International Biotechnology Trust

Portfolio Companies

As at 31 July 2010 - Ten Largest Quoted Investments

Investment	Country
Celgene	USA
Micromet	USA
Amgen	USA
Genzyme	USA
Shire Pharmaceuticals	UK
Alexion Pharmaceuticals	USA
Gilead Sciences	USA
Insulet	USA
Biomarin Pharmaceuticals	USA
Momenta Pharmaceuticals	USA

As at 31 July 2010 - Unquoted Investments

Investment	Country
Affinium Pharmaceuticals	USA
Allocure	USA
Antiva	UK
Archemix	USA
Cadent Technologies	USA
Celerion	USA
CR	USA
Delenex Therapeutics	Switzerland
EBR Systems	USA
Entellus	USA
ESBATech	Switzerland
EUSA Pharmaceuticals	UK
Gold Medal / Fulcrum	USA
Ikano Therapeutics	USA
Itero Pharmaceuticals	USA
Lux Biosciences	USA
Ophthotech	USA
Oxagen	UK
ReShape Medical	USA
RespiVert	UK
Ricerca	UK
Spinal Kinetics	USA
Sutro Biopharma	USA
TransEnterix	USA
Vantia Therapeutics	UK