SAR Disclosure

Finsbury Life Sciences Inv Tst PLC
18 September 2000

                                                      FORM SAR 5


                                       Date of disclosure.18 SEPTEMBER 2000

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

                 
Date of sale...15 SEPTEMBER 2000

Sale of..FINSBURY LIFE SCIENCES (name of company)


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

    .ORDINARY                 500,000         shares    .....................
                              ...N/A..........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)

    7,800,000  (25.91%)   ...............(    %)    .............(25.91%)


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

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

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


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

(Also print name of signatory).PAUL DAVID SHORE

Telephone and extension number.J DENNIS 020 7710 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: 020 7382 9026.