2002

F&C [ 2006 - 2005 - 2004 - 2003 - 2002 - 2001 - 2000 - 1999 ]

F&C Management Limited (F&C) is a leading pan-European asset manager and currently manages over Euro 107 billion/£65 billion* in assets for both institutions and individuals world-wide. F&C harnesses over a century of experience with the latest technology to ensure it delivers the highest possible returns.

Founded in 1868, Foreign & Colonial Investment Trust remains the largest of its kind in the world, its name has become synonymous with excellence and reliability in the areas of investment trusts. This reputation now extends to other areas of the business, namely unit trusts, ISAs, PEPs, pension funds, emerging market investments, property, offshore funds and charities.

Foreign & Colonial Investment Trust - Performance Record

The performance is based on an original investment of £1,000 in December 1945 with net income reinvested.
1 Calculation by F&C Management Limited, based on mid-market prices, allowing for notional deduction of 3.5% on reinvested income to cover transaction costs and the market's spread. Past performance is not necessarily a guide to the future. Prices and income may go down as well as up. Investors may not get back the full amount invested, especially in the short term.
2 Source: The CSFB Equity - Gilt study to 1962. Thereafter Datastream

F&C is now wholly owned by Eureko, one of Europe's leading financial services groups. F&C was created following the completion of the sale of Foreign & Colonial Management to Eureko BV in March 2001, and the subsequent integration of Eureko's asset management activities under the F&C brand. Today, F&C is headquartered in London, with representative investment offices in Amsterdam, Lisbon and Dublin and dedicated client service and marketing offices in Frankfurt, Boston and Mumbai.

* Q1 2002

Leading Marketing Positions

F&C has established leading positions in at least six individual European domestic markets.

In Germany - we made our first investment in 1881! Today, we are the most experienced international adviser to this rapidly expanding fund management market. In partnership since 1989 with HypoVereinsbank (HVB), we have designed and managed more than 40 funds specifically tailored for the German retail market. Our institutional clientele is growing rapidly.

In Greece - we also made our first portfolio investment in 1881. Now, in partnership with Greece's leading insurer, Interamerican and the country's fastest growing retail bank, NovaBank, F&C is a top five provider to the Greek mutual funds investor.

In the Republic of Ireland - F&C has formed a strategic partnership with Friends First whose rapidly expanding asset management subsidiary has been integrated into the F&C Group. F&C Ireland can now provide its clients with an attractive combination of global investment expertise and local market knowledge and client servicing.

In the Netherlands - we made our first investment in 1930 when we bought stock in Philips (we still hold it). Now, with the integration of Achmea Global Investors and our partnership with the Achmea Group, we are one of the Netherlands' largest pensions managers.

In Portugal - we made our first investment in 1868! Now, in partnership with the BCP Group, we are the leading manager of mutual and pensions monies in the country.

In the UK - we pioneered the closed end fund sector (investment trusts) and remain a leading provider. We serve more than 250,000 UK retail customers and are one of the country's foremost managers of institutional pensions monies.

Global Product, Local Service

F&C aspires to raise the standards of customer service in the European asset management industry.

By bringing together leading asset management businesses in the UK, the Netherlands, Portugal, Ireland and Greece, we have created an unrivalled source of global product expertise and local market knowledge. The addition of these attributes to our long-standing partnership with HVB and our role as money manager to Eureko, a leading European insurance group, gives us an unparalleled position in the heart of Europe.

We continue to deliver our traditional high standards of service, but now also offer a wider choice of investment products and greater investment management expertise in key global asset classes.

Money management is our business - our only business. We offer a comprehensive range of products to both retail and institutional investors.

• Over €100 billion in total Group assets under management
• Over €70 billion in European equities and bonds
• The largest specialist emerging markets team in Europe
• One of Europe's leading providers of risk adjusted/structured products
• Balanced and specialist provider to the institutional investor
• Full range of funds tailored for the European retail investor
• Over 60 funds designed for the Portuguese retail market
• Pioneer and leader of the UK investment trust market

Local Presence

London	Amsterdam
F&C Management Limited	F&C Netherlands B.V.
Exchange House	Gatwickstraat 1
Primrose Street	1043 GK Amsterdam
London EC2A 2NY	The Netherlands
United Kingdom

Lisbon	Frankfurt
F&C Portugal, S.A.	F&C Management Limited
Rua Alexandre Herculano, No 50	Düsseldorfer Strasse 19-23
1250-011 Lisbon	60329 Frankfurt a. M.
Portugal	Germany

Boston	Dublin
F&C Management Limited	F&C Ireland Limited
30 Rowes Wharf	Block 5
Suite 540	Harcourt Centre
Boston, MA 02110	Dublin 2
USA	Ireland

Athens

Intertrust Funds Management Co. S.A.*1

117 Kifissias Avenue & Ag. Konstantinou str.

151 80 Maroussi

Athens

Greece

1 Intetrust Funds Management Co. S.A has agreed in principle to be rebranded F&C