Holding under SAR 5

FINSBURY TECHNOLOGY TRUST PLC
                                                                      FORM SAR 5

                                        Date of Disclosure... 13/10/99 .......


DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ('SARs')

Date of sale...... 12TH OCTOBER 1999 ..........................................

Sale of........... FINSBURY TECHNOLOGY TRUST ................ (name of company)


(1) Class of voting shares     Number of shares/rights   If rights over shares 
    (e.g. ordinary shares)     over shares sold          sold, as opposed to the
                                                         shares themselves, 
                                                         specify nature of
                                                         rights

    ORDINARY ............     500,000...........shares

                              ..................rights   .......................


(2) Resultant total holding   Resultant total holding    Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)


    3,756,000 ... (14.15%)    ............... (    %)   14.15 ......(  %)


(3) Party making disclosure .. THE EQUITABLE LIFE ASSURANCE SOCIETY ...........

(4) (a) Name of person selling shares or rights over shares
        and, if different, beneficial owner THE EQUITABLE LIFE ASSURANCE SOCIETY

    (b) Names of any other persons acting by agreement or understanding

        ........................................................................

Signed, for and on behalf of the party named in (3) above ......................

(Also print name of signatory) ........ SHEILA MARY BATES ......................

Telephone and extension number ........ J DENNIS 0171 710 3744 .................

                        ___________________________________

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Tel No: 
0171 382 9026.