Portfolio Update

Intl. Biotechnology Trust PLC
03 June 2004

FOR IMMEDIATE RELEASE     03-June-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 Monday 31 May 2004  were as follows:






            NAME % of Gross Assets



            Top 10 Investments

            Eyetech Pharmaceuticals            16.34

            OSI Pharmaceuticals                 7.53

            Encysive Pharmaceuticals            4.98

            Affibody                            4.36


            Sunesis Pharmaceuticals             4.06

            Aderis Pharmaceuticals              4.06

            AnorMed                             3.51


            Nektar Therapeutics                 3.49

            Inflazyme Pharmaceuticals           3.00

            Atrix Laboratories                  2.64






By Order of the Board
Schroder Investment Management Limited
Secretaries




Enquiries :

International Biotechnology Trust plc     Anthony Carney  020 7658 2548


                      This information is provided by RNS
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