Final Results

Foreign & Colonial Eurotrust PLC
10 November 2004


Date:                10 November 2004

Contact:             Stephen White                       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 2004

HIGHLIGHTS

•          Net assets per share rose from 433.7p at 30 September 2003 to 484.4p
at 30 September 2004, a gain of 11.7%.  This fell slightly behind the FTSE
All-World Europe Index which rose 12.7% over the same period.

•         Share price rose by 19.3% from 349.5p to 417.0p as the discount
narrowed with the better tone to the markets and the continuation of our
programme of buying back shares.

•         The Board is recommending an unchanged final dividend of 1.7p per
share, in addition to a special dividend of 3.7p, to give a combined dividend of
5.4p.

SUMMARY OF RESULTS
                                        30 September 2004       30 September 2003               % Change

Net assets                                       £329.36m                £319.83m                   +3.0

Net assets per share                              484.41p                 433.71p                  +11.7

Earnings per share                                  5.11p                   6.54p                  -21.9

Final dividend per share                            1.70p                   1.70p                      -

Special dividend per share                          3.70p                   4.80p                  -22.9

Share price                                       417.00p                 349.50p                  +19.3


Extracts from the Chairman's Statement

Dear Shareholder,

Capital Performance

Over the year to 30 September 2004, the continental European stock markets made
reasonable progress. Your Company's net assets per share rose from 433.7p to
484.4p, a gain of 11.7%.  This fell slightly behind the FTSE All-World Europe
Index, excluding the UK and adjusted to sterling, which rose 12.7% over the same
period.  I am pleased to note that your Company's share price rose by 19.3% from
349.5p to 417.0p as the discount narrowed with the better tone to the markets
and the continuation of our programme of buying back shares.

Revenue

Our gross income for the year is slightly down on that of the year before,
reflecting the appreciation of Sterling against the Euro and also our decision
to sell some higher yielding stocks.  Expenses are slightly up as the management
fee has risen with the increase in value of the portfolio.  As a result, the net
revenue return attributable to shareholders has fallen from £4.9m to £3.6m.

Dividend

As in the three 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 3.7p, to
give a combined dividend of 5.4p.  This is below last year's combined dividend
and reflects the fall in 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.

Share Buy Backs and Demand for Shares

The Company bought back and cancelled 5,751,381 shares during the financial
year, and a further 313,423 shares have been bought back and cancelled from the
year end to date.  The Board will propose to the Annual General Meeting that the
Company should be granted powers to make further purchases.  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 an important 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.  We now have some 22,000
shareholders and the percentage of the Company's share capital directly owned by
private individuals is over 77%.  This is one of 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 16 December at 3.00 pm 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

On 11 October 2004 your Manager, F&C Management, merged with ISIS Asset
Management.  As a consequence of this merger, Mr Stephen White, the Company's
lead portfolio manager, will be leaving F&C Management at the end of 2004.
Stephen has been our fund manager since 1986, since when the Company's net asset
value has outperformed comfortably its benchmark and its net assets have risen
from £32m to £329m, making Eurotrust one of the largest continental European
investment trusts.  On behalf of the Board, I should like to thank him for all
he has done.

Following a review by the Board, management of the portfolio within F&C
Management is passing to Davina Curling and the period of notice under the
Management Agreement is reduced from 12 months to 3 months with effect from 30
November 2004.

Directors

Baron Zweder van Hovell and Mr Antony Dick will both be retiring at the AGM.
Zweder joined the Board in 1981 and Antony in 1989, at the time of the merger
between Foreign & Colonial Eurotrust and Nordic Investment Trust, having been
chairman of the latter.  Antony has since been chairman of our audit committee.
I should like to thank them both for their generous and valued contributions to
the success of the Company.


Douglas McDougall CHAIRMAN
November 2004




Balance Sheet
at 30 September
                                                                                2004                   2003
                                                                              £'000s                 £'000s
Fixed assets
Investments                                                                  353,186                330,054

Current assets
Debtors                                                                        2,065                  1,360
Taxation recoverable                                                             304                    568
Short-term deposits                                                                -                  7,010
Cash at bank                                                                   1,281                    677
                                                                               3,650                  9,615

Current liabilities
Creditors: amounts falling due within one year
Foreign currency loans                                                      (20,728)               (12,617)
Other                                                                        (6,748)                (7,221)
                                                                            (27,476)               (19,838)

Net current liabilities                                                     (23,826)               (10,223)

Net assets                                                                   329,360                319,831

Capital and Reserves
Called up equity share capital                                                16,998                 18,436
Capital redemption reserve                                                     1,813                    375
Share premium                                                                123,749                123,749
Capital reserves                                                             183,271                173,766
Revenue reserve                                                                3,529                  3,505
Total equity shareholders' funds                                             329,360                319,831

Net asset value per ordinary share - pence                                    484.41                 433.71


The geographical distribution of investments at 30 September 2004 was:

France - 30.7%, Germany - 18.7%, Switzerland - 18.1%, Netherlands - 11.8%, Spain
- 5.1%, Sweden - 4.3%, Italy - 4.3%, Finland - 3.5%, Eire - 1.7%, United Kingdom
- 1.1%, Denmark - 0.4%, Greece - 0.3%.



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

                                                                   2004                                   2003

                                      Revenue      Capital        Total      Revenue      Capital        Total
                                       £'000s       £'000s       £'000s       £'000s       £'000s       £'000s          
Gains on investments                        -       32,629       32,629            -       60,728       60,728

Exchange (losses)/gains                  (32)         (70)        (102)           40        (939)        (899)

Income                                  8,358            -        8,358        9,276            -        9,276

Management fee                        (2,062)            -      (2,062)      (1,818)            -      (1,818)

Other expenses                          (707)         (26)        (733)        (759)         (25)        (784)

Net return before finance costs
and taxation                            5,557       32,533       38,090        6,739       59,764       66,503

Interest payable and similar
charges                                 (446)            -        (446)        (341)            -        (341)
                                        
Return on ordinary activities
before taxation                         5,111       32,533       37,644        6,398       59,764       66,162
                                        
Taxation on ordinary activities       (1,488)            -      (1,488)      (1,534)            -      (1,534)

Return attributable to equity
shareholders                            3,623       32,533       36,156        4,864       59,764       64,628
                                        
Dividends on ordinary shares
(equity)

Proposed final of 1.7p  (2003:
1.7p)                                 (1,133)            -      (1,133)      (1,251)            -      (1,251)
                                      
Special dividend of 3.7p (2003:
4.8p)                                 (2,466)            -      (2,466)      (3,534)            -      (3,534)
                                      
Amount transferred
to reserves                                24       32,533       32,557           79       59,764       59,843

Return per ordinary share -
pence                                    5.11        45.92        51.03         6.54        80.39        86.93
                                         





*   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

                                                                                     2004                2003
                                                                                   £'000s              £'000s

Net cash inflow from operating activities                                           5,649               6,685
Net cash outflow from servicing of finance                                          (388)               (314)
Taxation paid                                                                     (1,557)               (887)
Net cash inflow from financial investment                                           9,599               5,292
Equity dividends paid                                                             (4,720)             (3,526)
Net cash inflow before use of liquid resources and
financing                                                                           8,583               7,250
(Decrease)/increase in short-term deposits                                          6,944             (7,088)
Net cash outflow from financing                                                  (13,938)               (175)
Increase/(decrease) in cash                                                         1,589                (13)


Notes

The Directors propose a final dividend of 1.7p (2003 - 1.7p) per share payable
on 21 December 2004 to shareholders on the register at close of business on 19
November 2004.

The Directors have declared on 9 November 2004 a special dividend of 3.7p (2003
- 4.8p) per share payable on 21 December 2004 to shareholders on the register at
close of business on 19 November 2004.

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 2003 has been extracted from published accounts for
the year ended 30 September 2003 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 16 December 2004 at 3.00 p.m.

The Report and Accounts will be posted to shareholders in mid November 2004.
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

9 November 2004


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