Final Results

Finsbury Life Sciences Inv Tst PLC
20 June 2001




Finsbury Life Sciences Investment Trust PLC



Preliminary results for the year ended 31 March 2001



*           Share price discount narrowed from 9.0% to 2.8%.

*           The Company substantially outperformed the sector, with the NAV
            declining by 9.8%, against a fall of 29.8% in the NASDAQ            
            Biotechnology Index and a fall of 55.1% in the Neuer Markt          
            Biotechnology Index.



Finsbury Life Sciences Trust PLC today announces preliminary results for the
year ended 31 March 2001.


                                                                     % increase

                                      31 March 2001  31 March 2000  /(decrease)

Net Asset Value per share                    163.6p         181.3p       - 9.8%
Share Price                                  159.0p         165.0p       - 3.6%
Discount                                       2.8%           9.0%           --
FTSE All Share Index (total return)         2,628.7        2,945.8       -10.8%



A dividend of 0.2p per share will be paid on 30 July 2001 to shareholders on
the register at the close of business on 6 July 2001. The shares will go
ex-dividend on 4 July 2001.



Chairman John Sclater, commented:



'The year has been one of continuing progress for the biotechnology industry.
The first draft of the human genome project has been published, there have
been great strides in bioinformatics and an ever increasing number of
companies are either bringing their products to market or are advancing to
late stage trials.



The ageing population of the developed world, combined with rapid advancements
in technology, create a very attractive environment for the biotechnology
sector and we believe that the Trust will continue to deliver positive returns
to the long term investor.'



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



19 June 2001

                                   - ENDS -

Finsbury Life Sciences Investment Trust PLC



Preliminary results for the year ended 31 March 2001



The following are attached:



*       Chairman's Statement

*       Balance Sheets of the Group and of the Company

*       Consolidated Statement of Total Return

*       Consolidated Cash Flow Statement

*       Notes to the Preliminary Results



For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited           020 7426 6240
Dr Andrew Clark, Reabourne Technology Investment Management       020 7426 6288
Limited
Colin Edge, Close Finsbury Asset Management Limited               020 7426 6233
Fiona Harris, Quill Communications                                020 7618 8905
Peter Keen, Merlin Biosciences Limited                            020 7849 6003




Finsbury Life Sciences Investment Trust PLC



Chairman's Statement



Performance



During the year ended 31 March 2001 the Trust's net asset value per share ('
NAV') declined from 181.3p to 163.6p, a fall of 9.8%. This compares with a
fall of 10.8% in the FTSE All-Share Index (total return), which is our
benchmark index.  Since the Trust was launched in June 1997 NAV has increased
by 68.7% against a gain of 36.3% in the FTSE All-Share Index (total return).



During the year the share price fell 3.6% from 165.0p to 159.0p. This movement
has led to a reduction in the discount of the share price to the NAV from 9.0%
to 2.8%.



Results and Dividend



The total deficit for the year ended 31 March 2001 was 17.5p per share (2000:
return of 99.1p). This was made up of a revenue return of 0.3p per share
(2000: deficit of 0.5p) and a capital deficit of 17.8p per share (1999: return
of 99.6p).



A final dividend of 0.2p (2000: nil) per share will be paid on 30 July 2001 to
shareholders on the register of members at the close of business on 6 July
2001. This dividend is being made in order to maintain investment trust
status, as legislation requires that the Trust retain no more than 15% of its
investment income.  Shareholders are reminded that, given the low yielding
nature of the companies in which we invest, it is likely that the Trust will
continue to provide little, if any, dividend income.



Review of year and outlook



The year has been one of continuing progress for the biotechnology industry.
The first draft of the human genome project has been published, there have
been great strides in bioinformatics and an ever increasing number of
companies are either bringing their products to market or are advancing to
late stage trials.



During the year ReNeuron became the first company held within the Merlin Fund
to achieve an IPO. The flotation occurred at a considerable premium to book
cost and, at current prices, the IPO has led to an uplift in the valuation of
the Merlin Fund of approximately £2m. It is anticipated that, subject to
market conditions, several other unquoted companies held by the Trust (both
directly and via the Merlin Fund) will undertake IPOs during the next 12
months.




It is pleasing to note that since launch the percentage of shares held by
private shareholders has increased from a negligible base to nearly 40% of the
share register.



Concerns over the slowdown in the US economy led to a decline in the share
prices of biotechnology companies during the first quarter of 2001. Despite
this fall the fundamentals of the biotechnology sector remain sound. Demand
for healthcare products is not linked to the economic cycle, but is driven
primarily by demographics.  The ageing population of the developed world,
combined with rapid advancements in technology, create a very attractive
environment for the biotechnology sector and we believe that the Trust will
continue to deliver positive returns to the long term investor.



Annual General Meeting



The Annual General Meeting of the Trust will be held on 20 July 2001 at
12.30pm at 10 Crown Place, London EC2 and I hope as many shareholders as are
able will attend. This will be an opportunity to meet not just the Board by
also to hear a presentation from Dr Andrew Clark and Peter Keen, our
investment advisers.







John Sclater, Chairman



19 June 2001






Finsbury Life Sciences Investment Trust PLC



Consolidated Statement of Total Return

incorporating the revenue account for the year ended 31 March 2001


                              Revenue Capital Total       Revenue Capital Total
                                 2001    2001  2001          2000    2000  2000
                                 £000    £000  £000          £000    £000  £000


(Loss)/gains on investments         - (4,430) (4,430)           -  34,011 34,011
Exchange (losses)/gains

on currency balances                -    (69)  (69)             -      21    21
Income                            446       -   446            79       -    79
Investment management fee           -   (772) (772)             - (4,058)(4,058)
Other expenses                  (340)       - (340)         (223)       - (223)


Net return before finance         106 (5,271) (5,165)       (144)  29,974 29,830

costs and taxation
Interest payable                  (7)   (101) (108)           (6)       -   (6)

and similar charges
Return on ordinary activities      99 (5,372) (5,273)       (150)  29,974 29,824
before taxation
Taxation on ordinary              (3)       -   (3)           (2)       -   (2)
activities


Return on ordinary activities      96 (5,372) (5,276)       (152)  29,974 29,822
after taxation
Dividends on ordinary shares
(equity)
                                 (60)       -  (60)             -       -     -


Transfer to/(from) reserves        36 (5,372) (5,336)       (152)  29,974 29,822


Return per equity share          0.3p (17.8)p (17.5)p       (0.5p)   99.6p 99.1p
                                                  




The revenue column of this statement is the profit and loss account of the
Group.

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






Finsbury Life Sciences Investment Trust PLC


                     Balance Sheets of the Group and Company

                     as at 31 March
                            Group                   Company       Company

                             2001                      2001          2000
                            £'000                     £'000         £'000

Fixed assets -              46,806                    46,806        55,201
investments


Current assets
Debtors                       359                     1,009           359
Cash at Bank                3,271                     2,621         2,846

                            3,630                     3,630         3,205

Creditors
Amounts falling due         (1,207)                   (1,207)       (3,841)
within one year
Net current assets/         2,423                     2,423         (636)
(liabilities)
Net assets                  49,229                    49,229        54,565

Capital and reserves
Called up share             7,525                     7,525         7,525
capital
Share premium               21,679                    21,679        21,679
Capital reserve -           18,149                    18,149         2,733
realised
Capital reserve -           1,651                     1,651        22,439
unrealised
Revenue reserve               225                       225           189

Total shareholders'         49,229                    49,229        54,565
funds

Net asset value per         163.6p                    163.6p        181.3p
ordinary share









Finsbury Life Sciences Investment Trust PLC



Consolidated Cash Flow Statement

for the year ended 31 March


                                                            2001           2000
                                                            £000           £000

Net cash outflow from operating activities               (4,263)          (465)

Servicing of finance

Bank overdraft and loan interest paid                      (108)            (6)

Financial investment

Purchase of investments                                 (25,840)       (13,290)
Sales of investments                                      30,694        16,421)
Net cash inflow from financial investment

                                                           4,854          3,131

Equity dividends paid                                          -          (301)


Increase in cash                                             483          2,359


Reconciliation of net cash flow to movement in
net funds
                                                             483          2,359
Exchange movements                                          (69)              -
Movement in net funds                                        414          2,359
Net funds at 1 April                                       2,846            487
Net funds at 31 March                                      3,260          2,846







Finsbury Life Sciences Investment Trust PLC



Notes



1        Revenue Account



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



2        Income



          Income for the year was derived from the following sources:


                                                         2001              2000

                                                         £000              £000

Income from listed investments                            335                58
Other operating income                                    111                21
Total                                                     446                79



3        Investment management fee


                     Revenue   Capital  Total         Revenue   Capital  Total
                        2001      2001   2001            2000      2000   2000
                        £000      £000   £000            £000      £000   £000


Periodic fee               -       660    660               -       398    398
Performance fee            -         3      3               -     3,055  3,055
Irrecoverable VAT          -       109    109               -       605    605
Total                      -       772    772               -     4,058  4,058





4        Return per share



          The revenue return per ordinary share is based on a revenue return
of £96,000 (2000: deficit of £152,000) on ordinary activities after taxation
and dividends on non-equity shares, and on 30,100,000 being the number of
ordinary shares in issue throughout the year (2000: 30,100,000). Capital
return per ordinary share is based on a net capital loss for the financial
year of £5,372,000 (2000: gain of £29,974,000) and on 30,100,000 (2000:
30,100,000) ordinary shares as above.



Finsbury Life Sciences Investment Trust PLC



Notes (continued)





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 2000 have been delivered to the Registrar of
Companies and those for 2001 will be despatched to shareholders shortly.  The
2000 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 Limited - Secretary

19 June 2001