Investment Policy

Intl. Biotechnology Trust PLC
31 October 2003





31 October 2003





                               INVESTMENT POLICY




In light of amendments to the UKLA Listing Rules which are to come into force on
1 November 2003, the Company hereby announces for the purposes of new Listing
Rule 21.9(l) that its investment policy is to invest no more than 15 per cent.
of its gross assets in other listed investment companies (including listed
investment trusts).






Enquiries:

John Spedding

Schroder Investment Management Limited

Tel: [phone]






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