INTERNATIONAL BIOTECHNOLOGY TRUST PLC

(the "Company")

Partnership Agreement with Schroders Capital

The Company's investment policy is to invest in a diversified portfolio of companies whose shares are considered to have growth prospects consistent with the objective of achieving long-term capital growth. The majority of the Company's assets are invested in the quoted biotechnology sector with a limited exposure, within a range of 5-15% of portfolio value, to unquoted companies, primarily through private funds.

The Company currently has unquoted exposures of c.8.4% of portfolio value⁽¹⁾, which predominantly consists of two funds managed by SV Health Partners. There are no anticipated changes to these existing holdings, which have produced strong performance, and will remain outside of the Partnership.

Today, the Company announces that it has entered into an agreement with Schroders Capital to establish a partnership (the "Partnership") through which the Company intends over time to invest in further unquoted biotechnology opportunities.⁽²⁾

It is intended that the Company will make an initial commitment to the Partnership of £10 million, c.4% of current portfolio value⁽²⁾, which over time will be committed to funds investing in unquoted biotechnology companies. It is the Board's intention that over the long-term the Partnership will provide Shareholders with access to a portfolio of innovative earlier-stage companies through unquoted funds, diversified by underlying manager, vintage and geography.

Schroders Capital has built a track record of more than 25 years in the healthcare and biotechnology sectors, committing over $4.3 billion (approximately £3.5 billion) across nearly 700 investments worldwide. During this time, Schroders Capital has cultivated strong relationships with leading healthcare and biotechnology managers across North America, Europe, and Asia. Building on this foundation, Schroders Capital seeks to invest in and alongside biotechnology managers with proven track records of exceptional long-term value generation, strong scientific and medical expertise, disciplined investment practices, and access to differentiated opportunities that have the potential to significantly improve global healthcare outcomes.

Under the Partnership agreement, Schroders Capital is entitled to a management fee of 0.9% per annum based on the asset value of the Company's investment in the Partnership, as well as £25,000 per annum for administration costs, with aggregate fees due to Schroders Capital in any one year being capped at 0.25% of the Company's net asset value.

Enquiries:

Schroder Investment Management Limited

Notes:

(1) As at 26 September 2025.

(2) Schroders Capital Management (Switzerland) has been appointed as the investment manager to the Partnership and the Company will be its sole limited partner.