company. No shares wererepurchased by the Company during this period. As at 12 February 2014 theCompany had 68,886,347 shares in issue.Trust Characteristics 31 December 2013 30 September 2013Number of Holdings 40 40Net Assets (£m) 325.5 301.1Gearing (AIC basis) 10% 8%Share Price (p) 468.00 421.00NAV (p) 474.90 439.26Premium/(Discount) (1.5%) (4.2%)Source: Frostrow Capital LLPGeographical Analysis % of portfolio % of portfolio at 31 December 2013 at 30 September 2013North America 88.7 96.2Continental Europe 5.1 1.6Far East 4.9 1.4Unquoted 0.7 0.8United Kingdom 0.6 -Total 100.0 100.0Source: Frostrow Capital LLP10 Largest Investments % of portfolio % of portfolioName at 31 December 2013 at 30 September 2013Gilead Sciences 10.0 8.7Celgene 9.7 9.6Biogen Idec 9.0 6.0Regeneron Pharmaceuticals 5.9 8.1Incyte 5.6 4.7Ono Pharmaceutical 4.9 -Amgen 3.9 8.1Illumina 3.6 -Impax Laboratories 3.0 -Alexion Pharmaceuticals 2.8 -Mylan - 4.1Medivation - 3.9Biomarin Pharmaceutical - 3.7Vertex Pharmaceuticals - 3.4Total 58.4 60.3Source: Frostrow Capital LLPPerformance to 31 December 2013 (%) 3 Months 1 Year 3 Years 5 YearsShare Price 11.2 60.1 176.5 282.8NAV per share 8.1 63.5 168.0 253.0Benchmark* 5.8 62.4 129.9 185.8Source: 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 provideinformation to meet the requirements of the UK Listing Authority's Disclosureand Transparency Rules.This Interim Management Statement is available on the Company's websitewww.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.comSEDOL Code: - Ordinary shares - 0038551ISIN: - Ordinary Shares GB0000385517Bloomberg: - BIOG LNEPIC: - BIOGFor further information contact: Victoria Hale on 0203 170 8732Frostrow Capital LLPCompany Secretary
12 February 2014