INVESTEC EUROPEAN GROWTH & INCOME TRUST LIMITED                

The Company wishes to announce that as a result of the Offer from Red Apple
Investments, LLC becoming unconditional, Mr Patrick Stauffenberg and Mr
Christian de Labriffe have today tendered their resignations as directors from
the Company. At the same time, Mr Robert Goldsmith, an employee of Dawnay Day
International Limited ("Dawnay Day") (the largest Zero Dividend Preference
shareholder in the Company), has agreed to become a non-executive director and
was appointed at a meeting of the Board of Directors earlier today.

Mr Goldsmith is a director of Premier Recovery Trust Plc which was delisted on
21 November 2003.

Dawnay Day represents holders of 38.4% of the Zero Dividend Preference
shareholders in the Company. Mr Goldsmith does not own any shares in the
Company.

It is confirmed that there are no matters requiring disclosure pursuant to
paragraphs 6.F.2(b) to (g) of the UKLA Listing Rules.

Enquiries please contact:

Sheila Ozanne +44 1481 709819

Investec Asset Management Guernsey Limited

19 December 2003



END