Final Results

F&C PEP & ISA Investment Trust PLC 05 December 2002 Date: 5 December 2002 Contact: Julian Cane, F&C Management Ltd, 020 7628 8000 / Lisa Stanley, Lansons Communications, 020 7294 3692 F&C PEP AND ISA INVESTMENT TRUST PLC (formerly Foreign & Colonial PEP and ISA Investment Trust PLC) Unaudited Preliminary Statement of Results for the year ended 30 September 2002 Highlights • Over the year to 30 September 2002 net asset value per share fell 19.6% while the FTSE All-Share index declined by 23.0%. The share price fell by 16.1% to 135.5p. • The Company is recommending a final dividend of 3.25p per share giving a total for the year of 5.25p, an increase of 2.9% on the previous year. This continues its record of increasing dividends every year since launch. • The Company's decision to implement an aggressive share buy back policy has ensured that the Company's shares do not stand at any material discount to NAV. • At the Annual General Meeting on 28 January 2003, shareholders will be asked to vote on the Company's future. • At the AGM it will be proposed that the name of the Company be changed to 'F&C Capital and Income Investment Trust PLC'. SUMMARY OF RESULTS 30 Sep 30 Sep % Attributable to equity shareholders 2002 2001 change Net assets £70.06m £88.32m -20.7 Net asset value per share 140.96p 175.40p -19.6 Share price 135.50p 161.50p -16.1 Earnings per share 4.93p 5.70p -13.5 Dividends per share 5.25p 5.10p +2.9 F&C PEP AND ISA INVESTMENT TRUST PLC Unaudited Preliminary Statement of Results for the year ended 30 September 2002 Unaudited Statement of Total Return (incorporating the Revenue Account*) for the year ended 30 September 2002 2001 Revenue Capital Total Revenue Capital Total £'000s £'000s £'000s £'000s £'000s £'000s Losses on investments - (16,819) (16,819) - (15,517) (15,517) Exchange gains/(losses) on 8 3 11 (4) 4 - currency balances Income 2,869 - 2,869 3,306 3,306 Management fee (209) (209) (418) (236) (236) (472) Other expenses (173) (11) (184) (125) (7) (132) Net return before finance 2,495 (17,036) (14,541) 2,941 (15,756) (12,815) costs and taxation Interest payable and (15) (15) (30) (52) (52) (104) similar charges Return on ordinary 2,480 (17,051) (14,571) 2,889 (15,808) (12,919) activities before taxation Taxation on ordinary (20) - (20) (17) (17) activities - Return attributable to 2,460 (17,051) (14,591) 2,872 (15,808) (12,936) equity shareholders Dividends on ordinary shares (equity): Interim dividend of 2.00p (986) - (986) (973) - (973) (2001:1.95p) Proposed final dividend of (1,615) - (1,615) (1,586) - (1,586) 3.25p (2001: 3.15p) (2,601) - (2,601) (2,559) - (2,559) Amount transferred (from)/ (141) (17,051) (17,192) 313 (15,808) (15,495) to reserves Return per ordinary share 4.93 (34.18) (29.25) 5.70 (31.38) (25.68) - pence * The revenue column of the statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. F&C PEP AND ISA INVESTMENT TRUST PLC Unaudited Preliminary Statement of Results for the year ended 30 September 2002 Unaudited Balance Sheet at 30 September 2002 2001 £'000s £'000s Fixed assets Investments* 70,419 88,833 Current assets Debtors 492 673 Taxation recoverable 19 17 Cash at bank and short-term deposits 917 731 1,428 1,421 Current liabilities Creditors: amounts falling due within one year: Other creditors (1,786) (1,936) (1,786) (1,936) Net current liabilities (358) (515) Net assets 70,061 88,318 Capital and reserves Called up equity share capital 12,425 12,588 Capital redemption reserve 2,332 2,169 Share premium 16,394 16,394 Special reserve 18,704 19,769 Capital reserves 19,191 36,242 Revenue reserve 1,015 1,156 Total equity shareholders' funds 70,061 88,318 Net asset value per ordinary share - pence 140.96 175.40 *Geographical distribution of the investments at 30 September 2002 was: UK 92.3% (2001: 91.6%) Continental Europe 7.7% (2001: 8.4%) F&C PEP AND ISA INVESTMENT TRUST PLC Unaudited Preliminary Statement of Results for the year ended 30 September 2002 Unaudited Cash Flow Statement for the year ended 30 September 2002 2001 £'000s £'000s Net cash inflow from operating 2,336 2,621 activities Interest paid (30) (113) Total tax paid (29) (5) Net cash inflow from financial 1,533 5,909 investment Equity dividends paid (2,572) (2,518) Net cash inflow before use of 1,238 5,894 liquid resources and financing (Increase)/Decrease (200) 200 in short-term deposits Net cash outflow (1,063) (5,895) from financing (Decrease)/Increase (25) 199 in cash The Directors recommend a final dividend of 3.25p (2001: 3.15p) per share payable on 30 January 2003 to shareholders registered on 13 December 2002. The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 30 September 2002 or 30 September 2001. The financial information for the year ended 30 September 2001 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 2002 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 towards the end of December 2002. 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 4 December 2002 This information is provided by RNS The company news service from the London Stock Exchange

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