Net Asset Value(s)

Finsbury Emerging Biotechnology Tst
31 January 2006

FINSBURY EMERGING BIOTECHNOLOGY TRUST PLC

NET ASSET VALUE

The estimated unaudited net asset value, calculated in accordance with the
guidelines of the Association of Investment Trust Companies, for Finsbury
Emerging Biotechnology Trust PLC at the close of business on 30 January 2006 was
122.86p (ex income).

The estimated NAV above includes the Company's interest in the Merlin Fund LP 
('Merlin'), which holds listed investments, cash and unlisted investments.  The
Company's pro rata share of unquoted securities in Merlin represents 3.0% of the
Company's estimated net asset value.  The pro rata share of the listed
securities and cash in Merlin represent 3.9% and 0.3% respectively of the
Company's estimated NAV.  The Company also holds unquoted securities
representing a further 2.1% of the Company's estimated net asset value.

For and on behalf of the Board

Close Finsbury Asset Management Limited

Secretary

31 January 2006


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