Substantial Shre Notification

Intl. Biotechnology Trust PLC
17 May 2002


17 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 17 May 2002, that
Co-operative Insurance Society Limited has reduced its beneficial interest in
the Company, following a sale by CIS Unit Managers Limited totalling 250,500
shares, and now has an interest in 6,186,467 ordinary shares of 25p each,
representing 12.73% of the 48,615,467 ordinary shares in issue. The date of the
transaction was not disclosed.

Yours faithfully,


John Spedding

For SCHRODER INVESTMENT MANAGEMENT LIMITED
Secretaries



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