Cancellation of Share Premium

Finsbury Life Sciences Inv Tst PLC
21 August 2003


                  Finsbury Life Sciences Investment Trust PLC

                  Cancellation of the share premium account




Finsbury Life Sciences Investment Trust PLC (the 'Company') announces, further
to the special resolution passed by the Company at the Annual General Meeting
held on 31 July 2003 which resolved to cancel the share premium account of the
Company, that:

on the 20 August 2003 an order was passed by the High Court of Justice to
confirm cancellation of the amount of £21,678,984.97 standing to the credit of
the share premium account of the Company; and that

on the 21 August 2003 such order was produced and registered with the Registrar
of Companies pursuant to section 138 of the Companies Act 1985.




Enquiries


John Sclater

Chairman, Finsbury Life Sciences Investment Trust          020 7426 4000

Tracey Gower

Close Finsbury Asset Management                            020 7426 6219


Louise Oades
                                               
Clifford Chance LLP                                        020 7006 2278




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