Conversion of Securities

Intl. Biotechnology Trust PLC
17 May 2007

                                                                     17 May 2007







                               C SHARE CONVERSION





Further to the announcement released on 9 May 2007, the Board of International
Biotechnology Trust plc (the 'Company') notifies that the Company's issued C
Shares will be converted into Ordinary Shares in accordance with the Prospectus
issued on 12 January 2007 at the following rate:



Total C Shares in issue:                                        24,777,433

Conversion Ratio:                                               1:0.9112

Total new Ordinary Shares created upon Conversion:              22,577,197



In accordance with the above Conversion Ratio, each C Shareholder will be
entitled to 0.9112 Ordinary Shares per C Share. The C Shares will convert into
Ordinary Shares immediately prior to the listing of the Ordinary Shares on the
London Stock Exchange expected to be 8:00 am on 23 May 2007 (the Conversion
Time).



Application for listing has been made for the Ordinary Shares created on
conversion from C Shares and it is expected that these new Ordinary Shares will
list on the London Stock Exchange at 8.00 am on 23 May 2007. An application will
be made to cancel the listing of the C Shares with effect from 23 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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