Final Results

Foreign & Colonial Eurotrust PLC
02 November 2007

Date:              1 November 2007

Contact:           Peter Jarvis
                   F&C Management Limited
                   020 7628 8000


                        FOREIGN & COLONIAL EUROTRUST PLC
                   Unaudited Preliminary Statement of Results
                      for the year ended 30 September 2007

HIGHLIGHTS

•          Net asset value per share rose by 22.7% from 731.2p to 897.3p,
compared with a rise of 16.9% in the FTSE World Europe Index, excluding the UK
and adjusted to sterling.

•          Share price rose by 22.3% from 664.5p to 812.5p.

•         The Board is recommending an unchanged final dividend of 1.7p per
share and has declared a special dividend of 6.6p to give a combined dividend of
8.3p.  This compares with last year's combined dividend of 9.0p.


SUMMARY OF RESULTS

Attributable to equity shareholders                             30 September 2007      30 September 2006       % Change

Net assets                                                              £464.52m                £406.69m          +14.2

Net asset value per share                                                897.31p                 731.20p          +22.7

Share price                                                              812.50p                 664.50p          +22.3

Revenue return per share                                                   8.04p                   8.73p           -7.9

Dividends per share                                                        8.30p                   9.00p           -7.8






CHAIRMAN'S STATEMENT

Capital performance

Over the year to 30 September 2007, Continental European markets made good
progress despite heightened market volatility in recent months. A positive
global economic backdrop has supported earnings growth in the region. Your
Company's net asset value per share rose by 22.7% from 731.2p to 897.3p compared
with a rise of 16.9% in the FTSE World Europe Index, excluding the UK and
adjusted to sterling. The Company's share price rose by 22.3% from 664.5p to
812.5p. The discount widened slightly from 9.1% to 9.5%.

Revenue

Our gross income for the year decreased, reflecting our bias towards growth
stocks. Expenses have increased with the management fee having risen in line
with the increased value of the portfolio. Finance costs have increased due to
higher interest rates coupled with the loan having been maintained throughout
the year. The net revenue return attributable to shareholders has decreased by
14.3% from £5.0m to £4.3m.

Dividend

As in previous years, the Board is declaring a special dividend and is proposing
a final dividend. The Board is recommending an unchanged final dividend of 1.7p
per share in addition to the special dividend of 6.6p to give a combined
dividend of 8.3p. This compares with last year's combined dividend of 9.0p and
reflects the reduced net revenue available for distribution. The combined
dividend appears higher than earnings per share as it is based on the number of
shares in issue today rather than the average in issue during the year, which is
the case for earnings per share. The total amount to be distributed is slightly
less than the Company's net earnings for the year.

Gearing

The effective gearing of the Company was 8.1% at 30 September 2007, reflecting
our positive stance on the market during 2007. It is the policy of the Board
that the level of gearing should not exceed 20%.

Share buy-backs and demand for shares

The Company bought back and cancelled 3,851,861 shares during the financial
year, and a further 107,100 shares have been bought back and cancelled since the
year end. The Board will again propose to the Annual General Meeting that the
Company be granted powers to make further purchases as appropriate. We continue
to monitor the level of discount to net asset value at which your shares trade
and believe that share buy-backs are an important factor in addressing supply/
demand imbalances while at the same time increasing the net asset value per
share.

At the end of September, there were over 1,900 individuals participating in the
private investor plan on a regular monthly basis. It is a cost effective way for
the private investor to buy shares. We now have some 19,000 shareholders and the
percentage of the Company's share capital owned by private individuals is over
74%. This is amongst the highest levels of individual ownership in the
investment trust sector, and is a feature of the Company we are keen to see
continue.

VAT review

The European Court of Justice ruling in June, that investment trusts should be
regarded as special investment funds, has recently been accepted in principle by
the UK authorities, although a number of legal and procedural matters remain to
be resolved. The consequences of this decision are twofold. Firstly, management
fees paid by the Company will not be subject to VAT in future. Secondly, there
is a probability that the Company will be able to recover at least some of the
VAT suffered in the past on management fees and the Board is in discussion with
the Manager and the AIC over this issue.

Management arrangements

On 1 August 2007, Peter Jarvis, who had been assistant manager since January
2005 and acting manager for much of the past year, was appointed as lead manager
to the Company. The Board looks forward to continuing to work with him.

The Board

William Eason was appointed as a non-executive director on 16 May 2007. He has
been involved in the fund management and private client investment management
business for over 30 years and is already making a valuable contribution to the
Board.

Detlef Bierbaum and Clemence Borsig, who have both been on the Board for over
nine years, have decided to stand down after the Annual General Meeting. I thank
them both for their outstanding contributions over a long period.

Annual General Meeting

We hope that as many shareholders as possible will attend the Annual General
Meeting which will be held at 11 am on Thursday 13 December 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.


Douglas McDougall
November 2007




INCOME STATEMENT

for the year ended 30 September                                              2007                                  2006
                                                      Revenue   Capital    Total*     Revenue      Capital       Total*
                                                       £'000s    £'000s    £'000s      £'000s       £'000s       £'000s

Gains on investments                                        -    89,699    89,699           -       56,792       56,792
Exchange gains/(losses)                                    30     (913)     (883)         (9)           55           46
Income                                                 11,252         -    11,252      11,621            -       11,621
Management fee                                        (2,782)         -   (2,782)     (2,498)            -      (2,498)
Other expenses                                          (680)      (52)     (732)       (655)         (45)        (700)
Return before finance costs and taxation                7,820    88,734    96,554       8,459       56,802       65,261
Finance costs                                         (1,596)         -   (1,596)     (1,216)            -      (1,216)
Return on ordinary activities before taxation           6,224    88,734    94,958       7,243       56,802       64,045
Taxation on ordinary activities                       (1,903)     (140)   (2,043)     (2,200)            -      (2,200)
Return attributable to equity shareholders              4,321    88,594    92,915       5,043       56,802       61,485

Return per share - pence                                 8.04    164.78    172.82        8.73        98.28       107.01


*The total column is the profit and loss account of the Company.

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

A statement of total recognised gains and losses is not required as all gains
and losses of the Company have been reflected in the above statement.


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 30 September 2007                                                                              Total
                                               Called      Share       Capital                                   equity
                                             up share    premium    redemption       Capital    Revenue   shareholders'
                                              capital    account       reserve      reserves    reserve           funds
                                               £'000s     £'000s        £'000s        £'000s     £'000s          £'000s
Balance at 30 September 2006                   13,905    123,749         4,906       255,269      8,861         406,690
Movements during the year ended
    30 September 2007
Dividends paid                                      -          -             -             -    (4,977)         (4,977)
Shares purchased by the Company                 (963)          -           963      (30,108)          -        (30,108)
Return attributable to equity                       -          -             -        88,594      4,321          92,915
shareholders
Balance at 30 September 2007                   12,942    123,749         5,869       313,755      8,205         464,520



for the year ended 30 September 2006                                                                             Total
                                               Called      Share       Capital                                  equity
                                             up share    premium    redemption       Capital    Revenue  shareholders'
                                              capital    account       reserve      reserves    reserve          funds
                                               £'000s     £'000s        £'000s        £'000s     £'000s         £'000s
Balance at 30 September 2005                   15,657    123,749         3,154       240,559      8,235        391,354
Movements during the year ended
    30 September 2006
Dividends paid                                      -          -             -             -    (4,417)        (4,417)
Shares purchased by the Company               (1,752)          -         1,752      (42,092)          -       (42,092)
Return attributable to equity                       -          -             -        56,802      5,043         61,845
shareholders
Balance at 30 September 2006                   13,905    123,749         4,906       255,269      8,861        406,690


BALANCE SHEET
at 30 September                                                                    2007                            2006
                                                               £'000s            £'000s        £'000s            £'000s
Fixed assets
Listed investments                                                              502,397                         437,827
Current assets
Debtors                                                         3,571                             306
Taxation recoverable                                              249                             360
Cash at bank                                                        -                           3,923
                                                                3,820                           4,589
Creditors: amounts falling due within one year
Foreign currency loans                                       (31,411)                        (30,517)
Other                                                        (10,286)                         (5,209)
                                                             (41,697)                        (35,726)
Net current liabilities                                                        (37,877)                        (31,137)
Net assets                                                                      464,520                         406,690
Capital and reserves
Called up share capital                                                          12,942                          13,905
Share premium account                                         123,749                         123,749
Capital redemption reserve                                      5,869                           4,906
Capital reserves                                              313,755                         255,269
Revenue reserve                                                 8,205                           8,861
                                                                                451,578                         392,785
Total equity shareholders' funds                                                464,520                         406,690
Net asset value per share - pence                                                897.31                          731.20



The geographical distribution of investments at 30 September 2007 was:

Germany - 18.8%, France - 13.8%, Switzerland - 11.3%, Italy - 8.1%, Sweden -
7.3%, Norway - 6.8%,

Netherlands - 6.6%, Greece - 6.5%, Spain - 5.4%, Finland - 4.6%, Ireland - 3.8%,
Austria - 1.8%,

Denmark - 1.5%, Belgium - 1.2%, Cyprus - 1.1%, Portugal - 0.8%, Estonia - 0.6%.



CASH FLOW STATEMENT
for the year ended 30 September                                                2007                               2006
                                                            £'000s           £'000s            £'000s           £'000s
Operating activities
Investment income received                                   9,994                             11,217
Interest received                                              103                                123
Stock lending fees received                                    265                                148
Fees paid to the management company                        (2,709)                            (2,498)
Directors' fees paid                                          (87)                               (88)
Other payments                                               (597)                              (595)
Net cash inflow from operating activities                                     6,969                              8,307
Servicing of finance
Interest paid                                              (1,537)                            (1,225)
Cash outflow from servicing of finance                                      (1,537)                            (1,225)
Tax paid
UK tax paid                                                  (735)                              (909)
Overseas tax paid                                          (1,631)                            (1,699)
Overseas tax received                                          373                                447
Total tax paid                                                              (1,993)                            (2,161)
Financial investment
Purchases of equities                                    (526,194)                          (218,967)
Sales of equities                                          545,186                            266,766
Other capital charges and credits                             (47)                               (45)
Net cash inflow from financial investment                                    18,945                             47,754
Equity dividends paid                                                       (4,977)                            (4,417)
Net cash inflow before use of liquid                                         17,407                             48,258
   resources and financing
Management of liquid resources
Decrease in short-term deposits                                                   -                             13,884
Financing
Loans raised                                                     -                              6,782
Purchase of ordinary shares                               (30,108)                           (65,981)
Net cash outflow from financing                                            (30,108)                           (59,199)
(Decrease)/increase in cash                                                (12,701)                              2,943


NOTES

1    RETURN PER ORDINARY SHARE

Revenue return

The revenue return per share is based on the revenue return attributable to
equity shareholders of £4,321,000 profit (2006: £5,043,000 profit).

Capital return

The capital return per share is based on the capital return attributable to
equity shareholders of £88,594,000 profit (2006: £56,802,000 profit).

Weighted average ordinary shares in issue

Both the revenue and capital returns per share as based on a weighted average of
53,764,678 ordinary shares in issue during the year (2006: 57,792,436).

2    DIVIDENDS

The Directors recommend a final dividend in respect of the year ended 30
September 2007 of 1.7p (2006 - 1.7p) and have declared a special dividend of
6.6p (2006 - 7.3p), both payable on 20 December 2007 to shareholders on the
register at close of business on 16 November 2007.

3    FINANCIAL INFORMATION

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 2006 has been extracted from published accounts for
the year ended 30 September 2006 that have been delivered to the Registrar of
Companies and on which the report of the auditors was unqualified.

5    ANNUAL GENERAL MEETING

The Annual General Meeting will be held on Thursday 13 December at 11 am, at the
offices of F&C Management Limited, Exchange House, Primrose Street, London 
EC2A 2NY

6    REPORT AND ACCOUNTS

The Report and Accounts will be posted to shareholders in mid November 2007.
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
1 November 2007


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