Director

Foreign & Colonial Eurotrust PLC
28 October 2003

It is with great sadness that the Board has learnt that Eric Elstob died earlier
this morning after a long illness. Eric served on the Board since the Company's
inception in 1972 and during that time made an enormous contribution to the
success of the Company. He was also a great supporter of the investment trust
industry as a whole.

He will be greatly missed.


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