Final Results

Foreign & Colonial PEP&ISA Inv Tst
28 November 2001


Date:          28 November 2001

Contact:     Julian Cane, F&C Management Ltd, 020 7628 8000 / Lisa Stanley/
             Tamsin Martle, Lansons Communications, 020 7490 8828


             FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results for the year ended 30 September 2001


Highlights


  * In the context of last year's very difficult markets, the Company
    performed well. During the year to 30 September 2001 net asset value (NAV)
    per share fell 14.9% to 175.4 pence and the share price fell 6.6% to 161.5
    pence. Over the same period, the FTSE All-Share Index declined by 22.7%.

  * The directors are recommending a final dividend of 3.15 pence per share
    to give a total for the year of 5.1 pence, an increase of 3.0% on the
    previous year. This continues the Company's record of having increased its
    dividend every year since launch. The dividend for the year to September
    2001 is 50.0% greater than that for the year to September 1993; this
    growth is more than twice the increase in the retail price index over the
    same period.

  * As at 30 September 2001, the share price was at a discount of 7.9% to
    NAV, having been at a discount of 16.0% one year before.




SUMMARY OF RESULTS
                                              30 Sept    30 Sept.        %
Attributable to equity shareholders            2001        2000        change

Net assets                                     £88.32m      £104.31m      -15.3

Net asset value per share                      175.40p       205.99p      -14.9

Share price                                    161.50p       173.00p       -6.6

Earnings per share                               5.70p         4.90p      +16.3

Dividends per share                              5.10p         4.95p       +3.0




FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results for the year ended 30 September
2001

Statement of Total Return (incorporating the Revenue Account*)
for the year ended 30 September


                                          2001                   2000
                              Revenue  Capital    Total Revenue Capital   Total
                               £'000s   £'000s   £'000s  £'000s  £'000s  £'000s

Losses and gains on                 - (15,517) (15,517)       -   7,227   7,227
investments
Exchange losses and gains on      (4)        4        -     (3)    (23)    (26)
currency balances
Income                          3,306        -    3,306   3,018       -   3,018
Management fee                  (236)    (236)    (472)   (260)   (260)   (520)
Other expenses                  (125)      (7)    (132)   (112)     (5)   (117)
Net return before finance       2,941 (15,756) (12,815)   2,643   6,939   9,582
costs and taxation
Interest payable and similar     (52)     (52)    (104)    (84)    (84)   (168)
charges
Return on ordinary              2,889 (15,808) (12,919)   2,559   6,855   9,414
activities before taxation
Taxation on ordinary             (17)        -     (17)    (13)       -    (13)
activities
Return attributable to equity   2,872 (15,808) (12,936)   2,546   6,855   9,401
shareholders
Dividends on ordinary shares    (973)        -    (973)   (978)       -   (978)
(equity):

Interim dividend of 1.95p
(2000:1.90p)
Proposed final dividend of    (1,586)        -  (1,586) (1,545)       - (1,545)
3.15p

(2000: 3.05p)
                              (2,559)        -  (2,559) (2,523)       - (2,523)
Amount transferred to/(from)      313 (15,808) (15,495)      23   6,855   6,878
reserves
Return per ordinary share -      5.70  (31.38)  (25.68)    4.90   13.19   18.09
pence


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

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



FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results for the year ended 30 September 2001

Unaudited Balance Sheet at 30 September

                                                          2001             2000
                                                        £'000s           £'000s
Fixed assets
Investments*                                            88,833          110,059

Current assets
Debtors                                                    673              724
Taxation recoverable                                        17               27
Cash at bank and short-term deposits                       731              728
                                                         1,421            1,479
Current liabilities
Creditors: amounts falling due within one year
Short-term loans                                             -          (5,400)
Other creditors                                        (1,936)          (1,824)
                                                       (1,936)          (7,224)
Net current liabilities                                  (515)          (5,745)
Net assets                                              88,318          104,314


Capital and reserves
Called up equity share capital                          12,588           12,660
Capital redemption reserve                               2,169            2,097
Share premium                                           16,394           16,394
Special reserve                                         19,769           20,270
Capital reserves                                        36,242           52,050
Revenue reserve                                          1,156              843
Total equity shareholders' funds                        88,318          104,314
Net asset value per ordinary share
- pence                                                 175.40           205.99

*Geographical distribution of the investments at 30 September 2001 was:

UK 91.6% (2000: 89.5%)

Other Europe 8.4% (2000: 10.5%)



FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC

Unaudited Preliminary Statement of Results for the year ended 30 September 2001

Unaudited Cash Flow Statement for the year ended 30 September


                                                                  2001     2000
                                                                £'000s   £'000s

Net cash inflow from operating activities                        2,621    2,436
Interest paid                                                    (113)    (160)
Total tax (paid)/recovered                                         (5)        5
Net cash inflow from financial investment                        5,909      369
Equity dividends paid                                          (2,518)  (2,551)
Net cash inflow before use of liquid resources and financing     5,894       99
Decrease/(increase) in short-term deposits                         200    (600)
Net cash (outflow)/inflow from financing                       (5,895)      359
Increase/(decrease) in cash                                        199    (142)



The Directors recommend a final dividend of 3.15p (2000: 3.05p) per share
payable on 1 February 2002 to shareholders registered on 7 December 2001.

The financial information set out in this announcement does not constitute the
Company's statutory accounts for the years ended 30 September 2001 or 30
September 2000. The financial information for the year ended 30 September 2000
has been extracted from the statutory accounts for that year which have been
delivered to the Registrar of Companies. The auditors report on those accounts
was unqualified and did not contain a statement under either Section 237(2) or
Section 237(3) of the Companies Act 1985. The statutory accounts for the year
ended 30 September 2001 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and
will be delivered to the Registrar of Companies following the Company's Annual
General Meeting.

The Report & Accounts will be posted to shareholders by 11 December 2001.
Copies may be obtained during normal business hours from the Company's
Registered Office, Exchange House, Primrose Street, London EC2A 2NY.


By order of the Board

F&C Management Limited - Secretary

27 November 2001