Holding(s) in Company

TR-1: notification of major interests in shares

1. Identity of the issuer or the underlying            FINSBURY EMERGING       
issuer of existing shares to which voting rights    BIOTECHNOLOGY TRUST PLC    
are attached:                                                                  
                                                                               
2. Reason for the notification (please tick the appropriate box or             
boxes):                                                                        
                                                                               
An acquisition or disposal of voting rights                                    
                                                                               
An acquisition or disposal of financial instruments which may result in        
the acquisition of shares already issued to which voting rights are            
attached                                                                       
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify): INITIAL NOTIFICATION DUE TO CHANGE OF              √   
THRESHOLDS FOR NON-MATERIAL INTEREST                                           
                                                                               
3. Full name of person(s) subject to the            PRUDENTIAL PLC GROUP OF    
notification obligation:                                   COMPANIES           
                                                                               
4. Full name of shareholder(s) (if different             PRUDENTIAL PLC        
from 3.):                                                                      
                                                       M&G GROUP LIMITED       
                                                                               
                                                   M&G INVESTMENT MANAGEMENT   
                                                            LIMITED            
                                                                               
                                                          M&G LIMITED          
                                                                               
                                                    THE PRUDENTIAL ASSURANCE   
                                                        COMPANY LIMITED        
                                                                               
5. Date of the transaction and date on which the        20 January 2007        
threshold is crossed or reached:                                               
                                                                               
6. Date on which issuer notified:                       30 January 2007        
                                                                               
7. Threshold(s) that is/are crossed or reached:                5%              
                                                                               
8. Notified details: N/A                                                       

A: Voting rights attached to shares                                            
                                                                               
Class/type  Situation         Resulting situation after the triggering         
of shares   previous to the   transaction                                      
            Triggering                                                         
if possible transaction                                                        
using the                                                                      
ISIN CODE                                                                      
                                                                               
                                                                               

Number of    Number of Number of Number of voting    % of voting              
Shares       Voting    shares    rights ix           rights                   
             Rights                                                           
             viii      Direct    Direct x  Indirect  Direct   Indirect        
                                           xi                                 
                                                                              
GB0000385517 4,738,415 4,738,415 4,738,415 4,738,415 N/A      7.18%           

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction xii                       
                                                                               
Type of         Expiration  Exercise/          Number of voting    % of voting 
financial       date xiii   Conversion Period/ rights that may be  rights      
instrument                  Date xiv           acquired if the                 
                                               instrument is                   
                                               exercised/                      
                                               converted.                      
                                                                               
N/A             N/A         N/A                N/A                 N/A         

Total (A+B)                                                                    
                                                                               
Number of voting rights                % of voting rights                      
                                                                               
4,738,415                              7.18%                  

9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable xv:                  
                                                                               
PRUDENTIAL PLC                                                 TOTAL = 7.18%   
                                                                               
M&G GROUP LIMITED                                                              
                                                                               
M&G INVESTMENT MANAGEMENT LIMITED                                              
                                                                               
M&G LIMITED                                                                    
                                                                               
THE PRUDENTIAL ASSURANCE COMPANY LIMITED                                       

Proxy Voting:                                                                  
                                                                               
10. Name of the proxy holder:                                  N/A             
                                                                               
11. Number of voting rights proxy holder will                  N/A             
cease to hold:                                                                 
                                                                               
12. Date on which proxy holder will cease to hold              N/A             
voting rights:                                                                 

13. Additional information:                                    N/A                     
                                                                               
14. Contact name:                        Company Secretarial Department        
                                                                               
15. Contact telephone number:                     020 7426 6219