Investec European Growth & Income Trust Limited                

The Company announces that as at the close of business on 31 December 2003 the
10 largest investments in the Company's portfolio were:

Top Ten                                          % Gross Assets
                                                               
UK Treasury 7.250 DEC 07 07                          12.14     
                                                               
Germany (Federal Republic) 3.500 OCT 10 08            4.52     
                                                               
Small Companies Dividend Trust Ordinary Shares        1.45     
                                                               
Investec High Income Trust Ordinary Shares            1.36     
                                                               
Continental                                           1.15     
                                                               
Royal Dutch Petroleum                                 1.15     
                                                               
Endesa SA                                             1.05     
                                                               
Fortum OYJ                                            1.00     
                                                               
Delhaize Group                                        0.99     
                                                               
TDC A/S                                               0.96     

Enquiries please contact:

Gill Nobes ++44 1481 710404

Investec Asset Management Guernsey Limited



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