Portfolio Valuation

Intl. Biotechnology Trust PLC
8 November 2000


International Biotechnology Trust plc

Basis of Portfolio Valuation


Since its launch in 1994, IBT has valued all quoted investments at mid market
price.  Henceforth, the Company will adopt the industry standard BVCA
valuation on quoted securities upon which there are contractual restrictions
in dealing.  The immediate impact will be that provisions will be made against
certain investments and result in a reduction in the net asset value of
approximately 5%.  As and when the restrictions are removed, the provisions
will be released.  The majority of the restrictions on the current portfolio
will have expired by mid 2001.


ENQUIRIES

International Biotechnology Trust              
Dennis Turner 020 7831 311

Merrill Lynch 
Melville Trimble 020 7772 1000

Financial Dynamics        
David Yates 020 7831 3113