5 NOVEMBER 2001

INTERNATIONAL BIOTECHNOLOGY TRUST plc

The Board of International Biotechnology Trust Plc today announces its unaudited Preliminary Results for the Year Ended 31 August 2001.

HIGHLIGHTS

Net asset value per share fell by 46.4% to 203.1p

NASDAQ Biotech Index fell 35.4% (sterling adjusted) and the Bloomberg UK Biotech Index fell by 43.3%

Schroder Ventures Life Sciences appointed investment advisor to International Biotechnology Trust Plc (IBT) in November 2000

£121.8 million returned to exiting shareholders in January 2001 (47% of share capital).

Total net assets at 31 August 2001: £98.7 million (31 August 2000: £349.3m)

New investments in nine quoted and four unquoted companies including: Aradigm Corporation, Essential Therapeutics, Discovery Therapeutics Inc, Micromet AG, Eyetech Pharmaceuticals Inc and Affibody AB

Increase in unquoted investments from 7.1% to 23.8% of net assets

IBT completed partial and full disposals generating a total proceeds of £101.1 million

Andrew Barker, Chairman, commented:

"International Biotechnology Trust has gone through a period of significant restructuring since Schroder Ventures Life Sciences's appointment as investment adviser in November 2000 and IBT has made a number of exciting new investments since that time.

The fall in NAV is largely due to the correction in the public markets, despite a strengthening in the underlying fundamentals of the biotech sector. The dramatic variation in performance over consecutive years demonstrates the highly volatile nature of the biotechnology market and the importance of taking a long-term view when investing in this sector.

Current valuations make this an opportune time for IBT to be making investments in undervalued, overlooked companies with strong management, scientific capabilities and growth prospects."

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CHAIRMAN'S STATEMENT

Overview
In the last year we have seen a significant correction in the global markets following the unprecedented valuation levels of the previous year. During the year to 31 August 2001 the NASDAQ Biotechnology Index fell by 35.4% (sterling adjusted) and the Bloomberg UK Biotechnology Index fell by 43.3%. Over the same period the share price of IBT fell by 46.1%, from 327.5p to 176.5p, alongside a fall in the diluted NAV per share of 46.4%, from 379.1p to 203.1p. This compares to an exceptional performance in the year to 31 August 2000 which saw a 484.8% rise in the share price and a 382.2% increase in the diluted NAV.

The dramatic variation in performance over consecutive years demonstrates the highly volatile nature of the biotech market and the importance of taking a long term view when making an investment in the sector.

While the fall in IBT's NAV was to some extent due to the market correction, this was compounded by the write-downs of some of the private companies in the inherited portfolio made by the new Manager as part of the on-going rebalancing of the portfolio. The result of these write-downs was a reduction in net assets of £9.9 million during the period under review. The Company's valuation policy follows BVCA guidelines.

On 8 November 2000, the Board announced the appointment of Schroder Investment Management Limited as Manager and Schroder Venture Life Sciences Advisers (UK) Limited as Investment Adviser to the Company following the termination of the previous investment management contract with Rothschild Asset Management Limited. The Schroder Ventures Life Sciences team has significant experience in the biotechnology sector and a long and successful investment track record. This combined with their international capabilities gives the Board great confidence in the future for IBT and I am pleased to report that there has been a smooth transition to the new Manager and Investment Adviser, and the rebalancing of the investment portfolio is well underway.

In January 2001, a number of divestments were made as part of the reconstruction, in order to return cash to shareholders. Proceeds from these disposals, together with existing cash resources, were used to return £121.8 million to exiting shareholders.

During the year to 31 August 2001, IBT has also made a number of exciting new investments in order to take full advantage of the recent fall in valuations. These include two negotiated investments in quoted companies (private investments in public companies - PIPEs) and four investments in private companies.

Revenue and dividends
It remains the view of the Directors that the best long term returns are likely to come from capital appreciation of assets. Therefore, no final dividend has been proposed for the year ended 31 August 2001.

Share buy-backs
During the year the Company sought and subsequently received approval from shareholders at an Extraordinary General Meeting to purchase up to 14.99 per cent of the Company's issued share capital for cancellation. The Company has subsequently received Court approval for the cancellation of its Share Premium Account, which was also required to allow for the purchase of shares. To date, the Company has not utilised the facility. Your Board believes that a share buy-back authority is one of a number of tools which may be used to address an imbalance in supply and demand for the Company's shares that results in a discount of the Company's shares on the market. A resolution to renew the authority is therefore included in the Notice of the Company's Annual General Meeting.

Annual General Meeting
The Annual General Meeting will be held at 31 Gresham Street, London EC2V 7QA on Tuesday 18th December 2001 at 12.00 noon. The meeting will include a presentation from the Manager and Investment Adviser.

Outlook
I would like to thank those shareholders that have stayed with the Trust over the last somewhat difficult year and welcome new shareholders. The year has seen a decline in the biotechnology sector along with the technology sector and valuations are now even lower than those seen during the last bear market, despite an improvement in industry fundamentals. However, even in a harsher macroeconomic environment, we believe that these fundamentals will prevail and biotech stocks will recover. The timing of this recovery remains uncertain, but current valuations mean that it is an excellent time for IBT to build positions in undervalued, overlooked companies with strong management, scientific capabilities and growth prospects. I am very encouraged by the progress made by the new Manager and Investment Adviser in rebalancing the portfolio and believe that IBT is exceptionally well placed to take advantage of the current weakness in the markets and the strong fundamentals which underpin the biotechnology sector.

Andrew Barker
Chairman

 

INVESTMENT REVIEW

Schroder Ventures Life Sciences
Schroder Ventures Life Sciences ("SVLS") has a team of 22 professionals based in London and Boston with a deep base of life sciences investment, operational, scientific and clinical experience. Schroder Ventures' funds have invested in the life sciences industry since the early 1980's and to date have backed over 100 life sciences companies worldwide.

In addition to IBT, SVLS currently advises two private equity funds dedicated to making investments in the life sciences sector with total commitments of $410 million. IBT will also benefit from potential investment opportunities in portfolio companies in these two funds.

SVLS takes a hands-on approach to its investments. To facilitate this approach, IBT's portfolio will remain relatively concentrated.

Investment Policy
IBT's investment focus is on high growth, development stage biotechnology companies. IBT takes minority stakes in companies that have either already been listed on a stock exchange or are approaching flotation or trade sale. The managers are opportunistic in their approach, investing in undervalued and/or under-resourced companies with a strong management team and a strong potential upside through the commercialisation of a product, device or enabling technology.

The portfolio is diversified by region (IBT's primary focus is on investments in the United States and Western Europe), stage of development (up to approximately 25% of the portfolio may be invested in private companies), and technological and therapeutic focus (approximately two-thirds of the portfolio will be invested in biotechnology with the remainder in other high growth life sciences sectors e.g. medtech and healthcare I.T.).

Sector Overview
Following a stellar performance in the year to 31 August 2000, the year under review has seen a significant correction in the biotechnology markets. The NASDAQ Biotechnology Index fell by 35.4% (sterling adjusted) during the year under review and the Bloomberg UK Biotechnology Index fell by 43.3%.

Valuations became overstretched in 2000 and investors became concerned about worsening economic forecasts and earnings expectations. This resulted in a severe sell off, particularly in the technology and biotechnology sectors - the technology sector fared somewhat worse than the biotechnology sector with the NASDAQ Composite falling by 56.9% (sterling adjusted) during the year.

However the fundamentals of the biotech sector have continued to strengthen. The sector has matured and there are now a record number of profitable biotech companies and balance sheets are as healthy as they have ever been.

Furthermore, demand for biotechnology products is not linked to economic conditions or world events - the demand for prescription medicines is primarily correlated to the incidence of disease. More effective treatments are required for unmet clinical needs such as cancer, cardiovascular disease and CNS (Central Nervous System) disorders. In addition, some existing drugs are relatively unspecific in their action, leading to side effects or poor response rates. These factors, combined with an ageing population and increasing healthcare spending, are driving demand for novel compounds and technologies from biotechnology companies.

In addition, the pharmaceutical industry is under constant pressure to fill its product pipeline in order to sustain sales growth and to cope with the number of products coming off patent and the challenge of increasing R&D competitiveness. As a result, big pharmaceutical companies have become dependent on the innovation of biotechnology companies to provide in-licensing opportunities. The biotech industry is delivering and pipelines are brimming with potential new drugs. As of end September 2001, biotechnology companies had 288 compounds in Phase ll/III and III trials (Source: BioCentury).

The biotechnology sector is very different to the technology sector due to the high barriers to entry created by intellectual property, long development timelines and the high regulatory hurdles that must be met ahead of marketing. As such, biotechnology companies tend to have long periods of market exclusivity or have only a few competitors - a very favourable environment for creating sustainable high margins.

Financing Trends
Despite the year-long biotechnology bear market, the life sciences industry has actually experienced its second best fundraising year ever. In the first three quarters of 2001, $9.6 billion was raised in US and Europe compared with $35.6 billion raised in total in 2000 and $7.0 billion raised in 1999.

However, the IPO market is currently extremely weak and looks likely to remain so for the foreseeable future. In the first three quarters of 2001 only $269 million was raised in the US and Europe compared to $8.6 billion raised in total in 2000 and $935 million raised in 1999.

Private equity financings remain strong with $2.8 billion raised between the US and Europe in the first three quarters of 2001 compared to $4.2 billion raised in total in 2000 and $1.7 billion raised in 1999 (Source: BioCentury).

Merger and Acquisition Activity
M&A activity in the biotechnology sector is being driven by the need for biotechnology companies to gain critical mass and by the trend for platform technology and service oriented businesses to forward-integrate into drug development. The number of M&A transactions in the biotechnology sector between 30 June 2000 and 30 June 2001 increased to 258 from 208 in the previous year, although the total value of these transactions was little changed at around $10 billion (Source: 2000/2001 Deal Survey, Andersen).

This M&A activity is providing a number of investment opportunities for IBT, for example the commitment made to invest in the combined entity of Microcide Pharmaceuticals and Althexis. In addition it provides potential exit routes for portfolio companies, for example the sale of ImmGenics Pharmaceuticals to Abgenix Inc. and the merger of Delsys Pharmaceuticals with a subsidiary of Elan Corporation.

The consolidation of the European biotechnology sector is gradually catching up with the USA. In the first six months of 2001 the number of top ten biotechnology deals involving European targets matched the number of North American targets for the first time - in 2000 only one of the top ten targets was a European company (Source: PricewaterhouseCoopers).

Summary
In summary, the outlook for product-oriented biotechnology companies goes from strength to strength, in the face of a deteriorating outlook for many other growth sectors. However, these positive fundamentals have been overshadowed by the increasingly negative market sentiment, with biotechnology stocks dragged down with the market as a whole. It is difficult to predict when the bear market will cease to overshadow the sector but we believe the strong underlying fundamentals will eventually shine through. Current valuations of biotechnology companies, with many trading around cash levels, make this an opportune time for IBT to be making investments in the sector.

Portfolio Analysis
As at 31 August 2001, IBT was invested in 34 companies. During the year under review, the percentage of the portfolio invested in unquoted companies was increased from 9.4% to 26.5%, and in European companies from 2.4% to 11.2% (excluding cash). This was a stated intention of the new Manager in order to enable investors to benefit from the significant returns available from early stage investing as well as the increasing number of investment opportunities in Europe. In addition, the weighting in drug delivery companies has been increased in order to further diversify the portfolio.

In order to meet the objective of returning funds to shareholders, the new Manager completed disposals of Cell Therapeutics and Angiotech Pharmaceuticals.

In November 2000, ImmGenics Pharmaceuticals was acquired by Abgenix, one of the world leaders in therapeutic antibody development. ImmGenics' breakthrough technology is expected to allow Abgenix to select optimal product candidates. Final proceeds from the sale of ImmGenics were £5.4 million.

The surplus cash from the reconstruction was invested early in 2001 in 13 highly liquid large cap public companies, pending investment into new smaller cap companies. As at 31 August 2001, IBT retained holdings in Biogen, Celltech Group, Elan Corporation and Forest Labs, having reinvested the proceeds from the sales of the other holdings in order to reinvest the cash into core holdings.

Following the return of cash to shareholders and the resulting reduction in size of the portfolio partial sales were made of the following holdings - CeNeS Pharmaceuticals, Corvas International, Onyx Pharmaceuticals, OSI Pharmaceuticals, Ribozyme Pharmaceuticals, Targeted Genetics and Vernalis Group. The small holding in Corixa was sold in its entirety.

Since the year end IBT has realised its investment in Delsys Pharmaceuticals following an agreed merger with a subsidiary of Elan, valuing IBT's holding in Delsys at a minimum of £1.1 million. This follows an initial write-down during the year under review of £6.7 million to zero at 31 August 2001, due to concerns about the company's ability to raise additional finance.

The net outcome of write-ups and write-downs in the inherited unquoted portfolio since the year end resulted in a reduction in the net asset value of £2.9 million (including Delsys).

 

NEW INVESTMENTS

Quoted Companies

Aradigm Corporation
In August 2001, IBT invested $2 million in Aradigm Corporation's $14.6 million PIPE alongside a group of other institutional investors. The total invested in Aradigm during the year under review was $5 million. Aradigm, based in California, USA, is working to improve quality of life for patients by developing aerosol-based drug delivery alternatives to injectable therapeutics. The company's advanced pulmonary delivery technologies provide leading pharmaceutical partners with effective drug delivery solutions.

Aradigm's leading technology, the AERx Pulmonary Drug Delivery System, has the potential to deliver a wide array of traditional drugs and proteins efficiently via the lungs. Key advantages of the AERx technology include precise and monitored drug delivery, the use of standard liquid formulations, and the ability to collect and analyse all dosing data. Aradigm currently has two major AERx clinical programs: phase II inhaled morphine for breakthrough cancer pain relief, partnered with Glaxo SmithKline and inhaled insulin, partnered with Novo Nordisk, the world leader in insulin and diabetes care, which is in preparation for Phase III trials. In addition, Aradigm has other ongoing feasibility studies with other proteins and molecules.

Essential Therapeutics
(formerly Microcide Pharmaceuticals and Althexis)
On 2 August 2001, IBT announced that it had committed to invest $7.5 million in the newly combined operations of NASDAQ-listed Microcide Pharmaceuticals and the private company Althexis, as part of a $60 million financing round. On 30 July 2001, Microcide and Althexis announced the signing of the definitive agreement to merge their businesses in a stock-for-stock exchange. SEC approval and Microcide shareholder approval for the merger and the private placement was received in October 2001.

Microcide has anti-microbial discovery research programs for the treatment of serious bacterial, fungal and viral infections. Althexis' discovery approach is centered around anti-infectives with the use of structure-based drug design ("SBDD"), a powerful method of drug discovery that exploits atomic-level information about potential disease targets. Althexis combines SBDD and related technologies with expertise in more traditional discovery tools, such as high throughput screening and medicinal chemistry.

The merger of Microcide and Althexis will unite Microcide's discovery platforms, including its VALID Microbial Genomics technologies, with Althexis' proprietary target validation system, known as Althexis Calorimetric Target Triage. It will also accelerate Microcide's multiple drug development programs in infectious disease by applying Althexis' SBDD technology to lead optimisation. The combined company will have strategic partnerships with PLIVA, RW Johnson Pharmaceutical Research Institute (a division of Johnson & Johnson) and Daiichi Pharmaceutical Co. Mark Skaletsky, who previously built-up and sold GelTex Pharmaceuticals to Genzyme Corporation, will be Chairman and CEO of the newly merged company.

IBT also took smaller positions in the following public companies during the year under review.

Weston Medical Group
A drug delivery company in the UK with an exciting needle-free injection system.

Novuspharma
An Italian oncology company with two compounds in Phase II trials and two in Phase I trials.

Atrix Laboratories
A US-based drug delivery and development company with three Leuprogel products in late-stage development for the treatment of hormone-responsive advanced prostate cancer.

ArQule
A US-based company providing chemistry services aiming to make the drug discovery process more efficient, less expensive, and more likely to result in better lead compounds.

Aspect Medical Systems
A consciousness monitoring company based in the US whose core technology provides a direct measure of the effects of anaesthetic and sedative agents on the brain.

Inhale Therapeutic Systems
A US-based company that develops advanced drug delivery solutions. These include the Inhance pulmonary delivery solution and the Shearwater advanced PEGylation technology.

Aviron
An innovative vaccine company based in the US focusing on the use of live vaccines against viral infections. They are currently seeking marketing approval of FluMist™ for the prevention of influenza.

Unquoted Companies

Micromet
In March 2001, IBT invested Euro 5 million in Micromet, based in Martinsried, Germany, as part of a Euro 40 million private placement. Two other funds advised by SVLS increased their existing investment by a total of Euro 2.3 million.

Micromet develops novel drugs to empower the patient's immune system to tackle life-threatening and chronic diseases. Fundamental to Micromet's therapeutic strategy is the elimination of cells that play a pivotal role in the pathogenesis of human diseases such as cancer, autoimmune and inflammatory disease, by recruiting and activating immune effector cells.

The Company has established the BiTE technology ('Bispecific T cell engagers'), a unique drug format that leverages the outstanding cytotoxic potential of T cells, the most powerful 'killer cells' of the human immune system. Micromet's BiTE compounds combine the power of T cells with the selectivity of antibodies to specifically target diseased tissues and cells. The BiTE platform comprises single chain bispecific antibodies for recruitment and simultaneous activation of T cells.

Currently, conventional therapeutic antibodies are some of the most successful biotechnology drugs with broad therapeutic applicability. However, four features distinguish BiTEs from traditional antibody drugs - BiTEs have 1,000 - 10,000 times higher potency, are smaller in size (resulting in better access to tumour cells), have a novel mode of action and lower manufacturing costs.

Micromet's current pipeline of drug candidates includes BiTE molecules as well as fully human antibodies. Two products have now entered Phase I and II trials for treatment of prostate cancer and blood cancers of the B cell lineage.

Discovery Therapeutics
In August 2001, IBT invested $5 million in Discovery Therapeutics as part of a $45 million fund raising. Another fund advised by SVLS invested a further $5 million.

Discovery, headquartered in Richmond, Virginia, is a private, clinical-stage biopharmaceutical company focused on developing and commercialising in-licensed products for a variety of clinical indications. The company currently has five products in clinical development that target Parkinson's, renal and cardiac diseases. Discovery's expertise is in the discovery and development of small-molecule drug candidates that act selectively on enzymes or subtypes of receptors that regulate important physiological processes. The company's most advanced product is an innovative treatment for Parkinson's disease, integrated with a unique transdermal patch delivery system that will enter Phase III clinical trials this year.

Discovery has a number of established corporate relationships, including out-licensing partnerships with Schwarz Pharma AG, King Pharmaceuticals and Fujisawa Healthcare for its Parkinson's, and two adenosine-based cardiovascular products. More recently, the company also has entered into an in-licensing partnership with Bayer AG to develop and market a novel therapy for kidney inflammation.

Eyetech Pharmaceuticals
In early August 2001, IBT made an investment of $2.5 million in Eyetech Pharmaceuticals. A further commitment to invest $2.5 million in August 2002 has been made subject to milestones. The Company raised $109 million in a self-managed private placement - one of the largest private financing rounds ever raised by a biotechnology company. Eyetech is based in New York and was founded in early 2000 to discover, develop and commercialise new drugs to reduce and prevent serious vision loss caused by eye disease, and to develop new technologies to deliver drugs safely and conveniently to the back of the eye. Eyetech has a strong management team, including leading clinicians and experienced healthcare industry executives. Eyetech has entered into a number of collaborative arrangements with major research institutions, such as Harvard Medical School (Massachusetts Eye and Ear Institute) and NY University School of Medicine.

The Company's lead product, EYE001, is a potential treatment for the two leading causes of blindness in the adult population, namely age-related macular degeneration ("AMD") and diabetic macular edema ("DME"). Studies suggest that Vascular Endothelial Growth Factor ("VEGF") causes the abnormal blood vessel growth and leakage that result in AMD and DME. EYE001 is an anti-VEGF (Vascular Endothelial Growth Factor) aptamer which may inhibit the biological pathway that results in vision loss in AMD and DME. Eyetech's compound may also result in improved vision and an enhanced quality of life for these patients. EYE001 is currently in Phase II/III and III pivotal clinical trials for AMD at 120 of the world's leading medical centres. If successful in these trials, EYE001 may be on the US market in 2004.

Affibody
In August 2001, IBT committed to invest SEK 40 million in Affibody, a promising Swedish proteomics and biotherapy company. SEK 20 million ($1.9m) of this was invested in August 2001 as part of a $28 million fundraising round, with the remaining SEK 20 million to be invested in August 2002. The Company was founded in 1998 by a group of prominent researchers from the Royal Institute of Technology and the Karolinska Institute. Affibody is a leader in the field of combinatorial protein engineering and is using this cutting edge technology to create a new generation of antibodies called Affibodies™. Affibodies™ are small, novel, robust ligands which can be engineered to bind to any desired target protein. They have strong potential as therapeutics and diagnostics and will also be used in proteomics research for drug discovery. Affibody has strategic partnerships with Amersham Pharmacia in the area of separations and with Gyros AB in protein chips. These partnerships will enable the Company to leverage its already leading market position.

The Company's management team is highly experienced and has an excellent track record in building successful businesses and their technology forms a unique proprietary platform with very broad applications and clear future revenue streams. The investment by IBT was made alongside a commitment of SEK 80 million from another Fund advised by SVLS.

Ten Largest Quoted Investments

Unquoted Investments

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International Biotechnology Trust Plc

Unaudited Preliminary Results

Unaudited Statement of Total Return (incorporating the Revenue Account)

		For the year end 31 August 2001			For the year end 31 August 2000
		2001 Revenue	2001 Capital	2001 Total	2000 Revenue	2000 Capital	2000 Total
		£'000	£'000	£'000	£'000	£'000	£'000
Realised gains		-	50,942	50,942	-	109,055	109,055
Performance fee and termination costs		-	(2,160)	(2,160)	-	(14,927)	(14,927)
(Decrease)/increase in unrealised appreciation on investments		-	(173,782)	(173,782)	-	174,754	174,754
Net loss on currency		-	(1,359)	(1,359)	-	-	-
Income		2,700	-	2,700	2,469	-	2,469
		2,700	(126,359)	(123,659)	2,469	268,882	271,351
Administrative expenses		(3,861)	-	(3,861)	(4,471)	-	(4,471)
Net (deficit)/return on ordinary activities before finance costs and taxation		(1,161)	(126,359)	(127,520)	(2,002)	268,882	266,880
Interest payable		(15)	-	(15)	(6)	-	(6)
(Deficit)/return on ordinary activities before taxation		(1,176)	(126,359)	(127,535)	(2,008)	268,882	266,874
Tax on ordinary activities		-	-	-	-	-	-
(Deficit)/return on ordinary activities after taxation		(1,176)	(126,359)	(127,535)	(2,008)	268,882	266,874
Transfer (from)/to reserves		(1,176)	(126,359)	(127,535)	(2,008)	268,882	266,874
(Deficit)/return per ordinary share		(1.86) p	(199.60) p	(201.46) p	(2.28) p	305.54 p	303.26 p

The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations.

Unaudited Balance Sheet as at 31 August

	2001	2001	2000	2000
	£'000	£'000	£'000	£'000
Fixed assets
Investments		88,524		262,038
Current assets
Debtors	219		14,045
Investments	4,677		89,918
Cash at bank	7,157		164
	12,053		104,127
Current liabilities
Creditors: amounts falling due within one year	1,838		16,836
Net current assets		10,215		87,291
Net assets		98,739		349,329
Capital and reserves
Called up share capital		12,154		22,001
Shares to be issued		-		13,264
Capital redemption reserve		10,843		-
Share premium account		67,083		55,433
Capital reserve		15,382		264,178
Revenue reserve		(6,723)		(5,547)
Equity shareholders' funds		98,739		349,329
Net asset value per share
Basic		203.10p		381.88p
Diluted NAV		203.10p		379.13p

Unaudited Cash Flow Statement

	For the year ended 31 August 2001	For the year ended 31 August 2000
	£'000	£'000
Operating activities
Dividend income received	2	71
Current asset investment income received	2,639	1,668
Deposit interest received	504	238
Management fee paid	(3,043)	(2,320)
Performance fee	(4,440)	-
Other cash payments	(2,138)	(1,288)
Net cash outflow from operating activities	(6,476)	(1,631)
Servicing of finance
Interest paid	(15)	(5)
Cash outflow from servicing of finance	(15)	(5)
Taxation
UK income tax suffered	(67)	-
Tax paid	(67)	-
Capital expenditure and financial Investment
Purchase of investments	(49,124)	(63,737)
Disposal of investments	101,152	153,141
Net cash inflow from capital expenditure and financial investment	52,028	89,404
Net cash inflow before management of liquid resources and financing	45,470	87,768
Management of liquid resources	85,319	(87,623)
Financing
Repurchase of shares following Tender Offer	(121,828)	-
Stamp duty	(609)	-
Net cash outflow from financing	(122,437)	-
Net cash inflow	8,352	145

Unaudited Reconciliation of Net Cash Inflow to Movement in Net Funds

NOTES:

1. Audit status

The financial information set out in the announcement does not const