Final Results

Finsbury Worldwide Pharm Tst PLC
20 June 2002


To:      City Editors                                For immediate release
                                                     Thursday 20 June 2002


               Finsbury Worldwide Pharmaceutical Trust PLC


Finsbury Worldwide Pharmaceutical Trust PLC today announces preliminary results
for the year ended 31 March 2002 which showed a 6.5% increase in net asset value
per share.


Financial Highlights                                      Year ended           Year ended
                                                       31 March 2002        31 March 2001                  %
                                                         (unaudited)          (audited)                 change
                                                                          
Total Assets(i)                                              £269.0m              £238.1m                13.0
Shareholders' Funds                                          £219.1m              £202.3m                 8.3
Net asset value per share                                     557.6p               523.6p                 6.5
Share price                                                   571.5p               495.5p                15.3
Premium/(discount)                                              2.4%               (5.4)%                   -
Datastream Pharmaceuctical                                   8,049.1              7,753.3                 3.8
Index (total return, sterling adjusted)

(i) including bank loans/overdrafts


Net asset value per share                               As at 17 June 2002
                                                               (unaudited)
                                                                    438.2p


Chairman, Sir Stuart Burgess, commented:

'This has been another good year for the Trust with net assets per share
outperforming the benchmark index and maintaining the unbroken sequence of
annual increases since the Company's formation in 1995.

'The Board believes the pharmaceutical and biotechnology sectors will remain an
attractive area for long-term investment despite the present difficult market
conditions.'

The Directors are proposing a final dividend of 1.6p (2001: 2.0p) per Ordinary
share, payable on 16 August 2002 to equity shareholders on the register of
members at the close of business on 28 June 2002.


                                    - ENDS -

The following are attached:

•       Chairman's Statement
•       Statement of Total Return
•       Balance Sheet for the Company
•       Cash Flow Statement
•       Notes


For further information please contact:-


Alastair Smith        Close Finsbury Asset Management Limited      020 7426 6240

Fiona Harris          Quill Communications                         020 7763 6970

Sir Stuart Burgess    Chairman                                      01494 431579



FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC
2002 Chairman's Statement


Performance

The Company has had another good year despite the generally difficult market
conditions and unusual turbulence during the period.  Net assets per share grew
by 6.5% from 523.6p to 557.6p representing an out-performance of 2.7% against
the Company's benchmark index, the Datastream Worldwide Pharmaceutical Index
(total return).  This is the sixth consecutive annual rise in net assets per
share bringing the aggregate increase since the Company's formation in 1995 to
481% compared with 262% for the benchmark index.

The Company's relatively strong performance contributed to a 15.3% increase in
the share price during the year and throughout the year shares generally traded
at a premium.

I am delighted that the Company's excellent track record has been recognised by
Standard & Poor's 2002 award for the best Trust in the Specialist BioTech and
Life Sciences sector.

The Trust's performance since the end of March 2002 has been disappointing. The
combination of a sharp downturn in the general equity market with specific
factors affecting selected pharmaceutical and biotechnology companies has
produced a significant drop in net assets. On 17 June the value of net assets
per share was 438.2p.  The underlying fundamentals of the worldwide
pharmaceutical and biotechnology sectors, however, remain intact and the Board
believes that these will continue to offer an attractive long-term investment.

Gearing

As at 31 March 2002, the Trust's loan facility of £50 million was fully drawn
down and invested in the stock market, making borrowings 19% of total assets.

Share Issues

With the shares trading at a premium to net asset value for much of the year,
the Company has been able to issue a total of 650,000 shares at a small premium
to net asset value, raising approximately £3.8 million.  The Board intends to
issue further shares as and when appropriate opportunities arise.

Marketing

During the year we have continued the targeted shareholder relations programme
started in 2000 to promote the Company to intermediaries and to discretionary
private client managers.  The success of the programme has resulted in a 20%
increase in the shares held within Close Finsbury's retail plans and increasing
interest in the shares by private investors generally.

The Board continues to support promotions of the Company's shares by way of
specific marketing initiatives to broaden the shareholder base.


Revenue and Dividends

Total revenue for the year rose to over £2.0 million (2001: £1.9 million) and
the Board is proposing a final dividend of 1.6 per share (2001: 2.0p) which will
maintain the Company's investment trust status.  The dividend will, subject to
shareholders' approval, be payable on 16 August 2002 to shareholders on the
register on 28 June 2002.

Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Close
Finsbury Asset Management Limited on 8 August 2002.  I do hope as many
shareholders as possible will attend.  This will be an opportunity not just to
meet with the Board but also to hear from the Company's investment adviser, Mr
Samuel Isaly.



Sir Stuart Burgess
Chairman
20 June 2002



Finsbury Worldwide Pharmaceutical Trust PLC


Statement of Total Return
Incorporating the revenue account for the year ended 31 March
2002


                                                Revenue      Capital       Total      Revenue     Capital       Total
                                                    2002         2002      2002           2001       2001        2001
                                                   £'000        £'000      £'000         £'000     £'000        £'000

Gains on investments                                  -        21,826      21,826           -      38,765      38,765

Exchange losses on currency balances                  -          (21)        (21)           -     (1,461)     (1,461)

                                                      
Income                                            1,974             -       1,974       1,856           -       1,856
Investment management and performance
fees                                                  -       (6,965)     (6,965)           -     (3,388)     (3,388)
                                                    
Other expenses                                    (739)         (231)       (970)       (523)       (366)       (898)

Net return before finance costs and               1,235        14,609      15,844       1,324      33,550      34,874
taxation

Interest payable and similar charges                  -       (2,001)     (2,001)           -     (1,414)     (1,414)

Return on ordinary activities before              1,235        12,608      13,843       1,324      32,136      33,460
taxation

Taxation on ordinary activities                   (394)           142       (252)       (368)         153       (215)

Return on ordinary activities after                 841        12,750      13,591         956      32,289      33,245
taxation

Dividends on Ordinary shares (equity)             (629)             -       (629)       (773)           -       (773)

Transfer to reserves                                212        12,750      12,962         183      32,289      32,472

Return per Ordinary share - pence                  2.2p         32.7p       34.9p        2.5p       83.6p       86.1p



Finsbury Worldwide Pharmaceutical Trust PLC

Balance Sheet
As at 31 March 2002

                                                                                      2002            2001
                                                                                     £'000           £'000

Fixed asset investments                                                            264,628         252,836

Current assets
Debtors                                                                              2,815             275
Cash at bank                                                                         5,769           2,731

                                                                                     8,584           3,006

Creditors
Amounts falling due within one year                                               (54,141)        (53,516)

Net current liabilities                                                           (45,557)        (50,510)


Net assets                                                                         219,071         202,326


Capital and reserves
Share capital                                                                        9,823           9,660
Share premium account                                                               46,763          43,143
Capital reserve - realised                                                          88,449          76,793
Capital reserve - unrealised                                                        73,248          72,154
Capital redemption reserve                                                             375             375
Revenue reserve                                                                        413             201

Total equity shareholders' funds                                                   219,071         202,326

Net asset value per Ordinary share                                                  557.6p          523.6p



Finsbury Worldwide Pharmaceutical Trust PLC


Cash Flow Statement
For the year ended 31 March 2002
                                                                               2002                2001
                                                                              £'000               £'000


Net cash outflow from operating activities                                 (18,952)             (3,907)

Servicing of finance
Interest paid                                                               (2,076)             (1,540)

Taxation
Taxation recovered                                                               25                  30

Financial investments
Purchases of investments                                                   (85,722)            (83,592)
Sales of investments                                                         92,643              66,711
                                                                              6,921            (16,881)

Equity dividends paid                                                         (773)               (155)

Net cash outflow before financing                                          (14,855)            (22,453)

Financing
Increase in short term loans                                                 14,131              13,144
Issue of Ordinary shares                                                      3,783                   -
Net cash inflow from financing                                               17,914              13,144

Increase/(decrease) in cash for the year                                      3,059             (9,309)


Notes:

1.     These accounts are not statutory accounts as defined by
section 240 of the Companies Act 1985. Statutory accounts for the 12 months
ended 31 March 2001 have been delivered to the Registrar of Companies and
received an audit report which was unqualified and did not contain statements
under Section 237 (2) and (3) of the Companies Act 1985. Statutory accounts for
the 12 months ended 31 March 2002 will be delivered to the Registrar of
Companies.

2.     The accounts have been prepared under the same accounting
policies as the accounts for the year ended 31 March 2001.



Close Finsbury Asset Management Limited - Secretary
20 June 2002


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