Novation of Agreement

6 December 2006

                  FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC                  

                                (the "Company")                                

It is announced that with effect from 17 November 2006 the business of the
Company's Investment Manager, Close Finsbury Asset Management Limited, has been
transferred to Close Investments Limited.

The Company has novated its management contract to the new entity of Close
Investments Limited, on the same terms and conditions.

                                    -Ends-                                     

Further information:

Tracey Lago - 020 7426 6219

Senior Company Secretary