INTERNATIONAL BIOTECHNOLOGY TRUST PLC (the "Company")
Compliance with Model Code
In accordance with Listing Rule 15.5.1R(4), the Company confirms that it is satisfied that all inside information which the Directors and the Company have leading up to the announcement of the annual results for the year ended 31 August 2011 has been notified to a Regulatory Information Service ("RIS").
The Company is therefore exempt during the close period from the provisions of the Model Code in respect of dealings by persons disclosing managerial responsibilities and purchase of its own securities. If, in the period leading up to the announcement of the annual results, the Directors or the Company come into possession of any inside information, this will be notified to a RIS before any such transactions are undertaken.
The close period to which this notification relates is in respect of the year ended 31 August 2011.
BNP Paribas Secretarial Services Limited
Company Secretary
Tel: 0141 225 3009
1 SEPTEMBER 2011