Portfolio Update

Intl. Biotechnology Trust PLC
02 September 2005

  FOR IMMEDIATE RELEASE                                              02-Sep-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 Wednesday 31 August 2005  were as follows:



            NAME % of Gross Assets


            Top 10 Investments
            Sunesis Pharmaceuticals                       4.84
            Aderis Pharmaceuticals                        4.84
            Progenics Pharmaceuticals                     4.48
            Alexion Pharmaceuticals                       3.96
            Micromet                                      3.64
            OSI Pharmaceuticals                           3.57
            Nektar Therapeutics                           3.31
            Encysive Pharmaceuticals                      3.30
            Phase Forward                                 3.20
            Cambridge Antibody Technology                 3.13






By Order of the Board
Schroder Investment Management Limited
Secretaries




Enquiries :
International Biotechnology Trust plc        Anthony Carney       020 7658 2548





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