Portfolio Update

Intl. Biotechnology Trust PLC
02 December 2004


FOR IMMEDIATE RELEASE                                           02 December 2004

To: The London Stock Exchange



International Biotechnology Trust plc

The Board of International Biotechnology Trust plc announces that the top ten
investments as at Tuesday 30 November 2004  were as follows:

            NAME                                 % of Gross Assets

            Encysive Pharmaceuticals                     6.37
            Affibody                                     5.25
            OSI Pharmaceuticals                          4.73
            Sunesis Pharmaceuticals                      4.42
            Eyetech Pharmaceuticals                      4.26
            AnorMed                                      3.60
            Aderis Pharmaceuticals                       3.31
            Nektar Therapeutics                          3.30
            Inspire Pharmaceuticals                      2.99
            CancerVax                                    2.99


By Order of the Board
Schroder Investment Management Limited
Secretaries


Enquiries:

International Biotechnology Trust plc       Anthony Carney       020 7658 2548



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