Director Shareholding

Intl. Biotechnology Trust PLC
21 May 2002


              NOTIFICATION OF INTEREST OF DIRECTORS AND CONNECTED
                                    PERSONS

All relevant boxes should be completed in block capital letters.

1.     Name of company                                      2.        Name of director

       International Biotechnology Trust plc                          Ian Macgregor

3.     Please state whether notification indicates that it  4.        Name of registered holder(s) and, if more than one
       is in respect of holding of the director named in 2            holder, the number of shares held by each of them
       above or holding of that person's spouse or children           (if notified)
       under the age of 18 or in respect of a
       non-beneficial interest

       Director                                                       Registered in own name

5.     Please state whether notification relates to a       6.        Please state the nature of the transaction. For
       person(s) connected with the director named in 2               PEP transactions please indicate whether general/
       above and identify the connected person(s)                     single co PEP and if discretionary/non
                                                                      discretionary

       N/A                                                            Market Purchase

7.    Number of shares/amount  8.    Percentage of issued  9.    Number of shares/     10.   Percentage of issued
      of stock acquired              class                       amount of stock             class
                                                                 disposed
      4,000                          0.0082%                     -                           -

11.   Class of security        12.   Price per share       13.   Date of transaction   14.   Date company informed

      Ordinary Shares                110.00p                     17 May 2002                 19 May 2002

15.    Total holding following this notification            16.    Total percentage holding of issued class following
                                                                   this notification

       4,000 Ordinary Shares                                       0.0082%


If a director has been granted options by the company please complete the
following boxes.

17.    Date of grant                                         18.      Period during which or date on which exercisable


19.    Total amount paid (if any) for grant of the option    20.      Description of shares or debentures involved:
                                                                      class, number



21.    Exercise price (if fixed at time of grant) or         22.      Total number of shares or debentures over which
       indication that price is to be fixed at time of                options held following this notification
       exercise


23.    Any additional information                            24.      Name of contact and telephone number for queries.

                                                                      John Spedding Tel: [phone]

25.    Name and signature of authorised company official responsible for making this notification

       Date of notification 21 May 2002

                                                                John Spedding
                                                                For SCHRODER INVESTMENT MANAGEMENT LIMITED
                                                                Secretaries


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