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Framlington GlbFin (FGF)


Friday 27 September, 2002

Framlington GlbFin

Partial Repayment of Debt

Framlington Global Fin & Inc Fd Ld
27 September 2002

Framlington Global Financial & Income Fund Limited (the 'Company') and
Framlington Global Financial & Income Securities Limited (the 'Subsidiary')

1. Shareholder resolutions

At a separate Class Meeting of the holders of the Zero Dividend Preference
Shares in the Subsidiary and Extraordinary General Meetings of the Company and
the Subsidiary held today, all of the resolutions, as set out in the Circular to
shareholders dated 11 September 2002, were duly passed.

Accordingly, shareholder approval has been granted for the following:

        a.     The repurchase of up to 2,550,300 of the Subsidiary's issued Zero
        Dividend Preference Shares in the market; and

        b.     The repurchase of up to 11,992,000 of the Company's issued
        Ordinary Shares in the market.

 2. Partial Repayment of Bank Debt

The Company has today repaid a further £5 million of its loan facility with Bank
of Scotland, reducing the principal amount outstanding to £10 million. Swap
breakage costs of approximately £347,000 have been incurred.

The Company remains in compliance with the financial covenants given under the
loan facility agreement.


        Christopher Wise - Tel: 020 7330 6680

        Framlington Investment Management Limited

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