Holding(s) in Company

Intl. Biotechnology Trust PLC
20 January 2004





                                                                 20 January 2004



                    Substantial Share Interest Notification



We are writing to advise you that the Company was notified on 20 January 2004
that, following a sale of 1,000,000 ordinary shares on 19 January 2004, the
Co-operative Insurance Society Limited holds as beneficial owner 3,636,467
ordinary shares of 25p each in the Company, representing 7.61% of the 47,815,467
ordinary shares in issue.





Enquiries:

John Spedding

Schroder Investment Management Limited           Tel: [phone]


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