EGM Statement

    Egypt Trust

Dear Shareholder,

The extraordinary meeting of shareholders of The Egypt Trust (the "Company")
resolved on 17th November, 2003 to amend articles 2, 3, 10, 19, 20, 25, 26 and
29 of the articles of incorporation in order to make possible, among others,
quarterly redemptions at the request of the shareholders.

We would like to advise you that the first repurchase will be effected on 29th
December, 2003 (the last valuation date of the fourth quarter of 2003). As
already notified to you on 29th September 2003, 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 28th November, 2003 in
order to be dealt with on such valuation date. Orders may also be sent directly
to European Fund Administration (fax: [phone], attention Mr Vasco
Apolinario)

We would like to recall to your attention that you may request the Company to
redeem all or part of your shares at quarterly intervals on the last valuation
date in each calendar quarter ("Redemption Date"). "Valuation date" means the
date fixed by the Board of Directors of the Company, being Friday of each week
(or, if that day is not a business day in Luxembourg, on the next business day).

Any request must be filed in written form and received at the registered office
of the Company thirty calendar days prior to 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.

For further information, please do not hesitate to contact Viviane de Moreau,
Relationship Manager, Kredietbank S.A. Luxembourgeoise (Tel.: [phone]
16; e-mail: [e-mail]).

Yours sincerely,

_____________________

For the Board of Directors