Portfolio Update

Foreign & Colonial Eurotrust PLC 04 January 2005 AVS Security No: The Stock Exchange RNS Old Broad Street London EC2N 1HP 4 January 2005 Dear Sir Foreign & Colonial Eurotrust PLC The top ten holdings and all holdings over 5% of gross assets as at 31 December 2004 were: Stock % of gross assets UBS 4.4 Deutsche Telekom 4.1 Total 3.7 Novartis 3.5 Credit Suisse 3.2 AXA 3.0 BNP Paribas 2.8 Siemens 2.8 Banca Intesa 2.7 Nokia 2.7 This information is provided by RNS The company news service from the London Stock Exchange
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