International Biotechnology Trust

Portfolio Companies

As at 31 December 2009 - Ten Largest Quoted Investments

Investment	Country
Micromet	USA
Celgene	USA
Amgen	USA
Gilead Sciences	USA
Alexion Pharmaceuticals	USA
Genzyme	USA
Wright Medical	USA
Insulet	USA
Vertex Pharmaceuticals	USA
Affymax	USA

As at 31 December 2009 - Unquoted Investments

Investment	Country
Allocure	USA
Archemix	USA
Cadent Technologies	USA
CR	USA
Delenex Therapeutics	Switzerland
Dynogen Pharmaceuticals	USA
EBR Systems	USA
Entellus	USA
ESBATech	Switzerland
EUSA Pharmaceuticals	UK
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