BW20030814002073  20030814T171842Z UTC


( BW)(EGYPT-TRUST)(EGP) Letter to Shareholders

    Business Editors
    UK REGULATORY NEWS

    LUXEMBOURG--(BUSINESS WIRE)--Aug. 14, 2003--

                                           Luxembourg, Aug. 14th, 2003

Dear Shareholder,

The Board of Directors of The Egypt Trust (the "Company") has
submitted to your vote a proposal to amend the Articles of
Incorporation in order to allow quarterly redemptions at the request
of the shareholders.  We would like to advise you that, subject to a
positive vote being obtained during the extraordinary general meetings
of 19th August, 2003 or 23rd September, 2003, the first repurchase is
currently expected to be effected on the 26th September, 2003 (the
last valuation date of the third quarter of 2003).

In order to be dealt with on such valuation date, applications for
redemption must be received in writing at the registered office of the
Company at 11 rue Aldringen, L-1118 Luxembourg before close of business
on 27th August, 2003.  The wording in the updated prospectus on the
redemption features is the following:

"From September 26, 2003, shareholders may request the Company to
redeem all or part of their shares at quarterly intervals on the last
Valuation Date in each calendar quarter ("Redemption Date").  The
Company shall redeem such shares within the sole limitations set forth
by law, the Articles of Incorporation and the prospectus and subject
to the 10% limitation described below and to any event giving rise to
suspension as referred to in the prospectus.

Any such request must be filed by the shareholders in written form
and received at the registered office of the Company thirty calendar
days prior to the relevant Redemption Date. The request must be
received at the latest before close of business in Luxembourg on
such day.  If such day is not a business day in Luxembourg the request
has to be received on the immediately preceding business day in
Luxembourg.

The redemption price shall be equal to the net asset value of the
applicable Valuation Date as determined in accordance with the
provisions of the prospectus, less a redemption charge of up to 5% for
the benefit of the Company to cover dealing charges incurred. The same
redemption fee will be applied to all redemptions on a given Valuation
Date.  The relevant redemption price may be rounded as the directors
may decide.

Redemption payments will be made in US Dollars or such other currency
as the directors may determine, within ten Luxembourg business days
following the relevant Redemption Date.

If the total value of requests for redemption of shares received on 
any specific Redemption Date exceeds 10% of the total net asset values 
of shares in issue, the redemption requests will be reduced pro rata 
to the holdings of the shareholders who applied for redemption."

You will be informed of the outcome of the extraordinary general
meeting(s) of 19th August, 2003 and/or 23rd September, 2003. 
Accordingly, if shareholders vote against the proposed redemption
features, the submission of redemption requests will remain without
effect. 

If shareholders vote in favour of the proposed amendment to the
Articles of Incorporation, the redemption requests submitted and
accepted as described will be processed at the applicable net asset
value as of 26th September, 2003, subject to the 10% limitation
described above.

Please do not hesitate to contact Alexander Zagoreos, Managing
Director, Lazard Asset Management (Tel: (001) 212-632-6449) for 
further information on behalf of the Board of Directors.

Yours sincerely,

--------------------------
For the Board of Directors

   Short Name: Egypt Trust
   Category Code: MSC
   Sequence Number: 00008435
   Time of Receipt (offset from UTC): 20030814T175942+0100

    --30--sm/uk*

    CONTACT: Egypt Trust

    KEYWORD: LUXEMBOURG INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING  
    SOURCE: Egypt Trust 

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