International Biotechnology Trust : March 2023

March 2023 Factsheet

Why Biotech Investment

Investing in biotech is a way to support a highly innovative sector that is addressing high unmet medical needs. The pace of innovation is increasing, as is demand for biotech's products, and this leads to a dynamic, growth sector that offers investors the potential opportunity for good returns while simultaneously creating a positive social impact.

Investment Objective & Policy

The investment objective of International Biotechnology Trust plc (the "Company") is to seek to achieve long-term capital growth by investing primarily in biotech and other life sciences companies that are either quoted or unquoted and possess the potential for high growth. The Company invests in companies whose shares are considered to have good prospects, with experienced management and strong potential upside through the development and/or commercialisation of a product, device or enabling technology.

Driven by strong fundamentals of the biotech sector.

Access to a broad spectrum of quoted and unquoted investments in the biotech sector.

Provides investors exposure to both potential growth and a competitive yield.

Stocks selected on merit with consideration given to portfolio diversification.

Scientifically and financially experienced Fund Managers with access to specialists at SV Health.

Invested in companies at the cutting edge of biotech innovation.

*Excludes 24 companies held by the unquoted funds.

Performance

5 year performance %

Fund Facts and Characteristics

Launch date	6 May 1994
Net assets	£288.4m
Net assets per share	708.8p
Share price	663.0p
Value of unquoted investments	£28.7m
(Gearing)/cash balance	-13%
Number of portfolio companies*	75*
Shares outstanding	40,686,664
Ex-div date	July 2023
Dividend policy 4% of NAV p.a. bi-annually

Ongoing costs, including 0.9% management fee and excluding performance fees, are 1.4% of NAV

Performance Fee: See page 35 of the Annual Report 2022

Continuation vote: At AGM in 2023; every two years

Year/Interim End: 31 August / 28 February

Total Return

Total Return	1 M	1 YR	3 YR	5 YR
NAV per share				46.9%
-2.3%	5.5%	27.7%
Share price				47.8%
-3.9%	8.2%	24.7%
NBI				44.3%
-0.7%	6.3%	24.8%
FTSE All-Share				27.6%
-2.8%	2.8%	47.7%
Index

Return vs Volatility

5 Years Annualised Chart (%)

Calendar Year	YTD	2022	2021	2020	2019	2018
Performance
NAV per share						-4.9%
-1.3%	0.6%	-4.2%	29.8%	19.9%
Share price						-2.5%
-6.1%	-1.5%	-5.7%	36.1%	14.4%
NBI						-3.3%
-3.9%	0.6%	-0.2%	23.2%	21.1%
FTSE All Share Index						-9.5%
3.1%	0.2%	16.7%	-9.0%	19.7%

Discrete Annual	Mar 22-	Mar 21-	Mar 20-	Mar 19-	Mar 18-
Performance	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19
NAV per share					14.6%
5.5%	-2.6%	24.3%	0.3%
Share price					19.9%
8.2%	-9.9%	27.9%	-1.1%
NBI					13.5%
6.3%	-6.7%	25.9%	1.8%
FTSE All-Share Index					6.3%
2.8%	13.0%	27.1%	-18.7%

Share Codes

Listing	London Stock Exchange
Reuters /	IBT.L / IBT LN
Bloomberg
Sedol	0455934 GB
ISIN	GB0004559349

Source: Bloomberg, mid-price (share price), quoted in sterling and SV Health Managers LLP. Past performance is not a guide to future performance. Note: All performance data are quoted net of all costs to the Company.

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Investment Manager Review

In March 2023, the Trust's NAV per share returned -2.3% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -0.7% (GBP). The FTSE All-Share Index returned -2.8% (GBP) and IBT's share price returned -3.9% (GBP).

Source: Bloomberg and SV Health Managers LLP. Past performance is not a guide to future performance. Unless where stated otherwise, performance is shown net of fees and expenses and includes reinvestment dividend and capital gain distributions.

Quoted Portfolio

The main positive contributors to the NAV in the month were Seagen, Exelixis and Intra-Cellular Therapies. Pfizer announced its intention to acquire Seagen for $43bn. The offer comes after an eventful and volatile year for the company.

Exelixis disclosed a 7.2% holding by activist investor Farallon. The filing suggested that the activist had been in discussions with the management and the Board of Directors regarding the company's spending decisions and investor communications. Intra-Cellular Therapies reported Phase 3 data for Caplyta in Major Depressive Disorder and Bipolar Depression. Patients treated with Caplyta demonstrated a better-than-expected beneficial effect on their symptoms, with a rapid onset of action.

The main detractors from the NAV in the month were Harmony Biosciences, Mirati and Incyte. Harmony Biosciences was targeted by a 'short report' by Scorpion Capital criticising the company's marketed product Wakix which is indicated to treat Narcolepsy. Mirati announced no materially negative news during the month, but shares have been weak on concerns that their recently launched lung cancer drug 'Krazati' may not hit investor sales expectations. Incyte received a complete response letter for their extended-release version of Jakafi. The new formulation would reduce the pill burden for patients from two tablets a day to just one. The details for the rejection of the drug were not fully disclosed.

Unquoted Portfolio

The Company received a net distribution of £6.4m from its investment in the unquoted fund, SV Biotech Crossover Opportunities Fund LP

Contact Us

AIFM and Investment Manager	Company Secretary
SV Health Managers LLP	Company Matters, Link Group
71 Kingsway, London WC2B 6ST	Auditor
Lucy Costa Duarte	PricewaterhouseCoopers LLP
T: [phone]	Broker
E: [e-mail]
W: www.ibtplc.com	Numis Securities Ltd

Management Team

Ailsa Craig

Lead Investment Manager

Ailsa joined SV Health in 2006 and was appointed as Joint Lead Investment Manager of the Trust in March 2021. Ailsa has a BSc (Hons) in Biology from the University of Manchester. She was awarded the IMC in 2002 and the Securities Institute Diploma in 2007.

Kate Bingham

Managing Partner SV

Kate joined SV Health in 1991 and represents the team of investment professionals managing the unquoted portfolio. Kate is a Managing Partner at SV Health Investors, has a first class degree in Biochemistry from Oxford University, and graduated from Harvard Business School with an MBA.

Marek Poszepczynski

Lead Investment Manager

Marek joined SV Health in 2014 and was appointed as Joint Lead Investment Manager of the Trust in March 2021. Marek has an MSc in Biochemistry and an MSc in Business Management from the Royal Institute of Technology, Stockholm.

Houman Ashrafian

Managing Partner SV

Houman joined SV in 2016 and represents the team of investment professionals managing the unquoted portfolio. Houman is currently Head of Experimental Therapeutics at the University of Oxford and an Honorary Consultant Cardiologist, John Radcliffe Hospital, Oxford.

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Portfolio Exposure

As at 31 March 2023

Top quoted investments by NAV%

Seagen									11.3%
Amgen								6.2%
Incyte							5.6%
Harmony						5.2%
Alkermes					4.7%
Supernus				4.3%
Intra-Cellular			3.9%
Ultragenyx		3.0%
Exelixis		3.0%
Vertex Pharmaceuticals		3.0%
Total	50.2%

NAV% by	NAV% by Size
Development		Mega Cap > USD 30BN
Stage		Large Cap = USD 10 - 30BN
	Early Stage		Mid Cap = USD 2 - 10BN
		Small Cap < USD 2BN
	Profitable		Unquoted Funds
	Revenue Growth		Directly-held Unquoted
All values quoted in %	All values quoted in %

NAV % by Headquarter Location	NAV% by Therapeutic Area
	Oncology								36%
	Rare Disease								19%
	CNS							15%
	Auto-immune						8%
	Infectious Diseases					2%
	Ophthalmology					2%
	Other				11%
	Unquoted Funds			7%

84%US / Canada 14% EU/UK 2% Rest of World

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Discount/Premium

Control Mechanism

The Board regularly reviews the methods for managing both the discount and premium. The Board considers that conducting share buybacks can help to manage the discount of its share price to NAV, therefore enhancing share price performance for existing Shareholders. When the share price is trading at a premium to NAV, Shareholders have given the Board permission to reissue shares previously bought back or new shares at a premium to NAV.

AIFM and Investment Manager

SV Health Managers LLP was appointed Investment Manager of the Company on 1 January 2005 and Alternative Investment Fund Managers ('AIFM') on 21 July 2014.

Between November 2000 and December 2004, Schroder Ventures Life Sciences Advisers (UK) Ltd, was adviser to the Investment Manager of the Company during that period, Schroder Investment Management Ltd.

SV Health Managers LLP's venture capital business advises six venture capital funds with capital commitments of over USD 2bn which primarily invest amounts of between USD 1m and USD 20m in North America and Europe, but will consider innovative investments in other regions.

SV Health Managers LLP manages the SV7 Impact Medicine Fund, a specialist USD 265m venture capital biotech fund and the Dementia Discovery Fund, a GBP 250m venture capital fund aiming to discover and develop breakthrough treatments for dementia.

SV Health Managers LLP is Authorised and Regulated by the Financial Conduct Authority (firm reference number 409119).

Further information is available on our website www.svhealthinvestors.com.

Risk Warning

This financial promotion is issued and approved by SV Health Managers LLP ("SVHM"). Notwithstanding that this document is being provided to you as a financial promotion, you should be made aware that the opportunity described in the document is not suitable for all investors. It should not be relied upon to make an investment decision; any such investment decision should be made only on the basis of the fund scheme documents and appropriate professional advice. Nothing in this fact sheet is intended to be construed as: (i) an offer, invitation or inducement to engage in investment activity; (ii) investment advice or (iii) a recommendation.

The value of investments, and the income from them, may go down as well as up, and is not guaranteed, and investors may not get back the full amount invested. Past performance is not a guide to future performance and exchange rate changes may cause the value of overseas investments to rise or fall. Trusts such as the Company are able to borrow to raise further funds. This is generally known as "gearing", this can have the impact of improving returns in rising markets but conversely can increase the decrease in the value of funds in falling markets.

Investors should bear in mind that investment in biotechnology shares can be subject to risks not normally associated with more developed markets or stocks. Investing in the biotechnology sector carries some particular risks and investment in the Company should be regarded both as long term and as carrying a high level of financial risk. In addition, there is no guarantee that the market price of shares in investment trusts will fully reflect their underlying NAV and it is not uncommon for the market price of such shares to trade at a substantial discount to their NAV.

This document has been prepared and is only made available to recipients who may lawfully receive it in accordance with applicable laws, regulations and rules and binding guidance of regulators. Every effort is taken to ensure the accuracy of the data used in this document but no warranties are given. Full details of the Company, including risk warnings, are published in the Investor Disclosure Document and Key Information Document which are available on request and at www.ibtplc.com. SVHM is authorised and regulated by the Financial Conduct Authority.

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