Int.biotech. Regulatory News (IBT)

INTERNATIONAL BIOTECHNOLOGY TRUST PLC (the Company)

Portfolio Update as at 30 November 2016

Top Ten Holdings

Unquoted portfolio update

The Board notes the following changes in valuation to the unquoted portfolio during November 2016:

Due to a recapitalisation of NCP Holdings, the Company received proceeds of £1.2m in exchange for 47.5% of our holding. The value of the remaining holding has reduced from £2.1m to £1.7m and the net impact on the NAV was an increase of £0.8m. The sale of Atopix was finalised and we received proceeds of £0.5m on completion of the sale to Chiesi Farmaceutici. This led to an overall increase of £0.1m to NAV reflecting both the cash received and the value of future milestone payments which may be received. A milestone was received from Biogen in relation to Convergence Pharmaceuticals totalling £0.6m, an increase to the valuation of £0.1m. The valuation of Cell Medica Limited increased by £0.1m due to an increase in the expected receipt of milestones related to the sale of Delenex dermatology assets. A £0.3m increase in value of an unquoted company which cannot be named due to sensitive business development discussions which are on-going. A range of likely business development outcomes are being discussed with a further positive valuation impact of between £1.0m and £2.3m, which due to the uncertainty of the discussions have not been included in the current NAV.

The net impact of these changes to the NAV was an increase of £1.4m or 3.46p per share.

In addition, we note the reverse merger of Kalvista Pharmaceuticals with Carbylan completed on 22 November 2016. This investment is now listed on the Nasdaq stock exchange.

BNP Paribas Secretarial Services Limited

Company Secretary

12 DECEMBER 2016