INVESTEC EUROPEAN GROWTH & INCOME TRUST LIMITED

Investec European Growth & Income Trust Limited announces that on Friday 11
July it repaid Euro43.5 million of its original Euro loan of Euro86.3 million under
its loan agreement with Bank of Scotland.

In the Company's interim report for the 6 months to 31 March 2003 it was
suggested that its financial position in terms of the applicable bank covenants
would not necessarily be improved as a result of a partial repayment of the
loan because of the immediate cash outflow equivalent to the value of the
breakage costs. In the event, this immediate cash outflow was avoided by,
instead of terminating the existing swap, entering into a new swap with the
opposite effect for Euro43.5 million. The effect of this transaction is that the
breakage costs are not realised immediately but deferred and paid out over the
rest of the Trust's life, thereby preserving its cash position in the meantime
and facilitating compliance with the bank covenants.





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