International Biotechnology Trust : September 2023

September 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).

Fund Facts and Characteristics

Launch date	6 May 1994
Net assets	£257.5m
Net assets per share	656.1p
Share price	631.0p
Value of unquoted investments	£26.4m
(Gearing)/cash balance	(9.2)%
Number of portfolio companies*	75*
Portfolio Turnover p.a.	123.8%
Active Share**	67.2%
Shares outstanding	39,246,607
Ex-div dates	December 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

Performance	Total Return
5 year performance %
Total Return	1 M	1 YR	3 YR	5 YR
	NAV per share				15.4%
	-4.6%	-2.4%	-6.0%
	Share price				14.5%
	-2.0%	-0.3%	-10.6%
	NBI				14.1%
	-0.2%	-3.5%	0.6%
	FTSE All-Share				19.4%
	1.8%	13.6%	39.3%
	Index

Return vs Volatility

5 Years Annualised Chart (%)

Calendar Year	YTD	2022	2021	2020	2019	2018
Performance
NAV per share						-4.9%
-6.7%	0.6%	-4.2%	29.8%	19.9%
Share price						-2.5%
-8.6%	-1.5%	-5.7%	36.1%	14.4%
NBI						-3.3%
-6.4%	0.6%	-0.2%	23.2%	21.1%
FTSE All Share Index						-9.5%
4.3%	0.2%	16.7%	-9.0%	19.7%

Discrete Annual	Sep 22-	Sep 21-	Sep 20-	Sep 19-	Sep 18-
Performance	Sep 23	Sep 22	Sep 21	Sep 20	Sep 19
NAV per share					-10.2%
-2.4%	-5.8%	2.2%	36.8%
Share price					-6.2%
-0.3%	-6.3%	-4.3%	36.5%
NBI					-13.0%
-3.5%	-9.6%	15.3%	30.3%
FTSE All-Share Index					2.6%
13.6%	-4.1%	27.9%	-16.5%

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 September 2023, the Trust's NAV per share returned -4.6% (GBP) while the NASDAQ Biotechnology Index (NBI) returned -0.2% (GBP). The FTSE All-Share Index returned 1.8% (GBP) and IBT's share price returned -2.0% (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

September witnessed a material increase in bond market yields which affected the rate sensitive small cap biotech companies which rely on external financing to undertake their drug development activities. The NBI, which has a relative tilt towards more mature biotech companies, was off 3.8%, whereas the small to mid-cap driven XBI was off 7.8%, both in US$ terms.

The main positive contributors to the NAV in the month were Amgen, Mirati and Rocket Pharmaceuticals. Amgen shares performed well in September as excitement grew around their PRMT5 oncology asset currently in early-stage clinical development. PRMT5 is a new oncology product targeting various solid tumours and blood cancers such as melanoma, leukaemia, lymphoma as well as lung, pancreatic, prostate and colon cancers which has garnered investor interest in recent months. The company is also developing an oral GLP-1 agonist which may offer patients with obesity, a more convenient approach at managing their weight versus the current marketed options which are mostly delivered through injections.

Mirati too has a PRMT5 oncology asset in its pipeline which drew new shareholders to the company. Since the month end, Mirati has received a bid for the company from Bristol Myers for USD58/share, a c35% premium to the share price prior to the rumour the company was being acquired. Rocket Pharmaceuticals announced it had reached an agreement with the FDA to agree a phase 2 trial for their Danon disease gene therapy program in clinical development. Danon disease is an inherited condition which affects cognition, vision, muscle function and can lead to potentially fatal weakening of the heart muscle.

The main detractors from the NAV in the month were Vera Therapeutics, Uniqure and Supernus. Vera Therapeutics shares fell in September despite no news from the company. Investors appear to be taking profits after a strong return over the summer months on the back of positive clinical readout for their lead asset in development for IgA Nephropathy. Uniqure and Supernus shares were weak during the month on general sentiment with no material news flow from either company.

Unquoted Portfolio

One of the Company's exited holdings, the Archemix Liquidating Trust, reached an agreement for settlement of all remaining milestones as Iveric Bio was acquired by Astellas Pharma. This resulted in a fair value uplift of approximately £0.2m in anticipation of distribution by December.

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.

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.

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.

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Portfolio Exposure

As at 30 September 2023

Top quoted investments by NAV%

Amgen									6.8%
Incyte								6.6%
Gilead							5.5%
Intra-Cellular						5.3%
Biomarin					4.3%
Supernus				3.7%
Vera			3.3%
Biogen			3.3%
Harmony			3.3%
Mirati		3.0%
Total	45.1%

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
	Rare Disease							26%
	Oncology							26%
	CNS							20%
	Auto-immune						9%
	Infectious Diseases					5%
	Ophthalmology				2%
	Unquoted Funds			7%
	Other			5%

90%US / Canada 9% 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

On 3 August 2023 the Board of the Company announced that it has decided to appoint Schroder Unit Trusts Ltd as the Company's Fund Manager and Alternative Investment Fund Manager. The transition is expected to happen in November 2023, following publication of the Company's annual results to 31 August 2023. Further details and information can be found in the announcement that was made via the London Stock Exchange's Regulatory News Service https://www.londonstockexchang...

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

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

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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.