Top Ten Holdings

Intl. Biotechnology Trust PLC
02 December 2003


FOR IMMEDIATE RELEASE 02 December 2003

To: The London Stock Exchange

International Biotechnology Trust plc

The Board of International Biotechnology Trust plc announces that the top ten
investments

As at Friday 28 November 2003 were as follows:


                                                      
NAME                                 % of GROSS ASSETS

Micromet                                          7.07

Affibody                                          5.93

Sunesis Pharmaceuticals                           5.60

Eyetech Pharmaceuticals                           5.60

Aderis Pharmaceuticals                            5.60

Encysive Pharmaceuticals                          5.58

Liberty International Money Funds                 5.32

Esperion Therapeutics                             3.91

OSI Pharmaceuticals                               3.75

CancerVax                                         2.99


By Order of the Board

Schroder Investment Management Limited

Secretaries

Enquiries:

International Biotechnology Trust plc Stephen Cunningham 020 7658 3287


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