Portfolio Update

Intl. Biotechnology Trust PLC
02 March 2004



FOR IMMEDIATE RELEASE                                                  02-Mar-04


To : The London Stock Exchange


International Biotechnology Trust plc


The Board of International Biotechnology Trust plc announces that the top ten
investments as at Friday 29 February 2004  were as follows:


            NAME % of Gross Assets

            Top 10 Investments
            Eyetech Pharmaceuticals           19.43
            Encysive Pharmaceuticals           5.67
            Aderis Pharmaceuticals             4.44
            Nektar Therapeutics                3.36
            OSI Pharmaceuticals                3.25
            CancerVax                          3.13
            Alexion Pharmaceuticals            2.89
            Atrix Laboratories                 2.84
            Inflazyme Pharmaceuticals          2.73
            AnorMed                            2.44


By Order of the Board

Schroder Investment Management Limited


Secretaries



Enquiries :

International Biotechnology Trust plc     Stephen Cunningham       020 7658 3287


                      This information is provided by RNS
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