Return of Capital, etc.

Intl. Biotechnology Trust PLC
6 July 2000

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ('IBT')

Further Proposals on the Future of IBT

Following further discussions with certain Shareholders, the Board of IBT has
reconsidered the Proposals set out in its letter to Shareholders on 30 June
2000.  The Board has reviewed the amount it intended to return to Shareholders
and is now proposing to increase the amount from £45 million to £70 million in
September 2000 and that a further £30 to £50 million be returned, depending on
realisations, by September 2001.  These returns of capital will allow those
Shareholders wishing to remain invested in the Company to do so and for their
entitlement to be taken up by Shareholders wishing to exit.  As noted in the
Board's letter to Shareholders, this return of capital would be at a small
discount to Net Asset Value.

The Board reconfirms that it will be reviewing with the manager the investment
management agreement, fee and in particular will look to renegotiate a
performance fee that is linked to the NASDAQ biotechnology index or such other
benchmark that might be more appropriate than the original structure when the
Company was launched.  The Board also reconfirms that it has been agreed with
Rothschild Asset Management that any financial benefit arising from the
options held by Jeremy Curnock Cook in investee companies will be transferred
to the Company.

The Board has already stated that it would be seeking Shareholder approval for
buy back powers.  In addition, the Board will be taking advice on the capital
structure of the Company with the objective of ascertaining what further
actions might be taken to reduce the discount at which the equity of the
Company trades to its Net Asset Value.


Enquiries:

John Green-Armytage - Chairman, International Biotechnology Trust plc  020
7491 3633

Paul Manduca - Chief Executive, Rothschild Asset Management  020 7623 1000

David Yates - Financial Dynamics  020 7831 3113

Peter Moorhouse - Merrill Lynch  020 7772 1000

Melville Trimble - Merrill Lynch  020 7772 1000