Placing & EGM Statement

Finsbury Worldwide Pharm Tst PLC
14 December 2004

                                                                14 December 2004



FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

Result of Placing and Offer for Subscription and EGM

Further to the announcement on 19 November 2004 relating to the Placing and
Offer for Subscription (the 'Issue') of New Shares with Warrants attached in
Finsbury Worldwide Pharmaceutical Trust PLC (the 'Company') the issue of
Warrants to qualifying shareholders in the Company and changes to the Company's
Articles of Association in relation to the continuation of the Company ('the
Proposals'), the Board is pleased to announce the following:

•    all the resolutions at the Extraordinary General Meeting, held on 13 
     December 2004, to approve the Proposals were passed;

•    the Issue raised an aggregate of £67,458,836;

•    the Issue Price of New Ordinary Shares under the Placing and Offer for 
     Subscription is 441.05p, which represents a premium of 1.66 per cent. to 
     the Net Asset Value per Share (including accrued income) on 9 December 
     2004, the Calculation Date for the purposes of the Proposals;

•    the exercise price of the Warrants will be 464p, which represents a premium 
     of 5 per cent. to the Issue Price;

•    15,295,054 New Shares and 3,058,902 Warrants have been allotted under the 
     Issue and a further 5,960,600 Warrants have been issued to qualifying 
     shareholders, conditional on admission to the Official List and 
     commencement of dealings in the New Shares and Warrants on the London Stock 
     Exchange, which it is expected will take place on 17 December 2004;

•    following the implementation of the Issue, the Company will have 54,585,054 
     Shares and 9,019,502 Warrants in issue.

Ian Ivory, Chairman, commented:

'The Board is delighted to announce that the secondary issue of shares raised a
total subscription value of £67.5 million, indicating significant support for
the Company from existing shareholders and new investors. In today's investment
climate, the Board believes that this result is a considerable achievement and
demonstrates confidence in the prospects for the biotechnology and
pharmaceutical sector.'


Enquiries

Alastair Smith
Close Finsbury Asset Management Limited                       Tel: [phone]

Nathan Brown
Close Brothers Securities                                     Tel: [phone]



Notes

Close Brothers Securities, a division of Winterflood Securities Limited which is
authorised and regulated in the United Kingdom by the Financial Services
Authority, is acting for Finsbury Worldwide Pharmaceutical Trust PLC in relation
to the Proposals and for no other person and will not be responsible to any
other person other than the Company for providing the protections offered to
customers of Close Brothers Securities or for providing advice in relation to
the Proposals.


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