INVESTEC EUROPEAN GROWTH & INCOME TRUST LIMITED                

Following a Board meeting held on Friday 16 January, the Company wishes to
announce the appointment of Mr Jossef (Yossi) Barath as a director of the
Company.

Mr Barath is a member of the Board of Directors and the Investment and Audit
Committees of Sadot R&D Fund Limited (a Venture Capital company publicly traded
in Tel Aviv) and is also a director of The Beta Viet Nam Fund Limited and The
BGO Fund.

Enquiries please contact:

Sheila Ozanne +44 1481 709819

Investec Asset Management Guernsey Limited

19 January 2004



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