Management Arrangements

FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

INVESTMENT MANAGEMENT AND ADMINISTRATIVE ARRANGEMENTS

10 April 2007

The Board of Finsbury Worldwide Pharmaceutical Trust PLC (the "Company")
announces the following changes to the Company's management and administration
arrangements.

Management, Administration and Company Secretarial Agreement

The Company has entered into a new management, administration and company
secretarial agreement (the "Management, Administration and Company Secretarial
Agreement") with Frostrow Capital LLP ("Frostrow"). Frostrow is a new firm
established to provide specialist management, administration, company
secretarial and marketing services to investment companies and is authorised
and regulated in the UK by the Financial Services Authority. The management
team at Frostrow are all former employees of Close Investments Limited
("Close") and the board is satisfied that, given the continuity of the
individuals providing these services to the Company, a continued high level of
service will be provided. Under the terms of this new agreement the Board
estimates that the Company will save in excess of £500,000 per annum. OrbiMed
Capital LLC has a minority interest in Frostrow.

These changes have arisen as a consequence of the Close decision to cease to
provide management, administration and company secretarial services to
investment trust companies such as the Company. The Board would like to thank
Close for its dedication and long association with the Company.

Under the Management, Administration and Company Secretarial Agreement,
Frostrow will receive:

  * a periodic fee equal to 0.30% per annum of the Company's market
    capitalisation up to £150 million of such market capitalisation and 0.20%
    per annum on market capitalisation in excess of £150 million plus a fixed
    amount equal to £50,000 per annum.
   
  * a performance fee amounting to 1.5% of any out-performance of the net asset
    value over the benchmark index.
   
The notice period on the Management, Administration and Company Secretarial
Agreement will be 12 months (following an initial 12 month period).

Investment Management Agreement

The Company has entered into a new investment management agreement (the
"Investment Management Agreement") with OrbiMed Capital LLC ("OrbiMed") under
which OrbiMed will continue to provide discretionary investment management
services to the Company under the same terms as before.

Comparison with current fee arrangements

The Company's current periodic fee is equal to 1% per annum of the Company's
net asset value: 0.65% of which is paid to OrbiMed and 0.35% to the Company's
current investment manager, Close. Close has also received to date a fixed fee
of £150,000 per annum and a generic marketing fee of £140,000 per annum. As at
the date of this announcement the above new fee arrangements equate to an
aggregate fee equivalent to approximately 0.90% per annum of the Company's net
assets. In addition Frostrow will receive a fixed fee of £50,000 per annum.

The calculation basis of the performance fee under the Investment Management
Agreement is unchanged from the current arrangements.

Timetable and Costs

It is intended that the Investment Management Agreement and the Management,
Administration and Company Secretarial Agreement will come into effect from 10
April 2007. Fees payable under the New Management, Administration and Company
Secretarial Agreement will apply from 1 July 2007.

The Company served notice to terminate its existing agreements with Close on 22
September 2006. There will be no material costs of termination.

Enquiries

Ian Ivory

Chairman

Finsbury Worldwide Pharmaceutical Trust PLC

Tel. [phone]

Alastair Smith

Frostrow Capital LLP

Tel. [phone]

Nathan Brown/Jane Lewis

Winterflood Investment Trusts

Tel. [phone]

Notes to Editors:

Frostrow Capital is an independent boutique provider of management services to
investment companies. Frostrow is exclusively dedicated to performing the
entire executive function for investment companies, with the exception of
portfolio management.

Headed by Alastair Smith, formerly Managing Director of Close Finsbury Asset
Management and previously Head of Investment Trust Operations at Schroders,
Frostrow Capital is majority owned by its executive team including Grant
Challis, Mark Pope and Tracy Arthur. All four were previously part of the
Investment Trust team within the Close Investments subsidiary of Close Brothers
Group plc.