Final Results

Finsbury Life Sciences Inv Tst PLC
20 June 2002



To:       City editors                     For immediate release
                                           Thursday, 20 June 2002

Finsbury Life Sciences Investment Trust PLC

Preliminary results for the year ended 31 March 2002

Finsbury Life Sciences Investment Trust PLC today announces preliminary results
for the year ended 31 March 2002.
                                                       (Unaudited)            (Audited)
                                                     31 March 2002        31 March 2001          % change

Net Asset Value per share                                   119.2p               163.6p            - 27.1
Share Price                                                 102.5p               159.0p            - 35.5
Discount                                                     14.0%                 2.8%               N/A
FTSE All Share Index (total return)                        2,545.5              2,628.7             - 3.2
Lehman's UK and European Biotechnology Index                 293.4                376.7             -22.1

No final dividend is proposed (2001: 0.2p per share)


Chairman John Sclater, commented:

'The biotechnology sector is a volatile one and we have seen cyclical downturns
before. The falls experienced over the last year have been particularly sharp
and it may take some time for sentiment to improve. Nonetheless we remain
confident that the prospects for the sector remain good and that it will provide
positive returns to the long term investor.'

For and on behalf of Close Finsbury Asset Management Limited - Secretary


20 June 2002

                                    - ENDS -

The following are attached:

•       Chairman's Statement                             •       Consolidated Cash Flow Statement
•       Balance Sheets of the Group and of the Company   •       Notes to the Preliminary Results
•       Consolidated Statement of Total Return



For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited                                      020 7426 6240
Peter Keen, Merlin Biosciences Limited                                                       020 7849 6003
Fiona Harris, Quill Communications                                                           020 7763 6970
Dr Andrew Clark, Reabourne Technology Investment Management Limited                          020 7426 6288




Finsbury Life Sciences Investment Trust PLC

Chairman's Statement

Performance

During the year ended 31 March 2002 the Company's net asset value per share ('
NAV') declined from 163.6p to 119.2p, a fall of 27.1%. This compares with a
decrease of 22.1% in the Lehman's UK and European Biotechnology Index and 3.2%
in the FTSE All-Share Index (total return), which is our benchmark index.  Since
the Company was launched in June 1997 NAV has increased by 22.9% which compares
to a decline of 14.6% in the Lehman's UK and European Biotechnology Index and a
gain of 32.0% in the FTSE All-Share Index (total return).

During the year the share price fell 35.5% from 159.0p to 102.5p. This fall has
led to a widening of the discount of the share price to the NAV from 2.8% to
14.0%.

Results and Dividend

The total deficit for the year ended 31 March 2002 was 44.4p per share (2001:
17.5p). This was made up of a revenue deficit of 0.6p per share (2001: return of
0.3p) and a capital deficit of 43.8p per share (2001: 17.8p).

The investments making up the Company's investment portfolio typically provide a
very low yield. No dividend is to be recommended in respect of the year ended 31
March 2002 (2001: 0.2p).

Review of year and outlook

The last year has been an extremely difficult one for investors in the
biotechnology sector. After the initial publicity surrounding the sequencing of
the human genome, the market has gradually appreciated that it will take many
years before products utilising this technology gain approval. Following the
withdrawal of several high profile drugs, the US Food and Drug Administration
(FDA) is extending the time it takes to consider new drug applications and is
adopting more stringent approval criteria; this has contributed to probably the
worst period for clinical data since the Company was launched. Of particular
concern was the rejection by the FDA of Imclone's lead product, Erbitux.
Bristol-Myers Squibb paid nearly US$2b to add this product to its pipeline and
the refusal of Erbitux has underlined the risks inherent in the sector.  This
poor news flow all took place against the background of a severe decline in
technology markets generally, a slowdown in the global economy and the tragic
events of 11 September 2001.

Finsbury Life Sciences Investment Trust PLC

Chairman's Statement (continued)

Despite this gloom the long term fundamentals of the industry remain compelling.
The ageing population of the developed world is leading to rising healthcare
budgets. Pharmaceutical companies face mounting problems with patent expiry and
are increasingly reliant on biotechnology companies to fill their product
pipelines. A growing number of biotechnology companies are becoming profitable
and the industry now has hundreds of products in late stage trials. Finally,
technological advances such as those in genomics and proteomics will, over time,
revolutionise the treatment of illness.

The biotechnology sector is a volatile one and we have seen cyclical downturns
before. The falls experienced over the last year have been particularly sharp
and it may take some time for sentiment to improve. Nonetheless we remain
confident that the prospects for the sector remain good and that it will provide
positive returns to the long term investor.

Annual General Meeting

The Annual General Meeting of the Company will be held on 23 July 2002 at 12
noon and I hope as many shareholders as are able will attend. This will be an
opportunity to meet the Board and to hear a presentation from Dr Andrew Clark,
of Reabourne, and Peter Keen of Merlin Biosciences.

John Sclater, Chairman

20 June 2002


Finsbury Life Sciences Investment Trust PLC

Consolidated Statement of Total Return
incorporating the revenue account for the year ended 31 March 2002

                                                          (Unaudited)                           (Audited)
                                        Revenue    Capital       Total        Revenue   Capital     Total
                                           2002       2002        2002           2001      2001      2001
                                           £000       £000        £000           £000      £000      £000

Loss on investments                           -   (12,620)    (12,620)              -   (4,430)   (4,430)
Exchange losses
on currency balances                          -       (40)        (40)              -      (69)      (69)
Income (see note 2)                         183          -         183            446         -       446
Investment management fee (see note           -      (497)       (497)              -     (772)     (772)
3)
Other expenses                            (346)          -       (346)          (340)         -     (340)

Net (loss)/return before finance          (163)   (13,157)    (13,320)            106   (5,271)   (5,165)
costs and taxation
Interest payable                            (6)       (29)        (35)            (7)     (101)     (108)
and similar charges

(Loss)/return on ordinary                 (169)   (13,186)    (13,355)             99   (5,372)   (5,273)
activities before taxation
Taxation on ordinary activities             (3)          -         (3)            (3)         -       (3)

(Loss)/return on ordinary                 (172)   (13,186)    (13,358)             96   (5,372)   (5,276)
activities after taxation
Dividends on ordinary shares
(equity)                                     -          -           -           (60)         -      (60)

Transfer (from)/to reserves               (172)   (13,186)    (13,358)             36   (5,372)   (5,336)

(Loss)/return per equity share           (0.6)p    (43.8)p     (44.4)p           0.3p   (17.8)p   (17.5)p
(see note 4)



The revenue column of this statement is the profit and loss account of the
Group.

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


Finsbury Life Sciences Investment Trust PLC

        Balance Sheets of the Group and Company
        as at 31 March
                                               (Unaudited)     (Audited)      (Unaudited)       (Audited)
                                             Group            Group               Company         Company

                                                      2002          2001             2002            2001
                                                      £000          £000             £000            £000

Fixed assets - investments                          35,633        46,806           35,633          46,806
Group undertaking                                        -             -                3               -

Current Assets
Debtors                                                  9           359                9           1,009
Cash at Bank                                           478         3,271              472           2,621

                                                       487         3,630              481           3,630
Creditors
Amounts falling due within one year                  (249)       (1,207)            (246)         (1,207)
Net current assets                                     238         2,423              235           2,423
Net assets                                          35,871        49,229           35,871          49,229

Capital and reserves
Called up share capital                              7,525         7,525            7,525           7,525
Share premium account                               21,679        21,679           21,679          21,679
Capital reserve - realised                          17,477        18,149           17,477          18,149
Capital reserve - unrealised                      (10,863)         1,651         (10,860)           1,651
Revenue reserve                                         53           225               50             225

Total shareholders' funds                           35,871        49,229           35,871          49,229

Net asset value per ordinary
share (see note 5)                                  119.2p        163.6p           119.2p          163.6p


Finsbury Life Sciences Investment Trust PLC

Consolidated Cash Flow Statement
for the year ended 31 March

                                                               (Unaudited)                    (Audited)
                                                                      2002                         2001
                                                                      £000                         £000

Net cash outflow from operating activities                           (658)                      (4,263)

Servicing of finance
Bank overdraft and loan interest paid                                 (35)                        (108)

Financial investment
Purchase of investments                                           (15,238)                     (25,840)
Sales of investments                                                13,249                       30,694

Net cash (outflow)/inflow from financial
investment                                                         (1,989)                        4,854

Equity dividends paid                                                 (60)                            -

(Decrease)/increase in cash                                        (2,742)                          483

Reconciliation of net cash flow to movement
in net funds                                                       (2,742)                          483
Exchange movements                                                    (40)                         (69)
Movement in net funds                                              (2,782)                          414
Net funds at 1 April                                                 3,260                        2,846
Net funds at 31 March                                                  478                        3,260


Finsbury Life Sciences Investment Trust PLC

Notes

1        Revenue Account

         The revenue column of the Statement of Total Return represents the
         revenue account of the Group.

2        Income

          Income for the year was derived from the following sources:

                                                                  2002                 2001
                                                                  £000                 £000

Income from listed investments                                     113                  335
Other operating income                                              70                  111
Total                                                              183                  446

3        Investment management fee

                            Revenue      Capital        Total          Revenue      Capital        Total
                               2002         2002         2002             2001         2001         2001
                               £000         £000         £000             £000         £000         £000

Periodic fee                      -          432          432                -          660          660
Performance fee                   -            -            -                -            3            3
Irrecoverable VAT                 -           65           65                -          109          109
Total                             -          497          497                -          772          772

4        Return per share

          The revenue return per ordinary share is based on a revenue loss of
£172,000 (2001: return of £96,000) on ordinary activities after taxation and
dividends on non-equity shares, and on 30,100,000 being the number of ordinary
shares in issue throughout the year (2001: 30,100,000). Capital return per
ordinary share is based on a net capital loss for the financial year of
£13,186,000 (2001: £5,372,000) and on 30,100,000 (2001: 30,100,000) ordinary
shares as above.

Finsbury Life Sciences Investment Trust PLC

Notes (continued)

5        Net Asset Value per share

The net asset value per ordinary share is based on the net assets attributable
to equity shareholders of £35,871,000 (2001: £49,229,000) and on 30,100,000
(2001: 30,100,000) ordinary shares in issue at 31 March 2002.

6        Comparative information

          These accounts are not statutory accounts. The above results have been
agreed with the Auditors and are an abridged version of the Company's full draft
accounts, which have not yet been signed or filed with the Registrar of
Companies.

          The accounts for 2001 have been delivered to the Registrar of
Companies and those for 2001 will be despatched to shareholders shortly.  The
2000 accounts received an audit report which was unqualified and did not contain
statements under Section 237 (2) and (3) of the Companies Act 1985.

Close Finsbury Asset Management Limited - Secretary
20 June 2002


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