Int.biotech. Regulatory News (IBT)

1 March 2022

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

("IBT" or the "Company")

Change of Depositary and Administrator

The Board of the Company wishes to announce the following changes of service providers:

Change of Depositary

With effect from 1 March 2022, Northern Trust Investor Services Limited will be appointed, in place of HSBC Bank Plc, as depositary of the Company (the "Depositary") pursuant to a depositary agreement dated 24 February 2022 between the Company, the Depositary and the Company's Alternative Investment Fund Manager, SV Health Managers LLP (the "Depositary Agreement").

The Depositary has delegated the custody and safekeeping of the Company's assets to Northern Trust Global Services Limited.

Under the terms of the Depositary Agreement, the Depositary is entitled to receive an annual fee equivalent to 2.0bps of the net asset value of the Company per annum. In addition, the Depositary is entitled to a variable custody fee which depends on the type and location of the custodial assets of the Company.

The Depositary Agreement may be terminated upon 6 months' written notice from either party.

Change of Administrator

With effect from 1 March 2022, The Northern Trust Company (the "Administrator") has been appointed, in place of HSBC Bank Plc, to provide fund accounting and other administration services to the Company pursuant to a services agreement dated 28 February 2022 between the Company, the Administrator and the Company's Alternative Investment Fund Manager, SV the Administrator and SV Health Managers LLP (the "Fund Administration Agreement").

Under the terms of the Fund Administration Agreement, the Administrator is entitled to receive a tiered annual fee from the Company beginning at 4.5bps for net assets of the Company up to £200million, 4.0bps for assets between £200million and £400million and dropping to 3.0bps for net assets exceeding £400million.

The Fund Administration Agreement may be terminated upon 6 months' written notice from the Company or 12 months written notice from the Administrator.

The Depositary Agreement and the Fund Administration Agreement contain indemnities in favour of the Depositary and the Administrator respectively, excluding matters arising by reason of their negligence, intentional failure to perform their obligations under the relevant agreement, or fraud.

Details of the fees and material terms of both the Depositary Agreement and the Fund Administration Agreement will be available to investors in the Company's investor disclosure document, which can be accessed on the Company's website https://ibtplc.com/

For further information contact:

Company Secretary - Link Company Matters

Indu Shastri +44 (0)7936 045789

LEI: 213800N1QUJ744P76D11