RNS Number:4875H
Govett Enhanced Income Inv TrustPLC
13 February 2003

Net asset value calculations

Govett Enhanced Income Investment Trust PLC ("GEIIT") announces that the
reported Net Asset Values ("NAVs") per Ordinary share of GEIIT and per Zero
Dividend Preference share ("Zeros") of its subsidiary GEIIT Securities PLC are
being restated, with effect from those for 31 January 2003. The restatement has
been made following consultation with the AITC and GEIIT's professional
advisers. For the sake of clarity, the reported NAVs announced to the stock
exchange are capital only (ie. the surplus or deficit in the current year
revenue account is excluded).

The Net Asset Values will in future be stated on the basis that the 1p par value
per GEIIT Ordinary share which has previously been included in the NAV of the
Ordinary shares will no longer be included and will be included instead in that
of the Zero Dividend Preference Shares. This change is in line with the return
of assets basis, as set out in the AITC Statement of Recommended Practice, and
in accordance with the contractual provisions set out in the agreements between
Govett Enhanced Income Investment Trust PLC and its subsidiary applicable upon
their liquidation. The Board of GEIIT has been informed that the same change is
being made to Govett European Enhanced Investment Trust, the only other two-tier
structure trust managed by Govett Investment Management Limited.

In consequence, the capital only NAVs as at 31 January 2003 of the Ordinary
shares and the Zero Dividend Preference shares were 2.09p and 99.83p
respectively (compared with figures of 3.09p and 98.74p if the above change were
not made).

As stated earlier, the NAVs disclosed to the stock exchange are capital only,
which excludes the surplus / deficit in the current year revenue account.
However, the cum-income NAV figure, which is disclosed on a monthly basis to the
AITC, includes the surplus / deficit in the current year revenue account. The
cum-income NAV as at 31 January 2003 was 5.86p per Ordinary share. Therefore
there is a surplus of 3.77p per Ordinary share in the current period unaudited
revenue account (which represents the revenue account for the 13 months to 31
January 2003). Following the announcement of the year end financial results (for
the accounting year ended 31 December 2002), the net surplus on the revenue
account for that year will be transferred to the capital only NAV in accordance
with the requirements of the AITC SORP.

Please note that the above cum-income figure has been stated as at 31 January
2003, and hence does not take into consideration the dividend declared by the
board on the 6 February 2003.

13 February 2003

Enquiries:

Pramal Patel or John Murray, Govett Investment Management Limited

Telephone number     020 7378 7979


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