Substantial Shre Notification

Intl. Biotechnology Trust PLC
21 May 2002






21 May 2002

By Facsimile



London Stock Exchange Limited

Company Announcements

Old Broad Street

London

EC2N 1HP



Dear Sirs


                    Substantial Share Interest Notification


We are writing to advise you that the Company was notified on 20 May 2002 that,
following purchases of 50,000 shares each by Exeter Global Opportunities Fund
and Exeter Capital Growth Fund, Exeter Asset Management Limited has an interest
in 1,525,000 ordinary shares of 25p each, representing 3.14% of the 48,615,467
shares in issue, held by portfolios under their management.


The shares are beneficially held by Exeter Selective Assets Investment Trust
(350,000), Exeter Managed Growth Fund (550,000), Exeter Capital Growth Fund
(175,000) and Exeter Global Opportunities Fund (450,000).




Yours faithfully,





John Spedding

For SCHRODER INVESTMENT MANAGEMENT LIMITED

Secretaries













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