Novation of Agreement

12 December 2006

                   FINSBURY EMERGING BIOTECHNOLOGY TRUST PLC                   

                                (the "Company")                                

It is announced that following a transfer of business by the Company's
Investment Manager, from Close Finsbury Asset Management Limited to Close
Investments Limited in September 2006, the Company has, with effect from
today's date, novated its management contract to the new entity of Close
Investments Limited, on the same terms and conditions.

Further information:

Mark Pope - 020 7426 6294

Company Secretary