Final Results

Finsbury Worldwide Pharm Tst PLC
01 June 2005



                                                                    NEWS RELEASE
To: City Editors                                           For immediate release
1 June 2005



Finsbury Worldwide Pharmaceutical Trust PLC today announces preliminary results
for the year ended 31 March 2005.


Financial Highlights                      (Unaudited)       (Audited)        %
                                           Year ended      Year ended   change
                                        31 March 2005   31 March 2004

Shareholders' Funds                            £225.7m         £188.6m   +19.7*
Net asset value per share                       413.4p          480.0p   (13.9)
Share price                                     430.0p          466.0p    (7.7)
Premium/(discount)                                4.0%           (2.9%)      -
Datastream World Pharmaceutical Index
(total return, sterling adjusted)             6,173.2         6,154.4     +0.3
FTSE All-Share (total return)                 2,704.5         2,340.2    +15.6
Dividend                                          1.3p            1.3p       -
Total Expense Ratio                               0.8%            3.8%       -
(incl. performance fee but excl.
deferred fee)
Total Expense Ratio                               1.5%            1.8%       -
(excl. performance fee and deferred fee)

* includes fund raising of £67.5 million and the subsequent reduction in gearing

Chairman, Ian Ivory, commented:

'It is disappointing to report that the net asset value per share fell during
the year by 13.9%, representing an underperformance of the benchmark index of
14.2%.'

'Your Board remains enthusiastic about the prospects for the pharmaceutical
sector. Both the demographic and new product introductions should provide a
solid platform for above average growth for many years to come.'

'Board is proposing a final dividend of 1.3p per share (2004: 1.3p).'

'The first opportunity to exercise the warrants that were issued in conjunction
with the fund raising arises on 31 July 2005.'

                                    - ENDS -
The following are attached:

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

For further information please contact:-

Alastair Smith                Close Finsbury Asset Management Limited       020 7426 6240
Jo Stonier/Eleanor Clarke     Quill Communications                          020 7763 6970
Ian Ivory                     Chairman (care of the Company Secretary)      020 7426 6219



Chairman's Statement

Review of the Year and Performance

My first full year as Chairman has been one of mixed fortunes for the Company.
It is disappointing to report that the net asset value per share fell during the
year by 13.9%, representing an underperformance of the benchmark index of 14.2%.
We have always concentrated on the longer term attractions of the pharmaceutical
sector and our ten year record remains excellent. However over the shorter term
we are seeing much more volatility of the share prices of many companies in the
sector reflecting the uncertainties of major drug withdrawals and the delays in
new product introductions. The portfolio was adversely affected by several of
these problems and our relative performance has been disappointing. The sector
itself has suffered from a continuing negative attitude of investors and the
ongoing weakness of the dollar where the majority of the Company's assets are
invested.

Your Board remains enthusiastic about the prospects for the pharmaceutical
sector. Both demographic and new product introductions should provide a solid
platform for above average growth for many years to come. Our enthusiasm was
confirmed by the success of our fund raising completed in December 2004, which
raised £67.5 million of new capital for the Company, and also by shareholders
approving the continuation of the Company until 2009.

The Company's share price performed slightly better than the NAV per share,
declining by 7.7% during the year and stabilising at a premium of 4.0% as at 31
March 2005, reflecting continued demand for the Company's shares. The Board have
initiated a programme to buy back shares should the discount increase beyond 6%.
So far, the shares have continued to reflect net asset value and no shares have
been repurchased.

Gearing

During the year the Company decreased its committed borrowing facilities from
£40 million to £35 million with the uncommitted facility remaining at £10
million. The Company's borrowings decreased during the year from £37.2 million
to £24.4 million. Gearing on 31 March 2005 was 10.8%, a reduction from the
previous year's level of 19.7%. Since the year end gearing has been maintained
at this lower level reflecting the more difficult market conditions, which have
been experienced over the calendar year to date. The currency borrowings are
split in the same proportion as our assets and consequently we do not take a
view on currencies.


Revenue and Dividends

The revenue return for the year was £0.7 million (2004: £0.8 million) and the
Board is proposing a final dividend of 1.3p per share (2004: 1.3p) in order to
maintain the Company's investment trust status. The dividend will be payable on
5 August 2005 to equity shareholders on the register of members at the close of
business on 10 June 2005, the shares will go ex-dividend on 8 June 2005.

Warrants

The first opportunity to exercise the warrants that were issued in conjunction
with the fund raising arises on 31 July 2005. A circular will be sent to all
warrant holders by 30 June 2005 reminding them of this opportunity and detailing
the options available to them. There will be further opportunities to exercise
the warrants on 31 July in each of the years 2006 to 2009. The exercise price of
the warrants is 464p.


Outlook

While 2004 was a difficult year for pharmaceutical stocks; early product news
flow in 2005 has brightened the outlook for the Company with many product
announcements on the horizon. Your Board continues to believe that the prospects
for the biotechnology and pharmaceutical sectors are bright and remains of the
opinion that investment in this Company will provide superior investment returns
to the long term investor.

Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Close
Finsbury Asset Management Limited on Thursday, 28 July 2005. I hope as many
shareholders as possible will attend. This will provide an opportunity to hear
from Mr Samuel D Isaly of OrbiMed, the Company's investment advisers, on the
period under review, recent developments in the pharmaceutical sector and the
prospects for the future.


Ian Ivory

Chairman

Statement of Total Return
Incorporating the revenue account for the year ended 31 March 2005

                                                                     (Unaudited)                     (Audited)
                                           Revenue          Capital       Total   Revenue   Capital     Total
                                              2005             2005        2005      2004       2004     2004
                                             £'000            £'000       £'000     £'000      £'000    £'000

(Losses)/gains on investments                    -         (27,929)    (27,929)        -     47,110     47,110
Exchange gains on currency
balances                                         -              84          84         -      4,337      4,337
Income (note 2)                              1,973               -       1,973     1,854          -      1,854
Investment management and
performance fees (note 3)                        -            (896)       (896)        -     (5,586)    (5,586)
Other expenses                                (807)            247        (560)     (727)      (503)    (1,230)
                                             -------         -------     -------   -------    -------    -------
Net return/(loss) before 
finance costs and taxation                   1,166         (28,494)    (27,328)    1,127     45,358     46,485

Interest payable and similar
charges                                          -            (955)       (955)        -       (704)      (704)
                                             -------         -------     -------   -------    -------    -------
Return/(loss) on ordinary
activities before taxation                   1,166         (29,449)    (28,283)    1,127     44,654     45,781

Taxation on ordinary
activities                                    (422)            122        (300)     (344)       131       (213)
                                             -------         -------     -------   -------    -------    -------
Return/(loss) on ordinary
activities after taxation
(note 4)                                       744         (29,327)    (28,583)      783     44,785     45,568

Dividends on Ordinary
shares (equity)                               (710)              -        (710)     (511)         -       (511)
                                             -------         -------     -------   -------    -------    -------
Transfer to/(from)
reserves                                        34         (29,327)    (29,293)      272     44,785     45,057
                                             -------         -------     -------   -------    -------    -------

Return/(loss) per Ordinary
share                                          1.7p          (67.2p)     (65.5p)     2.0p     114.0p     116.0p
                                             -------         -------     -------   -------    -------    -------



Balance Sheet
As at 31 March 2005
                                                     (Unaudited)     (Audited)
                                                            2005          2004
                                                           £'000         £'000
                                                          --------      --------

Fixed asset investments                                  253,347       234,432

Current assets
Debtors                                                      438           443
Cash at bank                                                   -           188
                                                          --------      --------
                                                             438           631

Creditors
Amounts falling due within one year                      (28,115)      (46,480)
                                                          --------      --------

Net current liabilities                                  (27,677)      (45,849)

                                                          --------      --------
Net assets                                               225,670       188,583
                                                          --------      --------

Capital and reserves
Share capital                                             13,648         9,823
Share premium account                                    101,790        46,763
Warrant reserve                                            7,528             -
Capital reserve - realised                                95,638        92,826
Capital reserve - unrealised                               5,829        37,968
Capital redemption reserve                                   375           375
Revenue reserve                                              862           828
                                                          --------      --------
Total equity shareholders' funds                         225,670       188,583
                                                          --------      --------

                                                          --------      --------
Net asset value per Ordinary share (note 5)                413.4p        480.0p
Fully diluted net asset value per Ordinary share           413.4p          N/a
                                                          --------      --------



Cash Flow Statement
For the year ended 31 March 2005                    (Unaudited)      (Audited)
                                                           2005           2004
                                                          £'000          £'000
                                                       ----------     ----------

Net cash outflow from operating activities               (3,487)        (1,246)

Servicing of finance
Interest paid                                              (896)          (721)
                                                       ----------     ----------

Taxation
Taxation recovered                                          157             94
                                                       ----------     ----------

Financial investments
Purchases of investments                               (103,993)       (81,920)
Sales of investments                                     55,074         72,478
                                                       ----------     ----------
Net cashflow from financial investment                  (48,919)        (9,442)

Equity dividends paid                                      (511)          (393)
                                                       ----------     ----------

Net cash outflow before financing                       (53,656)       (11,708)

Financing
Issue of ordinary shares                                 66,380              -
(Decrease)/increase in short term loans                 (11,798)         9,065
                                                       ----------     ----------
Net cash inflow from financing                           54,582          9,065
                                                       ----------     ----------
Increase/(decrease) in cash for the year                    926         (2,643)
                                                       ----------     ----------




Notes to the Financial Statements:

1 Accounting Policies
The figures in this announcement have been prepared using accounting policies
that are consistent with those adopted in the last published set of accounts.

2 Income
Income for the year was derived from the following sources:
                                                   (Unaudited)       (Audited)
                                                          2005            2004
                                                         £'000           £'000

Income from investments                                  1,899           1,853
Interest receivable and other income                        74               1
-------------------------                             ----------      ----------
                                      Total              1,973           1,854
                    -------------------------         ----------      ----------

3 Investment Management Fees
                                (Unaudited)                       (Audited)
                 Revenue   Capital    Total       Revenue   Capital   Total
                    2005      2005     2005          2004      2004    2004
                   £'000     £'000    £'000         £'000     £'000   £'000

Accrual of
Performance fee        -    (1,430)  (1,430)            -     3,367   3,367
Management fee         -     2,324    2,324             -     2,219   2,219
Irrecoverable          -         2        2             -         -       -
VAT thereon
-----------        -------   -------  ------- ---   -------   ------- -------
         Total         -       896      896             -     5,586   5,586
     -----------   -------   -------  ------- ---   -------   ------- -------

4 Return per Ordinary share
Revenue return per share is based on the revenue return attributable to equity
shareholders of £744,000 (2004: £783,000). Capital return per share is based on
the capital loss attributable to equity shareholders of £29,327,000 (2004:
£44,785,000 gain). Both the revenue return and the capital return are based on
the weighted average of 43,649,878 ordinary shares in issue throughout the year
(2004: 39,290,000).

5 Net Asset Value per Ordinary share
The net asset value per Ordinary share is based on the assets attributable to
equity shareholders of £225,670,000 (2004: £188,583,000) and on the number of
Ordinary shares in issue at the year end of 54,591,494 (2004: 39,290,000).

6 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 2004
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 2005 will be delivered to the Registrar of Companies. The audit report is
yet to be signed.

Close Finsbury Asset Management Limited
Company Secretary
1 June 2005



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