Final Results

Foreign & Colonial Eurotrust PLC
04 November 2005


Date:              4 November 2005

Contact:           Davina Curling                Lisa Stanley
                   F&C Management Limited        Lansons Communications
                   020 7628 8000                 020 7294 3692


                        FOREIGN & COLONIAL EUROTRUST PLC

                   Unaudited Preliminary Statement of Results

                      for the year ended 30 September 2005


HIGHLIGHTS


•    Net assets per share rose by 27.6% from 484.41p to 617.94p, compared
     with a rise of 26.3% in the FTSE All-World Europe Index.


•    Share price rose by 34.3% from 417.00p at 30 September 2004 to
     560.00p at 30 September 2005.


•    The Board is recommending an unchanged final dividend of 1.7p per share 
     in addition to the special dividend of 5.8p, to give a combined dividend
     of 7.5p.  This compares with last year's combined dividend of 5.4p.


SUMMARY OF RESULTS

                                        30 September 2005       30 September 2004               % Change

Net assets                                       £387.00m                £329.36m                  +17.5

Net assets per share                              617.94p                 484.41p                  +27.6

Earnings per share                                  6.97p                   5.11p                  +36.4

Final dividend per share                            1.70p                   1.70p                      -

Special dividend per share                          5.80p                   3.70p                  +56.8

Share price                                       560.00p                 417.00p                  +34.3



Extracts from the Chairman's Statement

Capital Performance |  Over the year to 30 September 2005, continental European
stock markets made strong progress looking through the headwinds of high oil
prices, rising interest rates in the US and a slowing global economy.  Your
Company's net assets per share rose by 27.6% from 484.41p to 617.94p, compared
with a rise of 26.3% in the FTSE All-World Europe Index, excluding the UK and
adjusted to sterling, and I am pleased to note that your Company's share price
rose by 34.3% from 417.00p to 560.00p.  The discount narrowed during the year
with the strong performance of markets and a continuation of our share buy-back
programme.

Revenue |  Our gross income for the year has also risen strongly, reflecting the
higher income generated from the portfolio of stocks, in turn reflecting the
significant increase in corporate earnings over the period.  Expenses are also
up as the management fee has risen in line with the increased value of the
portfolio.  As a result, the net revenue return attributable to shareholders has
increased by 29.2% from £3.6m to £4.7m.

Dividend |   As in the four previous years, the Board is declaring a special
dividend and proposing a final dividend. This year, the Board is recommending an
unchanged final dividend of 1.7p per share in addition to the special dividend
of 5.8p, to give a combined dividend of 7.5p.  This compares with last year's
combined dividend of 5.4p and reflects the increased 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 at the Company's year end rather
than the average outstanding during the year, which is the case for earnings per
share. The total amount distributed corresponds to the Company's net earnings
for the year.

Gearing |  The effective gearing of the Company was 2.9% at 30 September 2005,
reflecting the relatively conservative approach taken during 2005.  More
recently this has increased to around 10%, principally as a result of share
buy-backs.  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
5,364,720 shares during the financial year, and a further 3,687,702 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 very attractive way
for the private investor to buy shares.  We now have some 20,000 shareholders
and the percentage of the Company's share capital directly owned by private
individuals is over 75%.  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.

AGM |  We hope that as many shareholders as possible will attend the Annual
General Meeting which will be held on Thursday 15 December at 10.30 am 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.

Manager |  Davina Curling was formally appointed as fund  manager of the Company
on 1 January 2005.

Directors |  Mr Pedro Schwartz, having reached the age of 70, will retire from
the Board with effect from the AGM in December 2005.  Sir Nicholas Henderson, a
consultant and former director of the Company, will also retire at the same
time.  Mr Schwartz has been with the Company since 1993 and Sir Nicholas since
1984.  The Board would like to thank them both for their valuable contribution
to the success of the Company.


Douglas McDougall
November 2005



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

                                                                   2005                                   2004
                                      Revenue      Capital        Total      Revenue      Capital        Total
                                       £'000s       £'000s       £'000s       £'000s       £'000s       £'000s

Gains on investments                        -       87,395       87,395            -       32,629       32,629

Exchange (losses)/gains                   (1)        (484)        (485)         (32)         (70)        (102)

Income                                 10,011            -       10,011        8,358            -        8,358

Management fee                        (2,330)            -      (2,330)      (2,062)            -      (2,062)

Other expenses                          (739)         (27)        (766)        (707)         (26)        (733)

Net return before finance costs
and taxation                            6,941       86,884       93,825        5,557       32,533       38,090

Interest payable and similar
charges                                 (347)            -        (347)        (446)            -        (446)

Return on ordinary activities
before taxation                         6,594       86,884       93,478        5,111       32,533       37,644

Taxation on ordinary activities       (1,914)         (36)      (1,950)      (1,488)            -      (1,488)

Return attributable to equity
shareholders                            4,680       86,848       91,528        3,623       32,533       36,156

Dividends on ordinary shares
(equity)

Proposed final of 1.7p  (2004:
1.7p)                                 (1,059)            -      (1,059)      (1,133)            -      (1,133)

Special dividend of 5.8p (2004:
3.7p)                                 (3,612)            -      (3,612)      (2,466)            -      (2,466)

Amount transferred
to reserves                                 9       86,848       86,857           24       32,533       32,557

Return per ordinary share -
pence                                    6.97       129.29       136.26         5.11        45.92        51.03


*   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.



Balance Sheet
at 30 September
                                                                                2005                   2004
                                                                              £'000s                 £'000s
Fixed assets
Investments                                                                  403,648                353,186

Current assets
Debtors                                                                       24,083                  2,065
Taxation recoverable                                                             416                    304
Short-term deposits                                                           13,971                      -
Cash at bank                                                                     936                  1,281
                                                                              39,406                  3,650

Current liabilities
Creditors: amounts falling due within one year
Foreign currency loans                                                      (23,853)               (20,728)
Other                                                                       (32,199)                (6,748)
                                                                            (56,052)               (27,476)

Net current liabilities                                                     (16,646)               (23,826)

Net assets                                                                   387,002                329,360

Capital and reserves
Called up equity share capital                                                15,657                 16,998
Capital redemption reserve                                                     3,154                  1,813
Share premium                                                                123,749                123,749
Capital reserves                                                             240,904                183,271
Revenue reserve                                                                3,538                  3,529
Total equity shareholders' funds                                             387,002                329,360

Net asset value per ordinary share - pence                                    617.94                 484.41



The geographical distribution of investments at 30 September 2005 was:

France - 22.8%, Switzerland - 21.9%, Germany - 17.2%, Finland - 6.7%, Spain - 6.2%,
Netherlands - 4.2%, Sweden - 4.1%, Italy - 3.8%, Norway - 3.3%, Belgium - 2.5%,
Denmark - 2.4%, Greece - 2.1%, Eire - 1.8%,  Austria - 1.0%.


Summary Cash Flow Statement
For the year ended 30 September

                                                                    2005          2004
                                                                  £'000s        £'000s

Net cash inflow from operating activities                          7,144         5,649
Net cash outflow from servicing of finance                         (436)         (388)
Taxation paid                                                    (1,904)       (1,557)
Net cash inflow from financial investment                         15,144         9,599
Equity dividends paid                                            (3,646)       (4,720)
Net cash inflow before use of liquid resources and
financing                                                         16,302         8,583
(Increase)/decrease in short-term deposits                      (13,992)         6,944
Net cash outflow from financing                                  (2,736)      (13,938)
(Decrease)/increase in cash                                        (426)         1,589



Notes

Statement of Changes in Equity for the year ended 30 September 1995

                                Equity share       Capital        Share      Capital      Revenue
                                     capital    redemption      premium     reserves      reserve
                                                   reserve
                                      £'000s        £'000s       £'000s       £'000s       £'000s

Balance at 30 September 2004          16,998         1,813      123,749      183,271        3,529

Buy-back of ordinary shares          (1,341)         1,341            -     (29,215)            -

Return attributable to equity
shareholders for the year                  -             -            -       86,848        4,680

Dividends on ordinary shares               -             -            -            -      (4,671)

Balance at 30 September 2005          15,657         3,154      123,749      240,904        3,538



5,364,720 ordinary shares were purchased during the year at a total cost of
£29,215,000.

The Directors propose a final dividend of 1.7p (2004 - 1.7p) per share payable
on 22 December 2005 to shareholders on the register at close of business on 18
November 2005.

The Directors have declared on 4 November 2005 a special dividend of 5.8p (2004
- 3.7p) per share payable on 22 December 2005 to shareholders on the register at
close of business on 18 November 2005.

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 2004 has been extracted from published accounts for
the year ended 30 September 2004 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 Thursday 15 December 2005 at 10.30 a.m.

The Report and Accounts will be posted to shareholders in mid-November 2005.
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

4 November 2005


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