International Biotechnology Trust plc is an investment trust. The Company’s investment objective is to achieve long-term capital growth by investing in development-stage biotechnology companies that are either quoted or unquoted. As of August 31, 2009, it held investments in 60 companies, which included 38 quoted companies (representing 75.9% of the net asset value) and 22 unquoted companies (representing 19.8% of the net asset value). Its portfolio of investments includes Micromet, Celgene, Amgen, Gilead Sciences, Alexion Pharmaceuticals, Genzyme, EUSA Pharma, Affymax, Wright Medical Group and ev3. SV Life Sciences Managers LLP acts as investment manager of the Company. IBT (2004) Limited is the Company’s wholly owned subsidiary.