Final Results

Finsbury Technology Trust PLC
04 March 2004



To: City Editors Embargo for release
                                                 7.00am. Wednesday, 4 March 2004

                         Finsbury Technology Trust PLC


            Preliminary results for the year ended 30 November 2003

Finsbury Technology Trust PLC today announces preliminary results for the year
ended 30 November 2003.

Financial Summary

                                      (unaudited)      (audited)      % Change
                                                                      ----------
                                        30 November    30 November
                                             2003           2002            

Net Assets                                  £68.2m         £49.8m        +36.9
Net Asset Value per share                   246.8p         180.3p        +36.9
Share Price                                 210.0p         171.0p        +22.8
Discount                                     14.9%           5.2%            -
MSCI World Index (sterling adjusted
without dividends reinvested)               1,362          1,286          +5.9
The Company has not generated significant income and the Directors are not
proposing a dividend for the year (2002: nil).

For and on behalf of Close Finsbury Asset Management Limited - Company Secretary
4 March 2004



The following are attached:

• Chairman's Statement
• Statement of Total Return
• Balance Sheet
• Cash Flow Statement
• Notes to the Preliminary Results

For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited          020 7426 6240
Tracey Gower, Close Finsbury Asset Management Limited            020 7426 6219
Michael Bourne, Reabourne Technology Investment Management Ltd   020 7422 7801
Jo Stonier, Quill Communications                                 020 7763 6970

Chairman's Statement

Results
In the year ended 30 November 2003, the net asset value per share rose by 36.9%
from 180.3p to 246.8p. This compares with an increase of 19.8% in the NASDAQ
Composite Index (sterling adjusted) and of 5.9% in the MSCI World Index, which
is our benchmark index.

During the year ended 30 November 2003, the Company's share price rose by 22.8%
from 171.0p to 210.0p.

Statement of Total Return
The total return per share for the year was 66.5p (2002: deficit of 141.4p) made
up of a revenue deficit of 2.8p (2002: deficit of 2.9p) and a capital return of
69.3p (2002: deficit of 138.5p).

Dividends
The investments making up the Company's investment portfolio typically provide a
very low yield. No dividend has been declared in respect of the year ended 30
November 2003 (2002: nil) and it is unlikely that a dividend will be paid in the
foreseeable future.

Corporate Governance and The Board
A number of changes to the corporate governance requirements for listed
companies generally, and to the rules governing investment companies in
particular, have been announced in recent months. The Board is continuing to
review its structure, composition and procedures and will make such changes as
are necessary to comply with best practice, while ensuring that the directors
continue to represent the skills and experience necessary to lead the Company
effectively.

Outlook
It is pleasing to note that the technology sector worldwide has recovered
considerably from an extremely depressed state. This could leave markets prone
to periodic bouts of profit taking as investors remember the troubles of recent
years. Despite this risk, I think that there is clear evidence developing that
there is renewed growth and the promise of many new technologies is moving much
closer to mass deployment. I therefore anticipate that there will be
considerable growth in the sector in the years ahead and I continue to be
optimistic about the prospects for this Company.

Annual General Meeting

The Annual General meeting will be held at 10 Crown Place, London EC2A 4FT, on
27 April 2004 at 12.00 noon and I hope as many shareholders as possible will be
able to attend. Representatives of our investment adviser, Reabourne Technology
Investment Management Limited, will make a presentation after the meeting.

Bryan Lenygon, Chairman
4 March 2004



Statement of Total Return
incorporating the revenue account for the year ended 30 November 2003

                                       (unaudited)                      (audited)
                         Revenue   Capital    Total     Revenue   Capital     Total
                            2003      2003     2003        2002      2002      2002
                            £000      £000     £000        £000      £000      £000
                         -------   -------  -------     -------   -------   -------

Gains/(losses) on
investments                    -    20,940   20,940           -   (38,213)  (38,213)
Exchange losses on
currency balances              -      (204)    (204)          -       (55)      (55)
Income (see note 2)          273         -      273         327         -       327
Investment
management fee              (627)   (1,583)  (2,210)       (666)        -      (666)
(see note 3)
Other expenses              (377)        -     (377)       (427)        -      (427)
------------------       -------   -------  -------     -------   -------   -------

Net (loss)/return
before finance
costs and taxation          (731)   19,153   18,422        (766)  (38,268)  (39,034)
------------------                                                            
Interest payable             (31)        -      (31)        (12)        -       (12)
and similar charges
------------------         -------   -------  -------     -------   -------   -------

(Loss)/return on
ordinary activities
before taxation             (762)   19,153   18,391        (778)  (38,268)  (39,046)
Taxation on
ordinary activities          (22)        -      (22)        (11)        -       (11)
------------------         -------   -------  -------     -------   -------   -------

Transfer (from)/to
reserves                    (784)   19,153   18,369        (789)  (38,268)  (39,057)
------------------         -------   -------  -------     -------   -------   -------

(Loss)/return per
Ordinary share (see
note 4)                     (2.8p)    69.3p    66.5p       (2.9p)  (138.5p)  (141.4p)

All revenue and capital items in the above statement derive from continuing
operations.



Balance Sheet

as at 30 November 2003

                                                  (unaudited)        (audited)
                                                         2003             2002
                                                         £000             £000
---------------------                                 ---------         --------

Fixed Asset Investments                                71,188           50,053

Current Assets
Debtors                                                   285              315
Cash at bank                                               24              704
---------------------                                 ---------         --------
                                                          309            1,019

Creditors
Amounts falling due within one year                    (3,340)          (1,284)
---------------------                                 ---------         --------
Net current liabilities                                (3,031)            (265)
---------------------                                 ---------         --------
Net assets                                             68,157           49,788
---------------------                                 ---------         --------

Capital and reserves
Called up share capital                                 6,904            6,904
Share premium account                                  23,488           23,488
Capital reserve - realised                             45,868           58,264
Capital reserve - unrealised                           (1,451)         (33,000)
Revenue reserve                                        (6,652)          (5,868)
---------------------                                 ---------         --------
Total shareholders' funds                              68,157           49,788
---------------------                                 ---------         --------
                       
Net asset value per Ordinary                            246.8p           180.3p
share (see note 5)
---------------------                                 ---------         --------




Cash Flow Statement

for the year ended 30 November 2003

                                                  (unaudited)        (audited)
                                                         2003             2002
                                                         £000             £000
----------------------                               ----------         --------

Net cash (outflow)/inflow from operating
activities                                               (741)           1,494

Servicing of finance

Bank overdraft and loan interest paid                     (31)             (12)

Taxation

Tax recovered                                               1                -

Financial investment

Purchases of investments                              (28,860)         (25,998)
Sales of investments                                   28,016           25,046
----------------------                               ----------         --------
Net cash outflow from financial investments              (844)            (952)

Financing

Drawdown of loans                                       1,100                -
----------------------                               ----------         --------
Net cash inflow from financing                          1,100                -
----------------------                               ----------         --------
(Decrease)/increase in cash                              (515)             530
----------------------                               ----------         --------

Reconciliation of net cash flow to movement
in net (debt)/funds
(Decrease)/increase in cash as above                     (515)             530
Cash inflow from drawdown of loan                      (1,100)               -
Exchange movements                                       (204)             (55)
----------------------                               ----------         --------
Movement in net (debt)/funds                           (1,819)             475
Net funds at 1 December                                   704              229
----------------------                               ----------         --------
Net (debt)/funds at 30 November                        (1,115)             704
----------------------                               ----------         --------





Notes to the Accounts

1 Accounting Policies

The figures in this announcement have been prepared using accounting policies
that are consistent with those adopted in the last published set of accounts.

2 Income

Income for the year was derived from the following sources:

                                                          2003            2002
                                                          £000            £000

Income from investments                                    257             317
Interest receivable and other income                        16              10
-------------------------                             ----------      ----------
Total                                                      273             327
                                                      ----------      ----------

3 Investment Management Fees

                 Revenue    Capital    Total    Revenue    Capital    Total
                    2003       2003     2003       2002       2002     2002
                    £000       £000     £000       £000       £000     £000

Periodic fee         589          -      589        607          -      607
Performance fee        -      1,488    1,488          -          -        -
Irrecoverable         38         95      133         59          -       59
VAT thereon
-----------        -------    -------  -------    -------    -------  -------
 Total               627      1,583    2,210        666          -      666
-----------        -------    -------  -------    -------    -------  -------

4. (Loss)/Return Per Ordinary Share

The revenue loss per Ordinary share is based upon the loss attributable to
Ordinary shareholders of £784,000 (2002: £789,000) and 27,615,312 (2002:
27,615,312) Ordinary shares being the weighted average in issue during the year.

Capital return per Ordinary share is based upon net capital gains attributable
to Ordinary shareholders of £19,153,000 (2002: losses of £38,268,000) and
27,615,312 (2002: 27,615,312) Ordinary shares being the weighted average in
issue during the year.

5. Net Asset Value Per Ordinary Share

The net asset value per Ordinary share is based on the net assets attributable
to equity shareholders of £68,157,000 (2002: £49,788,000) and on 27,615,312
(2002: 27,615,312) Ordinary shares in issue at 30 November 2003.



Notes to the Accounts (con't)


6. Comparative Information

These accounts are not statutory accounts. The above results have been agreed
with the auditors and are an abridged version of the Company's full draft
accounts, which have not yet been approved, audited or filed with the Registrar
of Companies.

Statutory accounts for the year ended 30 November 2002 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain statements under Section 237 (2) and (3) of the Companies
Act 1985.


Close Finsbury Asset Management Limited - Company Secretary
4 March 2004





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