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 inthe worldwide biotechnology industry.During the 3 month period ended 30 June 2014 the Company's net asset value pershare (NAV) rose by 5.4%, compared to a rise of 6.1% in the Company'sbenchmark, the NASDAQ Biotechnology Index measured in sterling terms. TheCompany's share price rose by 5.9% and ended the period on a 6.0% discount tothe Company's NAV.From the period-end to 5 August 2014, the Company's NAV fell by -0.1% and theshare price fell by -1.7%; this compares to a fall of -0.7% in the Company'sbenchmark.During the three-month period and to the date of this report 2,881,031 shareswere repurchased for treasury by the Company. No shares were issued by theCompany during this period. As at 7 August 2014 the Company had 68,886,347shares in issue excluding 3,543,340 shares held in treasury.Annual General MeetingAt the Company's Annual General Meeting, held on Thursday, 10 July 2014, all ofthe resolutions were passed.Board ChangesOn 10 July 2014 the Company announced that following the retirement from theBoard of Dr John Gordon, Mr Andrew Joy has become the Senior IndependentDirector and Chairman of the Remuneration Committee with immediate effect.Appointment of New AuditorAt the Company's Annual General Meeting held on Thursday, 10 July 2014,Shareholders passed a Resolution appointing Ernst & Young LLP as auditor to theCompany following a formal tender process.Appointment of Alternative Investment Fund Manager and DepositaryOn 21 July 2014 the Company announced that it had appointed Frostrow CapitalLLP (the "Manager") as its alternative investment fund manager ("AIFM") on theterms and subject to the conditions of a new management agreement between theCompany and the Manager (the "Management Agreement").The existing management agreement between the Company and the Manager dated 5April 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 portfoliomanagement of the Company's assets to the Portfolio Manager. The investmentmanagement agreement between the Company and the Portfolio Manager dated 26April 2006 (the "Investment Management Agreement") has been terminated.The Company appointed J.P. Morgan Europe Limited (the "Depositary") to act asthe Company's depositary for the purposes of the Directive pursuant to adepositary agreement between the Company, the Manager and the Depositary (the"Depositary Agreement").The custody agreement between the Company and Goldman, Sachs & Co. has beenterminated.The Company also entered into a delegation agreement (the "DelegationAgreement") with the Prime Broker, the Manager and the Depositary, pursuant towhich the Depositary has delegated the safe-keeping of certain of the Company'sassets to J.P. Morgan Clearing Corp (the "Prime Broker").The Company also appointed J.P. Morgan Clearing Corp. (the "Prime Broker") andcertain other J.P. Morgan entities to provide the Company with execution,clearing, settlement, custody, financing and other services pursuant to aninstitutional account agreement between the Company, the Prime Broker and othermembers of the JPMorgan group (the "Institutional Account Agreement").Each of the Management Agreement, the Portfolio Management Agreement, theDepositary Agreement and the Delegation Agreement entered into effect on 22July 2014.Trust Characteristics 30 June 2014 31 March 2014Number of Holdings 42 46Net Assets (£m) 356.8 340.3Gearing (AIC basis) 8% 8%Share Price (p) 494.50 467.00NAV (p) 525.85 498.75Premium/(Discount) (6.0%) (6.4%)Source: Frostrow Capital LLPGeographical Analysis % of portfolio % of portfolio at 30 June 2014 at 31 March 2014North America 84.0 88.8Continental Europe 12.1 6.5Far East 3.2 3.9Unquoted 0.7 0.7United Kingdom - 0.1Total 100.0 100.0Source: Frostrow Capital LLP10 Largest InvestmentsName % of portfolio % of portfolio at 30 June 2014 at 31 March 2014Gilead Sciences 10.9 10.0Biogen Idec 10.2 10.6Illumina 5.6 5.9Alexion Pharmaceuticals 4.7 3.9Incyte 4.4 4.6InterMune 3.7 3.0Amgen 3.5 4.1Actelion 3.4 -Ono Pharmaceutical 3.2 3.9Impax Laboratories 3.2 3.0BioMarin Pharmaceutical - 3.1Total 52.8 52.1Source: Frostrow Capital LLPPerformance to 30 June 2014 (%) 3 Months 1 Year 3 Years 5 YearsShare Price 5.9 28.3 158.6 308.7NAV per share 5.4 37.8 155.5 297.0Benchmark* 6.1 31.6 127.7 245.0Source: 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:Frostrow Capital LLPCompany Secretary020 3170 8732
7 August 2014