C Share Conversion

Intl. Biotechnology Trust PLC
09 May 2007


                                                                      9 May 2007


                               C SHARE CONVERSION


The Board of International Biotechnology Trust plc (the 'Company') announces
that its Manager has now invested over 85% of the proceeds of the recent C Share
issue in accordance with the Company's investment policy. As described in the
Prospectus issued on 12 January 2007, the C Shares will be converted into
Ordinary Shares in accordance with the following timetable:



Net asset value Calculation Date:                  4 May 2007

Announcement of Conversion Ratio:                  on or before 18 May 2007

Dealings in new Ordinary Shares commence:          on or before 29 May 2007



Enquiries:

Cenkos Securities                   Will Rogers
                     
                                    020 7397 8900


SV Life Sciences Managers           Andy Smith/Kate Bingham

                                    020 7421 7070


Lansons Communications              Henrietta Guthrie/Amy Fisher/Charlotte Edgar

                                    020 7490 8828


International Biotechnology 
Trust plc                           Andrew Barker, Chairman

                                    020 7658 6501





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