New Management and Administrative Arrangements

FINSBURY TECHNOLOGY TRUST PLC

NEW MANAGEMENT AND ADMINISTRATIVE ARRANGEMENTS

6 MARCH 2007

Background

On 1 November 2006, the Board of Finsbury Technology Trust PLC (the `Company')
announced that it was reviewing the Company's longer term investment management
and administrative arrangements.

From 1 January 2007, Michael Bourne, who had managed the Company's portfolio
since 1995, ceased to have principal responsibility for the day-to-day
management of the Company's portfolio. It was against this background that the
Board undertook to review the Company's management arrangements.

Result of review

The Board sought written submissions from a number of investment managers with
proven expertise in the management of global technology investments from which
a short list of candidates was selected to make presentations. From the short
list, the Board decided that RCM, part of Allianz Global Investors, should be
appointed to manage the Company's assets and to provide administration
services.

The decision to appoint RCM was based upon the performance of their US based
technology team over the past ten years, the level of experience of the RCM
technology team who have participated in the different technology investment
cycles over the past decades, and RCM's depth of expertise in the management
and servicing of investment trust clients.

Information on the new manager

RCM, the new manager, has assets under management of £77.6bn including $2.6bn
in global technology mandates and £1.3bn assets under management in a range of
investment trusts (all figures as at 31 December 2006).

Walter Price and Huachen Chen are the co-lead portfolio managers of the RCM
global technology team and will jointly manage the Company's portfolio.

Walter Price joined RCM in 1974 and has been managing technology portfolios
since 1985. He holds a BS (Hons) in electrical engineering from M.I.T. and an
MS in management from the Sloan School at M.I.T.. Huachen Chen holds a BS in
Materials Science and Engineering from Cornel University, an MS in the same
subject from Northwestern University and an MBA from University of California,
Berkeley. He joined RCM in 1984 and has managed technology portfolios with
Walter Price since 1990.

Walter and Huachen are based in San Francisco and are supported by two
portfolio analysts as well as five US technology analysts, three technology
analysts based in Europe and one based in Asia. In addition they are able to
draw upon the resources of the RCM Global Economic Policy unit and other RCM
sector analysts.

New management and administrative arrangements

It is anticipated that the new manager will take over management of the Company
in April on terms that are substantially similar to those which currently
apply. RCM will charge an investment management fee of one per cent per annum
calculated in relation to the Company's market capitalisation. An annual
performance fee will also be payable to RCM where they out perform the
Company's benchmark index, the Dow Jones World Technology Index (sterling
adjusted on a total return basis). The fee will continue to be subject to high
water mark provisions.

In addition to the investment management fee, a company secretarial fee of £
50,000 will be payable annually to RCM.

The notice period in relation to the investment management of the Company will
be 12 months (as currently) following an initial 2 year period.

Investment objective and policy

The Company's investment objective and policy - investing principally in the
equity securities of quoted technology companies on a worldwide basis - will
remain unchanged.

However, it is expected that when the new manager assumes responsibility for
the Company's portfolio, it will be rebalanced to reflect RCM's views on
current markets, trends and investment opportunities. At present this would
result in a significantly higher initial weighting in larger capitalisation
securities and a reduced allocation to the UK and Europe.

Change of name

The Board intends that the Company's name should be changed to the `RCM
Technology Trust PLC' and intends to put a resolution to shareholders at the
forthcoming AGM accordingly.

Costs

The Company intends to serve notice to terminate its contract with Close
Investments Limited, the current manager. Under a prior agreement this notice,
if served before 24 April 2007, will be deemed to have been served on 24
October 2006. The Board is in discussions with Close Investments regarding
termination arrangements and will seek to minimise the costs of termination,
including portfolio realignment costs.

Enquiries

Nathan Brown/Jane Lewis
Winterflood Investment Trusts
Tel. [phone]