Portfolio Update

Intl. Biotechnology Trust PLC
17 March 2005


                                                                   16 March 2005


                               Portfolio Summary

IBT notes that as at 28 February 2005, the portfolio was divided as follows

23% of the portfolio held in 11 unquoted stocks

47% of the portfolio held in 25 quoted stocks

30% of the portfolio held in Net Cash

Enquiries:

Nick Coleman

SV Life Sciences Managers LLP

Tel: [phone]

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