Final Results

Finsbury Life Sciences Inv Tst PLC
19 June 2000

                                                                              
FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

Preliminary results for the year ended 31 March 2000

*    NAV increases by 120.2%.
*    Share price increases by 150.4%.
*    Share price discount reduced from 19.8% to 8.8% during the year.

Finsbury Life Sciences Investment Trust PLC, which invests in life science
companies based in the UK, Western Europe (including Scandinavia) or Israel,
with particular emphasis on biotechnology, today announces preliminary results
for the year ended 31 March 2000.

Performance in the year ended 31 March 2000

                                         Year ended    Year ended
                                           31 March      31 March
                                               2000          1999
Gains/(losses) on  investments (£'000)       33,936       (4,633)
Total return/(deficit) per share              98.8p       (15.8)p
Net assets per share                         181.0p         82.2p
Percentage increase/(decline) in             120.2%       (16.5)%
net asset value per share
Percentage increase in FTSE  All               7.5%          4.1%
Share Index
Percentage increase/(decline) in             153.7%       (37.4)%
Lehman's UK/Europe Biotechnology
Index

Performance since inception (June 1997)
Percentage increase in net asset              86.6%
value per share
Percentage increase in FTSE  All              42.2%
Share Index
Percentage increase/(decline) in              22.8%
Lehman's UK/Europe Biotechnology
Index

For and on behalf of Close Finsbury Asset Management Ltd - Secretary

19 June 2000

The following are attached:
* Chairman's Statement                * Cash Flow Statement
* Statement of Total Return           * Note to the accounts
* Balance Sheet of the Company

For further information please contact:
Dr Andrew Clark, Reabourne Ltd                              020 7426 6288
Colin Edge, Close Finsbury Asset Management Ltd             020 7426 6233
Alastair Smith, Close Finsbury Asset Management Ltd         020 7426 6240
Fiona Harris, Quill Communications                          020 7618 8905



Chairman's Statement

Performance

During the year ended 31 March 2000 the Trust's net asset value per share
('NAV') rose by 120.2% from 82.2p to 181.0p. This compares with an increase of
153.7% in the Lehman's UK and European Biotechnology Index and of 7.5% in the
FTSE All-Share Index. The latter is our benchmark index.  Since the Trust was
launched in June 1997, NAV has increased by 86.6% against increases of 22.8%
in the Lehman's UK and European Biotechnology Index and 42.4% in the FTSE All-
Share Index.

It is pleasing to note that the strong NAV performance has been reflected in
the share price, which increased from 65.9p to 165.0p during the year. This
movement has led to a reduction in the discount of the share price to NAV from
19.8% to 8.8%.

Results and dividend

The total return for the year ended 31 March 2000 was 98.8p per share (1999:
deficit of 15.8p). This was made up of a revenue shortfall of 0.5p per share
(1999: 0.6p) and a capital return of 99.3p per share (1999: deficit of 16.4p).

During the year the Trust became more fully invested leading to a fall in
income received. This fall arose on account of the very low yields on the
shares of life science companies. Under these circumstances the Directors
consider that it would be inappropriate to recommend the payment of a dividend
for the year ended 31 March 2000 (1999: 0.4p).

Management

In 1999 Rea Brothers Group PLC, the ultimate parent company of the Investment
Manager, was acquired by Close Brothers Group PLC. We look forward to working
with Close Brothers in the future.

Change of name

At the Extraordinary General Meeting held on 21 September 1999 shareholders
approved the change of the name of the Trust from Reabourne Merlin Life
Sciences Investment Trust PLC to Finsbury Life Sciences Investment Trust PLC.
This change became effective on 22 September 1999.

AITC marketing

In the last quarter of 1999 the Association of Investment Trusts ('AITC')
launched the 'its' campaign which aims to inform the public of the benefits of
investment trusts. The Board supports this attempt to raise the profile of the
industry and has subscribed to the campaign.

Review of year and outlook

The last year has been one of significant progress for the sector and has seen
the first pure biotechnology company, Celltech, enter the FTSE 100 Index.
After years of extensive research an increasing number of biotechnology
companies have either obtained approval for their products or are in late
stage trials. These improved prospects, combined with the publicity
surrounding the human genome project, led to a significant re-rating of many
European life science companies during the last half of 1999 and the first
quarter of 2000.

Sentiment towards the sector has been further bolstered by increased corporate
activity. This has included Celltech merging first with Chiroscience and then
Medeva, and the merger between Shire Pharmaceuticals and Roberts
Pharmaceuticals of the US. We consider that further consolidation will follow.
Aware of the improving prospects for biotechnology companies, the Board put in
place a £5m borrowing facility during the year. It is anticipated that a high
proportion of the facility will be employed to invest in IPOs, which are
beginning to come to the market at realistic valuations.

Since last March there has been a widely publicised correction in technology
related stocks. Although this has impacted on the portfolio, the NAV is still
showing significant gains over the position a year ago and at 31 May 2000 the
unaudited NAV stood at 170.5p and the share price was 160.5p. It is likely
that the share prices of biotechnology companies will continue to exhibit
exceptional volatility. We are nonetheless encouraged by the improved
sentiment towards the sector and believe the Trust offers the potential for
significant capital growth.

Annual General Meeting

The Annual General Meeting of the Trust will be held at the City of London
Club, 19 Old Broad Street, London EC2 on 20 July 2000 and I hope as many
shareholders as are able will attend. This will be an opportunity to meet the
Board and to hear presentations from Dr Andrew Clark, the fund manager, and
Peter Keen of Merlin Biosciences.

John Sclater, Chairman

19 June 2000


FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC
Statement of Total Return
for the year ended 31 March 2000

                                                              
                                                                 
                           Revenue   Capita    Total   Revenue  Capital  Total
                              2000     2000     2000      1999     1999   1999
                              £000    £'000     £000      £000     £000   £000
                                                                 
Gains/(losses) on               -    33,936   33,936        -   (4,633)(4,633)
investments                                                
Exchange gains/(losses)         -        21       21        -      (22)   (22)
on currency balances
Income (see note 2)            79         -       79      412        -     412
Investment management fee       -   (4,058)   (4,058)       -     (331)  (331)
Other expenses               (223)        -     (223)    (168)       -   (168)
                             _____  _______   ______     _____   ______  _____
Net return before finance    (144)   28,899   29,755       244  (4,986)(4,742)
costs and taxation              
                                                                 
Interest payable and           (6)        -       (6)      (15)       -   (15)
similar charges
                             _____    ______   ______      ___  _______ _____
Return on ordinary           (150)    28,899   29,749      229  (4,986)(4,757)
activities before                
taxation
Taxation on ordinary           (2)         -       (2)     (66)     58     (8)
activities
                             _____    ______    ______     ___  ______ _______
Return on ordinary           (152)    29,899    29,747     163  (4,928)(4,765)
activities after                   
taxation
Dividends on ordinary           -          -        -     (120)      -   (120)
shares (equity)
                             _____   ______    ______       __   _____  _____ 
Transfer (from)/to           (152)   29,899    29,747       43  (4,928)(4,885)
reserves                           
                             _____   ______    ______      ____  _____  _____
(Deficit)/return per        (0.5p)    99.3p     98.8p      0.6p (16.4p)(15.8p)
ordinary share - pence


FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

Balance Sheet
at 31 March 2000

                             2000    1999
                             £000    £000
                                         
Fixed Asset Investments    55,126  24,668
                           ______  ______              
                                         
Current Assets                           
Debtors                       359      12
Cash at Bank                2,846     487
                            _____     ___             
                            3,205     499
                                         
Creditors                                
Amounts falling due        (3,841)   (424)
within one year  
                           _______    ____               
Net current                  (636)      75
(liabilities)/assets
                           _______  ______
Net assets                 54,490   24,743
                                         
                                         
Capital and reserves                     
Called up share capital     7,525    7,525
Share premium account      21,679   21,679
Capital reserve -           2,733       96
realised
Capital reserve -          22,364   (4,898)     
unrealised                        
Revenue reserve               189      341
                           ______    ______          
Total shareholders'        54,490    24,743
funds                      ______    ______ 
                                         
Net asset value per        181.0p     82.2p
ordinary share



FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC

Cash Flow Statement
for the year ended 31 March 2000

                             2000      1999
                             £000      £000
                                         
Net cash outflow from        (465)     (188)
operating activities        _____     _____            
                                         
Servicing of finance                     
Interest paid                 (6)      (15)
                             ____      ____
Net cash flow from            (6)      (15)
servicing of finance         ____      ____
                                         
                                         
Taxation                                 
Taxation paid                   -      (66)
                              ____     ____
Total taxation paid             -      (66)
                              _____    ____           
                                           
Financial investment                     
Purchase of investments    (13,290) (14,007)
                              
Sales of investments         16,421   6,499
                             ______    _____
Net cash inflow/(outflow)     3,131   (7,508)
from financial investment    ______   _______                   

                                         
                                         
Equity dividends paid         (301)        -
Increase/(decrease) in        2,359   (7,777)
cash                                    


Notes

1.   Revenue Account

     The revenue column of the Statement of Total Return represents the
     revenue account of the Company.

2.   Income

     Income for the year was derived from the following sources:

                                            2000      1999
                                            £000      £000

     Income from listed investments           58       304
     Other operating income                   21       108
                                              __       ___
     Total                                    79       412

3    Restatement

     In  accordance with Financial Reporting Standard ('FRS') 16 'Current
     Taxation' income from UK equity investments is recorded net of any tax
     credit.  The figures for the year ended 31 March 1999 are unaffected
     because there was no franked investment income in that year. There is no
     impact on the net assets for the year or prior year.

4    Return per share

     The revenue deficit per share is calculated by dividing the net revenue
     deficit available for shareholders of £152,000 (1999: £163,000) by the
     30,100,000 shares which were in issue throughout the year.  Capital
     return is calculated by dividing the net capital return available for
     shareholders of £29,899,000 (1999: deficit of £4,928,000) by the
     30,100,000 shares which were in issue throughout the year.

5    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 signed or filed with the
     Registrar of Companies.

     The accounts for 1999 have been delivered to the Registrar of Companies
     and those for 2000 will be despatched to shareholders shortly.  The 1999
     accounts 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 Ltd