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IBT half-year report

Since the end of International Biotechnology Trust's (the Company's) first interim period ended 29 February 2020, the coronavirus pandemic (COVID-19) has had a profound effect on the world. Whilst the results for the period largely predate and are therefore little affected by the pandemic, in the two months since the period end, we have seen periods of extreme volatility in world markets. We comment on this further below and in the Fund Managers' Review.