Final Results

Finsbury Technology Trust PLC
04 March 2005

4th March 2005

                         Finsbury Technology Trust PLC


            Preliminary results for the year ended 30 November 2004

Finsbury Technology Trust PLC today announces preliminary results for the year
ended 30 November 2004.

Financial Summary

                                      (unaudited)      (audited)      % Change
                                                                      ----------
                                        30 November    30 November
                                             2004           2003             

Net Assets                                  £61.1m         £68.2m        -10.4
Net Asset Value per share                   221.1p         246.8p        -10.4
Share Price                                 200.5p         210.0p         -4.5
Discount                                      9.3%          14.9%          N/A
MSCI World Index (sterling adjusted
without dividends reinvested)               1,415          1,362          +3.9

The Company has not generated significant income and the Directors are not
proposing a dividend for the year (2003: nil).

For and on behalf of Close Finsbury Asset Management Limited - Company Secretary
4 March 2005



The following are attached:

   • Chairman's Statement
   • Statement of Total Return
   • Balance Sheet
   • Cash Flow Statement
   • Notes to the Preliminary Results

For further information please contact:
Alastair Smith, Close Finsbury Asset         020 7426 6240
Management Ltd
Tracey Lago, Close Finsbury Asset Management 020 7426 6219
Ltd
Michael Bourne, Reabourne Technology         020 7422 7801
Investment Management Ltd
Jo Stonier, Quill Communications             020 7763 6970



CHAIRMAN'S STATEMENT

Performance

In the year to 30 November 2004 the Company's net asset value ("NAV") per share
fell by 10.4% from 246.8p to 221.1p. This compares with a decrease of 3.8% in
the NASDAQ Composite Index (sterling adjusted) and an increase of 3.9% in the
MSCI World Index (sterling adjusted without dividends reinvested), which is the
Company's benchmark index.

The Company's underperformance compared with its benchmark index is
disappointing. The principal contributory factors were an overweight position in
the semi-conductor industry, which performed below expectations; weakness in
particular securities in the biotechnology sector; and the adverse movement of
the US dollar/sterling exchange rate. More than 50% of the Company's portfolio
is denominated in the US dollar, which fell by more than 11% against sterling
during the year. A detailed commentary on the performance of the investment
portfolio is contained in the Investment Adviser's review in of the Annual
Report.

The Company's share price fell by 4.5% from 210.0p to 200.5p during the year.
The share price discount to net asset value per share narrowed from 14.9% to
9.3%.

Results and Dividend

The total loss per share for the year was 25.7p (2003: return of 66.5p per
share). This was made up of a revenue deficit of 3.2p per share (2003: deficit
of 2.8p per share) and a capital loss of 22.5p per share (2003: return of 69.3p
per share).

The investments making up the Company's investment portfolio typically provide a
very low yield. No dividend has been declared in respect of the year ended 30
November 2004 (2003: Nil) and it is unlikely that a dividend will be paid for
the foreseeable future.

Continuation Vote
The Company was floated in 1995 at an issue price of 100p per share, which
compares with a net asset value of 221.1p at 30 November 2004. This represents
compound annual growth in asset value during the period of approximately 9.3%.

The Company's Articles of Association provide that shareholders should have the
opportunity to vote at the AGM in 2006 whether to continue the Company and the
current financial year will be the last complete accounting period before that
meeting. In anticipation of the continuation vote, your Board is conducting a
thorough review of all aspects of the Company's affairs so as to be in a
position to make an appropriate recommendation to shareholders.

Outlook

The year under review was one of difficulty within the technology market.
However, your Board believes that there are considerable opportunities for
achieving strong investment returns in this sector. The Company's policy of
investing in smaller capitalisation technology stocks that are not well
researched by others is a differentiated approach that we believe is capable of
producing attractive returns for the long term investor.

Annual General Meeting

The Annual General Meeting will be held at 10 Crown Place, London EC2A 4FT, on
26 April 2005 at 12 noon. I hope that as many shareholders as possible will be
able to attend. Representatives of our Investment Adviser, Reabourne Technology
Investment Management Limited, will make a presentation to the meeting.


David Quysner

Chairman



Statement of Total Return
incorporating the revenue account for the year ended 30 November 2004

                                          (unaudited)                      (audited)
                            Revenue   Capital    Total      Revenue   Capital    Total
                               2004      2004     2004         2003      2003     2003
                              £'000     £'000    £'000        £'000     £'000    £'000
------------------            -------   -------  -------      -------   -------  -------

(Losses)/gains on
investments                       -    (6,099)  (6,099)           -    20,940   20,940
Exchange losses on
currency balances                 -      (104)    (104)           -      (204)    (204)
Income (see note 2)             253         -      253          273         -      273
Investment management
fee                            (677)        -     (677)        (627)   (1,583)  (2,210)
(see note 3)
Other expenses                 (417)        -     (417)        (377)        -     (377)
------------------            -------   -------  -------      -------   -------  -------

Net (loss)/return
before finance costs
and taxation                   (841)   (6,203)  (7,044)        (731)   19,153   18,422
------------------                                                               -------
Interest payable                (37)        -      (37)         (31)        -      (31)
and similar charges
------------------            -------   -------  -------      -------   -------  -------

(Loss)/return on
ordinary activities
before taxation                (878)   (6,203)  (7,081)        (762)   19,153   18,391
Taxation on ordinary
activities                      (23)        -      (23)         (22)        -      (22)
------------------            -------   -------  -------      -------   -------  -------

Transfer (from)/to
reserves                       (901)   (6,203)  (7,104)        (784)   19,153   18,369
------------------            -------   -------  -------      -------   -------  -------

(Loss)/return per
Ordinary share (see
note 4)                        (3.2p)   (22.5p)  (25.7p)       (2.8p)    69.3p    66.5p

All revenue and capital items in the above statement derive from continuing
operations.



Balance Sheet
as at 30 November 2004
                                                  (unaudited)        (audited)
                                                         2004             2003
                                                        £'000            £'000
---------------------                                 ---------         --------

Fixed asset investments                                60,561           71,188

Current assets
Debtors                                                 1,687              285
Cash at bank                                              722               24
---------------------                                 ---------         --------
                                                        2,409              309

Creditors
Amounts falling due within one year                    (1,917)          (3,340)
---------------------                                 ---------         --------
Net current assets/(liabilities)                          492           (3,031)
---------------------                                 ---------         --------
Net assets                                             61,053           68,157
---------------------                                 ---------         --------

Capital and reserves
Called up share capital                                 6,904            6,904
Share premium account                                  23,488           23,488
Capital reserve - realised                             43,555           45,868
Capital reserve - unrealised                           (5,341)          (1,451)
Revenue reserve                                        (7,553)          (6,652)
---------------------                                 ---------         --------
Total shareholders' funds                              61,053           68,157
---------------------                                 ---------         --------
Net asset value per Ordinary                            221.1p           246.8p
share (see note 5)
---------------------                                 ---------         --------




Cash Flow Statement
for the year ended 30 November 2004

                                                    (unaudited)         (audited)
                                                           2004              2003
                                                          £'000             £'000
----------------------                                 ----------          --------

Net cash outflow from operating activities               (2,528)             (741)

Servicing of finance

Bank overdraft and loan interest paid                       (37)              (31)

Taxation

Tax recovered                                                12                 1

Financial investment

Purchases of investments                                (26,054)          (28,860)
Sales of investments                                     30,548            28,016
----------------------                                 ----------          --------
Net cash inflow/(outflow) from financial
investments                                               4,494              (844)

Financing

(Repayment)/drawdown of loans                            (1,100)            1,100
----------------------                                 ----------          --------
Net cash (outflow)/inflow from financing                 (1,100)            1,100
----------------------                                 ----------          --------
Increase/(decrease) in cash                                 841              (515)
----------------------                                 ----------          --------

Reconciliation of net cash flow to movement
in net funds/(debt)
Increase/(decrease) in cash as above                        841              (515)
Cash outflow/(inflow) from financing                      1,100            (1,100)
Exchange movements                                         (104)             (204)
----------------------                                 ----------          --------
Movement in net funds/(debt)                              1,837            (1,819)
Net (debt)/funds at 1 December                           (1,115)              704
----------------------                                 ----------          --------
Net funds/(debt) at 30 November                             722            (1,115)
----------------------                                 ----------          --------





Notes

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:

                                                          2004            2003
                                                         £'000           £'000

Income from investments                                    221             257
Interest receivable and other income                        32              16
-------------------------                             ----------      ----------
                                         Total             253             273
-------------------------                             ----------      ----------

3 Investment Management Fees

                 Revenue    Capital    Total    Revenue    Capital    Total
                    2004       2004     2004       2003       2003     2003
                   £'000      £'000    £'000      £'000      £'000    £'000

Periodic fee         640          -      640        589          -      589
Performance fee        -          -        -          -      1,488    1,488
Irrecoverable         37          -       37         38         95      133
VAT thereon
-----------        -------    -------  -------    -------    -------  -------
        Total        677          -      677        627      1,583    2,210
-----------        -------    -------  -------    -------    -------  -------

4. (Loss)/Return Per Ordinary Share

The revenue loss per Ordinary share is based upon the loss attributable to
ordinary shareholders of £901,000 (2003: £784,000) and 27,615,312 (2003:
27,615,312) Ordinary shares being the weighted average number of shares in issue
during the year.

Capital return per Ordinary share is based upon net capital loss attributable to
ordinary shareholders of £6,203,000 (2003: return of £19,153,000) and 27,615,312
(2003: 27,615,312) Ordinary shares being the weighted average number of shares
in issue during the year.

5. Net Asset Value Per Ordinary Share

The net asset value per Ordinary share is based on the net assets attributable
to equity shareholders of £61,053,000 (2003: £68,157,000) and on 27,615,312
(2003: 27,615,312) Ordinary shares in issue at 30 November 2004.



Notes (cont'd)

6. Comparative Information

This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 30 November 2003 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain statements under s237 (2) and (3) of the Companies Act 1985.
The statutory accounts for the year ended 30 November 2004 have not yet been
approved, audited or filed.


Close Finsbury Asset Management Limited
Company Secretary
4 March 2005




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