Portfolio Update

3 January 2007

                   FINSBURY EMERGING BIOTECHNOLOGY TRUST PLC                   
                                (the "Company")                                

                      QUARTERLY STATEMENT OF INVESTMENTS                       

In compliance with the Listing Rules - Chapter 21 Investment Entities (I)(ii),
the Company discloses the following:

  * Investments valuing greater than 5% of the Company's gross assets comprise
    the following:
   
Company Name                                 Value of Investment   % of Total  
                                             at 31 December 2006    Portfolio  
                                                                     Assets    
                                                                               
AMGEN COM USD0.0001                               6,331,367           8.39     
GENENTECH INC COM STK USD0.02 NPV                 4,803,822           6.36     
BIOGEN IDEC COM USD0.0005                         4,743,469           6.28     
GENZYME CORP GENERAL DIVISION COM USD0.01         4,275,646           5.66     
INTERMUNE INC COM STK USD.001                     4,192,274           5.55     

  * The ten largest investments held by the Company comprise the following:
   
Company Name                                 Value of Investment   % of Total  
                                             at 31 December 2006    Portfolio  
                                                                     Assets    
                                                                               
AMGEN COM USD0.0001                               6,331,367           8.39     
GENENTECH INC COM STK USD0.02 NPV                 4,803,822           6.36     
BIOGEN IDEC COM USD0.0005                         4,743,469           6.28     
GENZYME CORP GENERAL DIVISION COM USD0.01         4,275,646           5.66     
INTERMUNE INC COM STK USD.001                     4,192,274           5.55     
MEDIMMUNE INC COM USD0.01                         3,173,594           4.20     
GILEAD SCIENCES INC COM USD0.001                  3,148,302           4.17     
ACHILLION PHARMACEUTICALS USD0.001                2,823,355           3.74     
GEN-PROBE INC USD0.0001                           2,432,680           3.22     
INDEVUS PHARMACEUTICALS INC USD0.001              2,414,685           3.20     

                  

For further information please contact:
Mark Pope, Company Secretary
Close Investments Limited
Telephone: [phone]