RNS Number:0551S
Intl. Biotechnology Trust PLC
13 November 2003

FOR IMMEDIATE RELEASE                              13-Nov-03


To : The London Stock Exchange


International Biotechnology Trust plc


The Board of International Biotechnology Trust plc announces that the unaudited
net asset value per share as at Tuesday 11th November 2003 was 110.79 pence.


This NAV incorporates a further write down on Axxima, an unquoted company, of
#0.33m to #0.57m, from our valuation as at 31 August 2003 of #0.90m. This
represents a discount of 59% on the original cost of #1.4m.




By Order of the Board
Schroder Investment Management Limited
Secretaries


Enquiries :
International Biotechnology Trust plc        Stephen Cunningham 020 7658 3287


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