INVESTEC EUROPEAN GROWTH & INCOME TRUST LTD                                           
                                                   As at              As at           
                                                           02-Jan-04        19-Dec-03 
UK GAAP - mid NAV                                                                     
Total assets incl all undistributed        �              45,731,890     45,348,069   
revenue reserves                                                                      
Undistributed revenue reserves total       �               4,568,414       4,568,414  
Total assets excl all undistributed        �              41,163,476     40,779,655   
revenue reserves                                                                      
Of which Cash                              �              22,854,235     22,556,967   
Bank loan drawn down                       euros          42,775,000     42,775,000   
Bank loan drawn down                       �              30,100,981     29,973,384   
Net assets excl all undistributed revenue  �              11,062,495     10,806,271   
reserves                                                                              
Net assets excl all current year           �              15,564,781     15,308,557   
undistributed revenue reserves                                                        
NAV per ordinary share excl undistributed revenue               0.38                  
                                                                      0.05            
ZDP NAV excl undistributed revenue                                                    
                                                   131.79             131.35          
Bank covenant ratio incl breakage costs                                               
                                                   0.87               0.88            
IAS - bid NAV                                                                         
Total assets incl all undistributed        �              45,656,914     45,274,865   
revenue reserves                                                                      
Undistributed revenue reserves total       �               4,568,414      4,568,414  
Total assets excl all undistributed        �              41,088,500     40,706,451   
revenue reserves                                                                      
Of which Cash                              �              22,854,235     22,556,967   
Bank loan drawn down                       euros          42,775,000     42,775,000   
Bank loan drawn down                       �              30,100,981     29,973,384   
Net assets excl all undistributed revenue  �              10,987,519     10,733,067   
reserves                                                                              
Net assets excl all current year           �              15,489,805     15,235,353   
undistributed revenue reserves                                                        
Potential breakage costs on bank loan      �              -5,885,764  -   5,886,117   
NAV per ordinary share incl undistributed revenue              -1.72  -               
after break costs                                                     2.05            
ZDP NAV incl undistributed revenue                            131.79                  
                                                                      131.35          



END