Portfolio Update

Finsbury Emerging Biotechnology Tst
05 July 2005



                                                                     5 July 2005





                             FINSBURY EMERGING BIOTECHNOLOGY TRUST PLC
                                          (the "Company")

                              QUARTERLY STATEMENT OF INVESTMENTS





In compliance with the Listing Rules - Chapter 21 Investment Entities (I)(ii),
the Company discloses the following:



  • Investments valuing greater than 5% of the Company's gross assets comprise
    the following:


Company Name                                                       Value of Investment at       % of Total
                                                                                             Portfolio  Assets
                                                                        30 June 2005
Merlin Fund LP                                                            2,773,234                9.70
Amgen                                                                     2,192,474                7.67
Genzyme Corp General Division                                             1,659,021                5.80
Medimmume Inc.                                                            1,460,883                5.11





  • The ten largest investments held by the Company comprise the following:


Company Name                                                       Value of Investment at       % of Total
                                                                                             Portfolio Assets
                                                                       30 June 2005

Merlin Fund LP                                                            2,773,234                9.70
Amgen                                                                     2,192,474                7.67
Genzyme Corp General Division                                             1,659,021                5.80
Medimmume Inc.                                                            1,460,883                5.11
Vectura Group Ord                                                         1,401,375                4.90
Ark Therapeutics Group Ord                                                1,163,375                4.07
Decode Genetics                                                           1,112,425                3.89
Abgenix                                                                   1,003,459                3.51
Anadys Pharmaceuticals                                                     946,369                 3.31
Neurosearch                                                                932,297                 3.26







                                    - ENDS -



For further information please contact:

Tracey Lago, Company Secretary
Close Finsbury Asset Management Limited
Telephone: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange