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Govett Euro Tech (GTI)

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Tuesday 22 October, 2002

Govett Euro Tech

Statement re bank facility

Govett European Tech & Inc Tst PLC
22 October 2002

The Board of Govett European Technology and Income Trust PLC announces that it
has resolved to make a further part repayment of the Company's loan facility
with Bank of Scotland (the 'Bank') in order to reduce the level of gearing in
the Company's structure and to give the Company additional headroom on its
banking covenants. The Board has agreed with the Bank a repayment of £12.5
million (approximately 19.9 million Euros) of bank debt. In connection with the
part repayment the Company will incur breakage costs of approximately £957,000
on the associated interest rate swap facility. Following the repayment, the
Company will have total borrowings of approximately £3.4 million. The Company
will no longer maintain a deposit with the Bank as a cash offset against the
loan facility.

Following the repayment detailed above, the Company will have total assets of
approximately £6.6 million, invested approximately 36 per cent in European
technology equities, 37 per cent in investment company shares, 28 per cent in
bonds and 1 per cent in net current liabilities.

Noel McEvoy / John Murray                                   020 7378 7979

Govett Investment Management Limited

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