Portfolio Update

Finsbury Life Sciences Inv Tst PLC
02 April 2004

                 FINSBURY LIFE SCIENCES INVESTMENT TRUST PLC
                              (the 'Company')

                     QUARTERLY STATEMENT OF INVESTMENTS


In compliance with the Listing Rules - Chapter 21 Investment Entities (I)(ii),
the Company discloses the following:

  • Investments valuing greater than 5% of the Company's gross assets comprise
    the following:


Company Name                                                        Value of Investment at      % of Total
                                                                                            Portfolio  Assets
                                                                         31March 2004
Merlin Fund LP                                                            4,646,567               13.73
Vicuron Pharmaceuticals                                                   1,833,934                5.42
UK Treasury 5%                                                            1,799,053                5.32


  • The ten largest investments held by the Company comprise the following:

Company Name                                                         Value of Investment at      % of Total
                                                                        31March 2004           Portfolio Assets

Merlin Fund LP                                                             4,646,567               13.73
Vicuron Pharmaceuticals                                                    1,833,934                5.42
UK Treasury 5%                                                             1,799,053                5.32
Teva Pharmaceutical Industries ADR                                         1,413,366                4.18
Evotec Biosystems                                                          1,350,693                3.99
Celltech Group                                                             1,271,699                3.76
Crucell NV                                                                 1,018,612                3.01
Biocompatibles Intl Ord                                                    1,013,835                3.00
Shire Pharmaceuticals Group Ord                                             955,800                 2.82
Qiagen NV                                                                   930,678                 2.75


                                    - ENDS -


For further information please contact:
Tracey Gower, Company Secretary
Close Finsbury Asset Management Limited
Telephone: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange