INVESTEC EUROPEAN GROWTH & INCOME TRUST LTD                                    
                                                                               
                                                                       As at   
                                                                               
                                                                      23-Jan-04
                                                                               
UK GAAP - mid NAV                                                              
                                                                               
Total assets incl all undistributed revenue reserves               � 45,427,383
                                                                               
Undistributed revenue reserves total                               �  4,698,628
                                                                               
Total assets excl all undistributed revenue reserves               � 40,728,755
                                                                               
Of which Cash                                                      � 22,319,682
                                                                               
Bank loan drawn down                                           euros 42,775,000
                                                                               
Bank loan drawn down                                               � 29,594,910
                                                                               
Net assets excl all undistributed revenue reserves                 � 11,133,845
                                                                               
Net assets excl all current year undistributed revenue             � 15,636,131
reserves                                                                       
                                                                               
NAV per ordinary share excl undistributed revenue                          0.40
                                                                               
ZDP NAV excl undistributed revenue                                       132.44
                                                                               
Bank covenant ratio incl breakage costs                                    0.86
                                                                               
IAS - bid NAV                                                                  
                                                                               
Total assets incl all undistributed revenue reserves               � 45,414,949
                                                                               
Undistributed revenue reserves total                               �  4,698,628
                                                                               
Total assets excl all undistributed revenue reserves               � 40,716,321
                                                                               
Of which Cash                                                      � 22,319,682
                                                                               
Bank loan drawn down                                           euros 42,775,000
                                                                               
Bank loan drawn down                                               � 29,594,910
                                                                               
Net assets excl all undistributed revenue reserves                 � 11,121,411
                                                                               
Net assets excl all current year undistributed revenue             � 15,623,697
reserves                                                                       
                                                                               
Potential breakage costs on bank loan                              � -6,121,946
                                                                               
NAV per ordinary share incl undistributed revenue after break costs       -1.76
                                                                               
ZDP NAV incl undistributed revenue                                       132.44



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