Re Directorate

Foreign & Colonial PEP&ISA Inv Tst
24 July 2001


              FOREIGN & COLONIAL PEP & ISA INVESTMENT TRUST PLC

                             BOARD APPOINTMENT


Foreign & Colonial PEP & ISA Investment Trust PLC is pleased to announce that
Professor Michael James Norton has been appointed as a non-executive director of
the Company with effect from 24 July 2001.

Professor Jim Norton is the Head of e-Business Policy at the Institute of
Directors.  Prior to joining the IoD, he led the Cabinet Office team which
produced the report '[e-mail]' for the Prime Minister in September
1999.  He is a former Chief Executive of the Radiocommunications Agency (the
UK's radio spectrum manager) and previously held senior positions in Cable &
Wireless, Butler-Cox, and British Telecom.  Professor Norton is an advisor to
Scottish Ministers for their 'Digital Scotland' programme, a member of the
Advisory Board of the UK Parliamentary Office of Science & Technology and an
Advisor to the Irish Government's Telecommunications Regulator.  He is also a
Non-Executive Director of Securicor plc, Telemetrix plc and 3i European
Technology Trust.  He is a Visiting Professor of Electronic Engineering at
Sheffield University.  Professor Norton won the 'Special Judge's Award for
Exemplary Service to the UK e-Commerce Industry 2000' from the European 
e-Commerce Association.

In accordance with Rules 16.4 and 16.5 of the Listing Rules of the UK Listing
Authority, outlined below are directorships held by Professor Norton in any
publicly quoted company at any time during the previous five years:

1.  Current directorships

    Securicor PLC
    Telemetrix PLC
    3i European Technology Trust PLC

2.  Past directorships

    None

There are no details to be revealed in connection with paragraphs 6.F.2 (b) to
(g) of the Listing Rules of the UK Listing Authority.  However Professor Norton
became a director of a start-up company, ResourcesOnNet Ltd on 1 September 2000
which is in the process of being wound up and is awaiting action by the Official
Receiver.