Portfolio Update

Intl. Biotechnology Trust PLC
02 March 2005


FOR IMMEDIATE RELEASE                                                  02-Mar-05

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 28 February 2005  were as follows:


NAME                          % of Gross Assets

Top 10 Investments

Encysive Pharmaceuticals            6.57
OSI Pharmaceuticals                 5.52
Sunesis Pharmaceuticals             4.49
Progenics Pharmaceuticals           4.09
Micromet                            3.64
Aderis Pharmaceuticals              3.37
Nektar Therapeutics                 3.11
Alexion Pharmaceuticals             3.00
AnorMed                             2.83
Affibody                            2.63



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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