2004 Performance Summary

Intl. Biotechnology Trust PLC
11 March 2005

                                                                   11 March 2005



                            2004 Performance Summary

International Biotechnology Trust plc (IBT) is pleased to announce the following
performance analysis.



During the calendar year 2004 the net asset value (NAV) per share of IBT
increased by 18.4% compared with a fall in the NASDAQ Biotech Index (NBI) of 1%
and a fall in the Merrill Lynch Small Cap Biotech Index (MLSCI) of 0.3%, all in
sterling terms.



During the calendar year 2004 the performance of IBT's quoted portfolio
calculated on a time-weighted return basis (assuming mid-month cash flows)
showed an increase of 51.7%. On an unweighted basis (ignoring the timing of
transactions) the return was 34.6%. These calculations include the changes in
the discounted valuations of the holdings in Auxilium and Eyetech, since their
respective IPOs. Excluding the returns from the investment in Eyetech the
time-weighted return was 10.8% and the unweighted return was 9.2%.



In the period from 31 August 2004 to 31 December 2004 the NAV per share of IBT
increased by 12.6% compared with a rise in the NBI of 4.1% and a rise the
Merrill Lynch Small Cap Biotech Index (MLSCI) of 13.4%, all in sterling terms.



In the period from 31 August 2004 to 31 December 2004 the performance of IBT's
quoted portfolio calculated on a time-weighted return basis (assuming mid-month
cash flows) showed an increase of 30.1%. On an unweighted basis (ignoring the
timing of transactions) the return was 23.5%. Excluding the returns from the
investment in Eyetech the time-weighted return was 17.7% and the unweighted
return was 15.9%.








Enquiries:



Nick Coleman

SV Life Sciences Managers LLP

Tel: [phone]


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