Portfolio Update

Intl. Biotechnology Trust PLC
02 September 2004

          FOR IMMEDIATE RELEASE    02 September 2004

          To : The London Stock Exchange

International Biotechnology Trust plc

The Board of International Biotechnology Trust plc announces that the top ten
investments as at Tuesday 31 August 2004  were as follows:


            NAME                                 % of Gross Assets

            Eyetech Pharmaceuticals                     13.45
            OSI Pharmaceuticals                          6.76
            Affibody                                     5.37
            Encysive Pharmaceuticals                     5.30
            Sunesis Pharmaceuticals                      5.04
            Aderis Pharmaceuticals                       3.78
            AnorMed                                      3.62
            Atrix Laboratories                           3.55
            Nektar Therapeutics                          2.57
            Alexion Pharmaceuticals                      2.36


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
            The company news service from the London Stock Exchange