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Framlington GlbFin (FGF)


Thursday 23 May, 2002

Framlington GlbFin

Result of EGM

Framlington Global Fin & Inc Fd Ld
23 May 2002

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

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 3 May 2002, were duly passed.

Accordingly, shareholder approval has been granted for the following:

        1.     The repurchase of up to 1,499,000 of the Subsidiary's issued Zero
        Dividend Preference Shares in the market.

        2.     The repurchase of up to 6,000,000 of the Company's issued
        Ordinary Shares in the market.

        3.     The reduction of the share premium accounts of the Company and
        Subsidiary, which will be subject to the sanction of the Royal Court of

As previously announced, the Company and the Subsidiary have agreed with Bank of
Scotland, pursuant to the powers granted above, to limit purchases of Zero
Dividend Preference Shares and Ordinary Shares to £1,000,000 in aggregate.


        Paul Branigan - Tel: 020 7374 4100

        Framlington Investment Management Limited

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