3 April 2023

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

("IBT" or the "Company")

Compliance with the Market Abuse Regulation ("MAR")

The Company announces that it is satisfied that all inside information which the Directors and the Company may have had in the period leading up to the announcement of the half yearly results for the half year ended 28 February 2023 has been previously notified to a Regulated Information Service ("RIS"). The Company is therefore not prohibited from purchasing its own securities or re-selling treasury shares during the closed period (as defined by MAR) which ends on the date of the announcement of the Half Yearly Financial Report.

If, in the period leading up to the announcement of the Half Yearly Financial Report, the Directors or the Company come into possession of any inside information, this will be notified to a RIS before any such transactions are undertaken.

Pursuant to the share buyback authority granted by shareholders of the Company on 6 December 2022 and in light of the Company's review announced on 13 February 2023, the Company has appointed Numis Securities Limited to manage an irrevocable, non-discretionary share buyback programme until the date on which the Company's Half Yearly Financial Report is published. The Company and its Directors have no power to invoke any changes to the programme, which is being undertaken at the sole discretion of Numis Securities Limited.

The closed period to which this notification relates is in respect of the half year ended 28 February 2023.

For further information contact:

Company Secretary - Link Company Matters

Indu Shastri +44 (0)7936 045789

LEI: 213800N1QUJ744P76D11