International Biotechnology Trust : May 2023

May 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 Investment 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.

**Active Share is a measure of how much the weightings of a fund's holdings differ from those of the fund's benchmark index. The Company's benchmark index is the NASDAQ Biotechnology Index (NBI).

Performance

5 year performance %

Calendar Year	YTD	2022	2021	2020	2019	2018
Performance
NAV per share						-4.9%
-1.1%	0.6%	-4.2%	29.8%	19.9%
Share price						-2.5%
-6.4%	-1.5%	-5.7%	36.1%	14.4%
NBI						-3.3%
-5.2%	0.6%	-0.2%	23.2%	21.1%
FTSE All Share Index						-9.5%
1.5%	0.2%	16.7%	-9.0%	19.7%

Discrete Annual	May 22-	May 21-	May 20-	May 19-	May 18-
Performance	May 23	May 22	May 21	May 20	May 19
NAV per share					0.7%
18.2%	-8.7%	-5.4%	33.3%
Share price					7.6%
11.1%	-10.6%	-1.9%	29.4%
NBI					-2.5%
12.8%	-11.7%	-1.6%	39.0%
FTSE All-Share Index					-3.2%
0.3%	8.2%	23.1%	-11.1%

Fund Facts and Characteristics

Launch date	6 May 1994
Net assets	£286.8m
Net assets per share	709.9p
Share price	661.0p
Value of unquoted investments	£25.6m
(Gearing)/cash balance	-0.2%
Number of portfolio companies*	71*
Portfolio Turnover p.a.	123.5%
Active Share**	61.1%
Shares outstanding	40,400,792
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				37.1%
0.7%	18.2%	2.1%
Share price				35.7%
-0.8%	11.1%	-2.5%
NBI				32.7%
-1.1%	12.8%	-2.1%
FTSE All-Share				14.9%
-4.7%	0.3%	33.6%
Index

Return vs Volatility

5 Years Annualised Chart (%)

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 May 2023, the Trust's NAV per share returned 0.7% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -1.1% (GBP). The FTSE All-Share Index returned -4.7% (GBP) and IBT's share price returned -0.8% (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 Vera, Ultragenyx and Harmony Bio. Vera shares edged higher during the month heading into the European Renal Association (ERA) medical conference in anticipation of a data update for their drug atacicept. Atacicept is a potentially disease modifying drug for the treatment of IgAN, a rare kidney disorder.

Ultragenyx performed well in June, the company aim to announce additional data from their ongoing trial to treat Angelman syndrome using GTX-102, an antisense oligonucleotide.

Harmony Biosciences reported solid sales for their narcolepsy drug Wakix during the first quarter of the year. Wakix has to potential to reach $2BN in sales, $1BN in narcolepsy, and $1BN in idiopathic hyposomnia (IH), a second indication which is currently in late-stage clinical trials. Data from this trial is expected to read out during 2H23.

The main detractors from the NAV in the month were Incyte, Mirati and Amgen. Incyte shares were weak as fears grew regarding near term competition for their lead asset Jakafi. Mirati faced a setback for their pipeline asset sitravatinib in combination with Bristol's immune therapy, nivolumab. The combination failed to show a benefit in efficacy above the existing standard of care in lung cancer. Amgen shares were weak after the FTC (US Federal Trade Commission) announced its intention to investigate the company's acquisition of Horizon Therapeutics. Amgen bid $28BN for the company in December 2022

Unquoted Portfolio

There have been no significant updates in the unquoted portfolio during May 2023.

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 May 2023

Top quoted investments by NAV%

Amgen									7.3%
Incyte								6.2%
Harmony							5.5%
Alnylam						4.3%
Supernus					4.0%
Apellis				3.1%
Gilead				3.1%
United Therapeutics				3.1%
Intra-Cellular			3.0%
Exelixis		2.9%
Total	42.5%

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								29%
	Rare Disease								24%
	CNS							15%
	Auto-immune						10%
	Infectious Diseases					3%
	Ophthalmology				2%
	Other				10%
	Unquoted Funds			7%

94%US / Canada 5% EU/UK 1% 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 LP, a specialist USD 265m venture capital biotech fund, the Dementia Discovery Fund LP, a GBP 250m venture capital fund aiming to discover and develop breakthrough treatments for dementia, and the SV Biotech Crossover Opportunities Fund LP, a USD 250m venture capital fund targeting growth-stage, biotechnology companies developing transformative therapies.

SV Health Managers LLP is Authorised and Regulated by the Financial Conduct Authority (firm reference number 409119). Further information is available its website www.svhealthinvestors.com

Please note that on 13 February 2023 the Board of the Company and SV Health Managers LLP announced that SV Health Managers LLP had informed the Company of its intention to focus on its core healthcare venture business. The Board subsequently instructed its advisers to commence an independent process to review the Company's options to ensure continuity of shareholders' exposure to the sector for the long term. Further details and information can be found in the announcement that was made via the London Stock Exchange's Regulatory News Service - https://www.londonstockexchange.com/news-article/IBT/investment-management-update/15833829.

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.

Active share can range from 0% to 100%. A score of 0% indicates that the portfolio is identical to the benchmark, while a score of 100% indicates that the portfolio has no holdings in common with the benchmark. Generally, higher active share indicates higher level of active management, and is associated with potentially higher returns and greater risk. However, active share alone does not guarantee higher returns, and investors should consider other factors such as fees, risk management, and historical performance when evaluating a portfolio.

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

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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.