19 APRIL 2001

INTERNATIONAL BIOTECHNOLOGY TRUST Plc

Unaudited Interim Results

The Directors of International Biotechnology Trust PLC announce the unaudited interim results for the six months ended 28 February 2001:

This announcement is prepared on the basis of the accounting policies as set out in the most recently published set of annual financial statements.

The Board of Directors approved this statement on 19 April 2001.

STATEMENT BY THE CHAIRMAN, ANDREW BARKER :

Introduction
This report provides the unaudited highlights of International Biotechnology Trust Plc ("IBT") for the six months ended 28 February 2001, together with details of the investment activity during that period.

Overview
The US biotech sector was under extreme pressure during the period under review. Over the six months ended 28 February 2001, the NASDAQ Biotech Index fell by 29.4% in dollar terms and 28.8% in sterling terms. The UK biotech sector, however, fared a little better, with the Bloomberg UK Biotechnology Index declining by only 14.6% over the period. The downturn reflected two main factors. First, technology stocks in general experienced a severe bear market, as investors recognised that earnings growth expectations had been set too high and valuations had become over-stretched - the NASDAQ Composite Index dropping by just under 50% over the six months. The fall-out also led to profit taking in the biotech sector. Second, investors have realised any short-term benefit from the availability of the fully sequenced human genome would be less tangible than originally thought.

Over the six months IBT marginally out-performed the NASDAQ Biotech Index: the NAV fell by 27.6% from 379.1p per share at 31 August 2000 to 274.3p per share at 28 February 2001. The share price fell by 29.8% to 230p, reflecting a widening of the discount to NAV.

During this period the other major event for IBT was the restructuring of the Fund. The new Investment Manager, advised by Schroder Ventures Life Sciences, formally took over from the previous Manager at the beginning of November 2000. The restructuring was completed in January 2001. In order to effect the restructuring a number of holdings were sold during December 2000. Proceeds from these disposals taken together with existing cash resources were more than sufficient to repay the capital requested by shareholders.

Investment activity
The surplus cash raised from the reconstruction was invested in January and February 2001 in a non-core portfolio of 13 highly liquid, large cap public companies, pending investment into new core holdings. Reflecting the view of the Adviser at that time that the biotech sector could decline further in the very short term, the emphasis was placed on those biotech companies with strong product stories, and well-regarded companies in other sectors of the life sciences industry, such as speciality pharmaceuticals, drug delivery systems and medical devices.

Approximately £2 million was invested in each of the following in January 2001: Amgen, Biogen, Celltech Group, Elan, Forest Labs, Genentech, IDEC Pharma, Immunex and Medimmune. In the same month an aggregate £2 million was invested in three medical device companies, namely Boston Scientific, Guidant and Medtronic. In February 2001, £2 million was invested in Abgenix, Inc.

In the case of core holdings, a commitment was made in February for a €5million investment by IBT in Micromet GmbH, an unlisted German company. This investment was part of a €40million financing, which closed in March 2001. Micromet, located in Munich, was formed in 1996 and has 50 employees. It is an anti-cancer company, focusing on the elimination of micrometasteses using bispecific antibodies.

Divestment activity
Prior to the changeover, the previous Manager had initiated disposals of Cell Therapeutics and Angiotech Pharmaceuticals. The new Manager completed these disposals during November and December 2000, selling the whole of the remaining holding in each case. Proceeds from the sale of Cell Therapeutics totalled £40.4 million, representing a multiple on investment of 4.3 times cost. In the case of Angiotech, the proceeds were £20.4million, resulting in an investment multiple of 6.8 times. The remaining small stake in Cadus, a non-core portfolio company, was sold in September 2000, realising proceeds of £0.4million.

As a result of the reduction in size of IBT post-reconstruction, and consequent portfolio re-balancing, holdings in the following companies were cut back: CeNeS, Corvas, Onyx, Ribozyme, and Targeted Genetics.

The take-over of ImmGenics Pharmaceuticals by Abgenix, one of the world leaders in therapeutic antibody development, took place in November 2000. As consideration, IBT received a series of put options for cash exercisable after the period end.

Activity subsequent to reporting period
Following the expiration of a lock-up on IBT's shareholding in OSI Pharmaceuticals, half of the Fund's position was sold in March 2001 in line with the reduction in size of the Fund. This disposal realised proceeds of £7.1million, representing an investment multiple on cost of 2.7 times. Part of these proceeds was used in the same month to acquire a £2 million stake in Shire Pharmaceuticals, the UK's leading emerging pharmaceuticals company, as an additional non-core holding.

Cash proceeds from exercising 75% of the put options received from Abgenix amounted to £4.1 million, representing an investment multiple of 3.2 times. In March 2001, a further disposal was made from the Fund's holding in CeNeS, and the non-core holding of Immunex was sold following disappointing clinical trial results.

Finally, the values of certain positions in core unquoted companies have been written down by around £6.5m on 19 April 2001 as a result of events since the balance sheet date.

Outlook
IBT continues to adopt a strategic stance towards the life sciences industry, and the Managers are using this period of weakness to identify situations of value in the sector. By taking a long-term view for its core investments, IBT sees the current stage in the cycle as a good buying opportunity.

With the reconstruction and change of Manager behind us, the Board is confident that IBT is well placed to take advantage of the many opportunities that are expected to arise as the bear market in the biotech sector of the last year approaches its nadir. As previously stated, the new Manager looks to increase the exposure of IBT to the unquoted sector and to European companies.

Andrew Barker
Chairman

INTERIM REPORT

The Interim Report will be sent by mail to shareholders at their registered addresses in May 2001 and from the date of release, copies of the Interim Report will be made available to the public at the Company's registered office: 31 Gresham Street, London, EC2V 7QA.

Enquiries:

Schroder Investment Management Limited
John Spedding (020 7658 3206)
(e-mail john.spedding@schroders.com)

19 April 2001