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International Biotechnology Trust (IBT) - 31 Aug 2002 (Page 1)

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International Biotechnology Trust (IBT) - 31 Aug 2002
Strictly embargoed for publication until 7.00 a.m. on 29 October 2002

The Board of International Biotechnology Trust Plc today announces its unaudited Preliminary
Results for the year ended 31 August 2002.

· Net asset value per share fell by 51.5% to 98.5p
· NASDAQ Biotech Index fell 47.7% (in sterling terms) and the Bloomberg UK Biotech
Index fell by 46.4%
· As announced at the half year, write-downs in unquoted companies resulted in a fall in
net assets for the year of £6.1 million or 6.2% of net assets at 31 August 2001
· Total net assets at 31 August 2002: £47.9 million (31 August 2001: £98.7m)
· New investments in 6 quoted companies and 4 unquoted companies
· Sales of 7 quoted holdings and 2 unquoted companies

Andrew Barker, Chairman, commented:
"It was another year of significant stock market falls, particularly in the biotech sector, and our
results reflect these difficult times. Continuing market declines have resulted in attractive
valuations for many good quality biotech companies and IBT has taken advantage of this value
and made a number of new investments. This has further strengthened the portfolio, which
provides investors with an exposure to a dynamic industry through an exciting set of companies
with strong upside potential, spread across the private and public markets, different clinical
areas and varying stages of clinical development. However, both biotech and IBT remain more
suited to the longer-term investor who is willing to weather the volatility, which looks set to
continue, at least in the short-term."
For further information, please contact:

International Biotechnology Trust plc, Andrew Barker, Chairman
020 7658 3206

Schroder Ventures Life Sciences,
Kate Bingham/ Jodie Van Elst
020 7421 7070

GCI Financial,
Emily Morris/ Annabel O'Connor
020 7398 0800

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