Final Results

Foreign & Colonial Eurotrust PLC
10 November 2003

Date: 10 November 2003

Contact: Stephen White, F&C Management Limited, 020 7628 8000 / Lisa Stanley,
Lansons Communications, 020 7294 3692


                        FOREIGN & COLONIAL EUROTRUST PLC
                   Unaudited Preliminary Statement of Results
                      for the year ended 30 September 2003

HIGHLIGHTS

• Your Company's net assets per share rose from 351.8 p at 30 September
  2002 to 433.7 p at 30 September 2003, a gain of 23.3%. This compares 
  with a rise of 23.1% in the FTSE W Europe Index over the same period.

• As a result of higher revenue and lower costs the revenue return
  attributable to shareholders rose markedly from £3.7m to £4.9m.

• The Board is recommending an unchanged ordinary dividend of 1.7 pence
  per share, in addition to a special dividend of 4.8 pence per share 
  declared on 7 November 2003. The combined dividend of 6.5p per share is an 
  increase of 38.3% on the corresponding amount for last year and enables 
  shareholders to enjoy the benefit of this year's account without any 
  commitment to the higher level for future years.


SUMMARY OF RESULTS

                          30 September 2003       30 September 2002     % Change

Net assets                         £319.83m                £264.56m        +20.9

Net assets per share                433.71p                 351.82p        +23.3

Earnings per share                    6.54p                   4.86p        +34.6

Dividends per share                   6.50p                   4.70p        +38.3

Share price                         349.50p                 277.00p        +26.2


Extracts from the Chairman's Statement

Dear Shareholder,

Capital Performance

The continental European stockmarkets made good progress over the year to 30
September 2003, thereby recouping some of the losses suffered in the two
previous years. As a result, your Company's net assets per share rose from
351.8p at 30 September 2002 to 433.7p at 30 September 2003, a gain of 23.3%.
This compares with a rise of 23.1% in the FTSE W Europe Index, excluding the UK
and adjusted to sterling over the same period.

In the run-up to the war with Iraq the equity markets remained unsettled. The
difficult political situation, mixed economic data and the decline in the dollar
all weighed on the markets, despite the cuts in interest rates by the European
Central Bank. However, once the war was concluded the markets moved ahead again
on hopes that the worst of the economic and profits downturn had been seen. This
move was supported by steadily improving economic and company newsflow, and
activity on the exchanges picked up noticeably. Within the markets, the best
performing sector over the year was technology on rising expectations of a
general pick-up in economic activity. Financials also did well on the back of
better capital markets. By contrast, the poorer performers included the oils as
the price of crude eased back after the Iraq war, as well as more defensive
sectors such as pharmaceuticals, consumer goods and utilities that had all
performed well in the previous bear market.

We made a number of changes to the portfolio over the year, the main objective
being to increase our exposure to companies most sensitive to recovery in
economic and financial conditions. However, given the continuing uncertainties
we were reluctant to raise significantly the level of gearing.

Revenue

Our gross income for the year is well ahead of that of the year before. This
reflects both higher dividend pay-outs from the companies in our portfolio and
also the appreciation of the euro against sterling. Expenses were down, due
mainly to the fall in the management fee in the wake of the lower average value
of the portfolio over the course of the year. Interest costs were similar given
the largely unchanged level of gearing. As a result of the higher revenue and
lower costs the revenue return attributable to shareholders rose markedly from
£3.7m to £4.9m.

Dividend

As in the previous two years, the Board is declaring both an ordinary and a
special dividend. In setting the amounts, the Board has had again to take
account of the minimum distribution it can make in order to maintain the
Company's investment trust status and the risk of setting a precedent for next
year which would be difficult to repeat should expenses rise again, which they
might do should equity markets recover or gearing be increased. The Board is
thus recommending an unchanged ordinary dividend of 1.7p per share in addition
to a special  dividend of 4.8p per share. The combined dividend of 6.5p per
share is an increase of 38.3% on the corresponding amount for last year and
enables shareholders to enjoy the full benefit of this year's account without
any commitment to the higher level for future years.

Share Buy Backs and Demand for Shares

The Company bought back and cancelled 1,452,000 shares during the financial
year, and a further 635,858 from the year end to date. The Board will propose to
the Annual General Meeting that powers for further purchases should be taken. We
continue to review the level of discount to net asset value at which your shares
trade and believe that share buy backs can be a factor in addressing supply/
demand imbalances while increasing the net asset value per share.

At the end of September, there were over two thousand individuals participating
in the private investor plan on a regular monthly basis. It is a very attractive
way for the private investor to buy shares, and we believe it justifies fully
its cost to the Company. We now have some 24,000 shareholders and the percentage
of the Company's share capital directly owned by the private individuals is over
77%. This is one of the highest levels of individual ownership in the investment
trust sector, and a feature of the Company we are keen to see continue.

AGM

We hope that as many shareholders as possible will attend the Annual General
Meeting which will be held on Tuesday 16 December at 3.00 p.m. at the offices of
F&C Management at Exchange House, Primrose Street, London EC2A 2NY.  We look
forward to meeting all of you who can come.

Outlook

The European markets seem well supported for the time being by the steady
pick-up in economic activity, positive corporate news and continuing low levels
of interest rates. Valuations are undemanding. The dollar, however, remains a
concern, and were it to weaken further the markets could well be vulnerable.

Directors and Management

I am very sorry to report that Eric Elstob died in October after a long illness.
He had served on the Board since the Company's inception in 1972 and during that
time made an enormous contribution to the success of the Company. He was also a
great supporter of the investment trust industry as a whole. He will be much
missed.

Mr Philippe Sarasin decided not to stand for re-election at the AGM. We are very
sorry to see him leave, and I would like to thank him on behalf of the Board for
all his contribution to the success of the Company during his time as a
director.

Finally, I should like to thank our manager, Stephen White, and his colleagues
at F&C Management for all their efforts during the past year.


Douglas McDougall
7 November 2003


Balance Sheet
at 30 September 2003
                                                                                2003                   2002
                                                                              £'000s                 £'000s
Fixed assets
Investments                                                                  330,054                274,890

Current assets
Debtors                                                                        1,360                  1,429
Taxation recoverable                                                             568                    537
Short-term deposits                                                            7,010                      -
Cash at bank                                                                     677                    382
                                                                               9,615                  2,348

Current liabilities
Creditors: amounts falling due within one year
Foreign currency loans                                                      (12,617)                (6,913)
Other                                                                        (7,221)                (5,770)
                                                                            (19,838)               (12,683)

Net current liabilities                                                     (10,223)               (10,335)

Net assets                                                                   319,831                264,555

Capital and Reserves
Called up equity share capital                                                18,436                 18,799
Capital redemption reserve                                                       375                     12
Share premium                                                                123,749                123,749
Capital reserves                                                             173,766                118,569
Revenue reserve                                                                3,505                  3,426
Total equity shareholders' funds                                             319,831                264,555

Net asset value per ordinary share - pence                                    433.71                 351.82


The geographical distribution of investments at 30 September 2003 was: France -
38.0%, Switzerland - 15.0%, Netherlands - 14.2%, Germany - 12.0%, Sweden - 5.0%,
Italy - 4.6%, Finland - 4.3%, Spain - 3.8%, Denmark - 1.6%, United Kingdom -
1.1%, Eire - 0.4%.


Statement of Total Return (incorporating the Revenue Account*)
for the year ended 30 September 2003

                                                                   2003                                   2002

                                      Revenue      Capital        Total      Revenue      Capital        Total
                                       £'000s       £'000s       £'000s       £'000s       £'000s       £'000s
Gains/(losses) on
Investments                                 -       60,728       60,728            -     (95,160)     (95,160)

Exchange gains/(losses)                    40        (939)        (899)          (6)        (138)        (144)

Income                                  9,276            -        9,276        7,427            -        7,427

Management fee                        (1,818)            -      (1,818)      (2,136)            -      (2,136)

Other expenses                          (759)         (25)        (784)        (841)         (24)        (865)

Net return before finance costs
and taxation                            6,739       59,764       66,503        4,444     (95,322)     (90,878)

Interest payable and similar
charges                                 (341)            -        (341)        (209)            -        (209)

Return on ordinary activities
before taxation                         6,398       59,764       66,162        4,235     (95,322)     (91,087)

Taxation on ordinary activities       (1,534)            -      (1,534)        (576)            -        (576)

Return attributable to equity
shareholders                            4,864       59,764       64,628        3,659     (95,322)     (91,663)

Dividends on ordinary shares
(equity)

Proposed final of 1.7p  (2002:
1.7p)                                 (1,251)            -      (1,251)      (1,279)            -      (1,279)

Special dividend of 4.8p (2002:
3.0p)                                 (3,534)            -      (3,534)      (2,254)            -      (2,254)
                                      
Amount transferred
to/(from) reserves                         79       59,764       59,843          126     (95,322)     (95,196)

Return per ordinary share -
pence                                    6.54        80.39        86.93         4.86     (126.68)     (121.82)
                                         

* The revenue column of this statement is the profit and loss account of the
  Company.

All revenue and capital items in the above statement derive from continuing
operations.

Cash Flow Statement
For the year ended 30 September 2003
                                                                                    2003                    2002
                                                                                  £'000s                  £'000s


Net cash inflow from operating activities                                          6,685                   4,363
Interest paid                                                                      (314)                   (190)
Taxation paid                                                                      (887)                   (612)
Net cash inflow/(outflow) from financial investment                                5,292                (10,559)
Equity dividends paid                                                            (3,526)                 (1,730)
Net cash inflow/(outflow) before use of liquid resources
and financing                                                                      7,250                 (8,728)
Increase in short-term deposits                                                  (7,088)                   (152)
Net cash (outflow)/inflow from financing                                           (175)                   6,583
Decrease in cash                                                                    (13)                 (2,297)


Notes

The Directors propose a final dividend of 1.7p (2002 - 1.7p) per share payable
on 19 December 2003 to shareholders on the register at close of business on 21
November 2003.

The Directors have declared on 7 November 2003 a special dividend of 4.8p (2002
- 3.0p) per share payable on 19 December 2003 to shareholders on the register at
close of business on 21 November 2003.

The above financial information comprises non-statutory accounts within the
meaning of section 240 of the Companies Act 1985. The financial information for
the year ended 30 September 2002 has been extracted from published accounts for
the year ended 30 September 2002 that have been delivered to the Registrar of
Companies and on which the report of the auditors has been unqualified.

The Annual General Meeting will be held at Exchange House, Primrose Street,
London EC2A 2NY on Tuesday 16 December 2003 at 3.00 p.m.

The Report and Accounts will be posted to shareholders in mid November 2003.
Copies may be obtained during normal business hours from the Company's 
Registered Office, Exchange House, Primrose Street, London EC2A  2NY.

By order of the Board

F&C Management Limited, Secretary

7 November 2003


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