Directors' Dealings

FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC


                            DEALINGS BY DIRECTORS

1)   NAME OF COMPANY

     FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC

2)   NAME OF DIRECTOR

     PETER BERNARD HARDY

3)   Please state whether notification indicates that it is in
     respect of holding of the Director named in 2 above
     or holding of that person'sspouse or children under
     the age of 18 or in respect of a non-beneficial interest

     THAT PERSON'S SPOUSE

4)   Name of the registered holder(s) and, if more than
     one holder, the number of shares held by each of 
     them. (If notified)

     CHASE NOMINEES LIMITED

5)   Please state whether notification relates to a
     person(s) connected with the Director named in 2
     above and identify the connected person(s)

     YES, THE DIRECTOR'S SPOUSE AS STATED ABOVE.

6)   Please state the nature of the transaction. For
     PEP transactions please indicate whether
     general/single co PEP and if discretionary/non
     discretionary

     PURCHASE OF SHARES UNDER THE FOREIGN & COLONIAL PEP
     SCHEME MADE ON MRS HARDY'S BEHALF BY THE ADMINISTRATOR
     THEREOF, 'COGENT'.

7)   Number of shares/amount of
     stock acquired

     3,972

8)   (LESS THAN 0.01 %)
     of issued Class

9)   Number of shares/amount
     of stock disposed

     N/A

10)  ( N/A %)
     of issued Class

11)  Class of security

     ORDINARY SHARES OF 25p

12)  Price per share

     £1.75

13)  Date of transaction

     12 JULY 1999

14)  Date company informed

     13 JULY 1999

15)  Total holding following this notification

     77,716

16)  Total percentage holding of issued class following 
     this notification      

     0.1%

      IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE COMPLETE 
                              THE FOLLOWING BOXES

17)  Date of grant

     N/A

18)  Period during which or date on which exercisable

     N/A
 
19)  Total amount paid (if any) for grant of the option

     N/A

20)  Description of shares or debentures involved:
     class, number.

     N/A

21)  Exercise price (if fixed at time of grant) or indication
     that price is to be fixed at time of exercise

     N/A

22)  Total number of shares or debentures over which
     options held following this notification

     N/A

23)  Any additional information

     N/A

24)  Name of contact and telephone number for queries

     R.F. VALLANCE        0171 628 8000 EXT: 2258

25)  Name and signature of authorised company official
     responsible for making this notification

     Date of Notification...13 JULY 1999................