INTERNATIONAL BIOTECHNOLOGY TRUST PLC

Portfolio Update

The Board of International Biotechnology Trust plc notes the following follow on investments and changes in valuation to the unquoted portfolio during July 2012:

Follow on investments of £32k and £45k in Reshape Medical and Ricerca.

Celerion, a £0.2m increase in value to £1.02m which reflects an improvement in the company's profitability and the rating of comparable companies in the Manager's EBITDA model Archemix, a £0.1m increase in value to £250k which reflects the valuation of escrow amounts from the deal signed with Baxter which are likely to be paid within six months.  A £0.9m increase in value of an unquoted which cannot be named due to sensitive business development discussions which are on-going.  Ricerca, a £0.3m reduction in value to £0.7m which reflects a slight worsening of the company's performance in the Manager's revenue valuation model.  These changes added £0.9m to Net Asset Value.

Enquiries:

Kate Bingham/David Pinniger

Telephone: 020 7412 7070       

SV Life Sciences Managers LLP   

Investment Manager                                       

Rhona Gregg

Telephone: 0141 225 3009

BNP Paribas Secretarial Services Limited

Company Secretary

10 AUGUST 2012