F&C APPOINTS DIRECTOR OF UK BONDS

For Immediate Release 31st March 2003 F&C APPOINTS DIRECTOR OF UK BONDS F&C Management Limited, a leading pan-European asset manager, is delighted to announce that it has recruited Paul Grainger as Director, UK Sovereign Bonds. Paul will report to Helen Roberts, Director and Head of Sovereign Bonds. Paul will bring with him eight years of industry experience, latterly as a Senior Fixed Income Portfolio Manager at Gartmore. At Gartmore he is responsible for its active institutional and retail sterling funds totalling £2.25bn. He was instrumental in turning around the UK fixed income's performance. For a number of years Paul has been the fund manager for the Gartmore UK Gilt & Fixed Interest fund - this fund has an AA S&P rating. Prior to joining Gartmore Paul worked as an Associate Fixed Income Portfolio Manager at BZW / Barclays Global Investors. Helen Roberts, Director and Head of Sovereign Bonds at F&C commented: "Paul is a very experienced gilt fund manager and I am delighted to welcome him to the team. He was instrumental in his previous role in winning new business as well as developing new frameworks and he will be a great asset to the team". Tony Broccardo, Chief Investment Officer at F&C said "Sovereign bonds have been a successful and growing part of fixed income at F&C and Paul's addition to the team will further strengthen our capability in this asset class. Fixed income portfolio management is a key area of expertise for the business, and accounts for around 50% of the Group's total assets under management. F&C's fixed income team has an excellent long-term track record, and Paul's appointment reflects the fact that we are committed to extending our position as a leading asset manager across Europe." -Ends - For further information, please contact: Deborah James David Masters / Lisa Stanley F&C Management Ltd Lansons Communications Tel: 0207 628 8000 Tel: 020 7294 3687 / 3692 Email: djames@fandc.co.uk Email: lisas@lansons.com davidm@lansons.com Notes to Editors F&C Management Ltd (F&C) is a leading pan-European full investment manager, and currently manages Euro 92 billion in assets for both institutions and individuals in the UK and Europe. The company has a major presence in the UK, Netherlands, Portugal, Ireland and Germany. It ranks among the top ten managers of European pensions assets in UK, Ireland and Netherlands; the leading provider of fund services to the Portuguese retail and institutional market; and is the leading foreign adviser to the German funds market. F&C Management Ltd is a leading manager of investment trusts; the flagship Foreign & Colonial Investment Trust was the first and remains the largest of its kind. Its name has become synonymous with consistent long-term performance and reliability. The UK and European Retail sector forms approximately 50% of F&C's revenue. F&C authorised and regulated in the United Kingdom by the Financial Services Authority. F&C is a wholly owned subsidiary of Eureko B.V., a leading pan-European financial group. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/03/31/20030331BIT00890/wkr0001.doc http://www.waymaker.net/bitonline/2003/03/31/20030331BIT00890/wkr0002.pdf

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