Change of Auditors

9 December 2025

INTERNATIONAL BIOTECHNOLOGY TRUST PLC

(the "Company")

Change of Auditors

Following a formal and competitive tender process overseen by the Audit Committee of the Company, the Board has proposed the appointment of Johnston Carmichael LLP as the Company's auditors for the financial year ending 31 August 2026. A resolution to appoint Johnston Carmichael LLP will be put to shareholders at the Company's next Annual General Meeting ("AGM") to be held on 12 December 2025. PricewaterhouseCoopers LLP ("PwC") has served as the Company's auditors since 2007 and was reappointed following a tender in 2016. PwC will cease to hold office as the Company's auditors at the conclusion of the 2025 AGM.

In reaching the decision to propose the appointment of Johnston Carmichael LLP, the Board was mindful of the requirement to rotate the senior statutory auditor following the audit of the 2025 financial statements, as well as the need to conduct another audit tender by 2027 due to the 20-year maximum tenure for audit firms.

As required by section 519 of the Companies Act 2006, PwC has deposited a statement with the Company confirming that there are no matters connected with its ceasing to hold office as auditors that need to be brought to the attention of members or creditors of the Company.

In accordance with UK Listing Rule 6.4.1, a copy of the section 519 statement will be uploaded to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The Board would like to thank PwC for its professional service to the Company throughout its tenure in office.

Enquiries:

Schroder Investment Management Limited

Natalia de Sousa

Tel: 0207 658 6000