Portfolio Update

Finsbury Emerging Biotechnology Tst
04 January 2006


                                                                  4 January 2006


                   FINSBURY EMERGING BIOTECHNOLOGY 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
                                                                      31 December 2005       Portfolio  Assets

Amgen Com USD 0.0001                                                      2,985,816                9.04
UK Treasury 7.75% 08/09/06                                                2,561,250                7.76
Merlin Fund LP Unq Shs GBP                                                2,393,413                7.25
Genzyme Corp General Division Com USD 0.01                                2,040,839                6.18
Medimmune Inc Com USD 0.01                                                1,999,103                6.05
Genentech Inc Com Stk USD 0.02 NPV                                        1,831,950                5.55
Abgenix Com Stk USD 0.01                                                  1,673,635                5.07



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


Company Name                                                       Value of Investment at       % of Total
                                                                      31 December 2005       Portfolio Assets

Amgen Com USD 0.0001                                                      2,985,816                9.04
UK Treasury 7.75% 08/09/06                                                2,561,250                7.76
Merlin Fund LP Unq Shs GBP                                                2,393,413                7.25
Genzyme Corp General Division Com USD 0.01                                2,040,839                6.18
Medimmune Inc Com USD 0.01                                                1,999,103                6.05
Genentech Inc Com Stk USD 0.02 NPV                                        1,831,950                5.55
Abgenix Com Stk USD 0.01                                                  1,673,635                5.07
UK Treasury 8.5% 16/07/07                                                 1,276,680                3.87
Vertex Pharmaceuticals Com USD 0.01                                       1,126,625                3.41
Gen-Probe Inc USD 0.0001                                                  1,108,379                3.36



                                    - ENDS -



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


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