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Thursday 09 December, 2004

Carrousel Capital Ld

SAR - TR European Growth

Carrousel Capital Limited
09 December 2004


                                                                      FORM SAR 5

Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are being sold.

Date of disclosure

09th December,2004...............................................................

DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ('SARs')

Date of sale

08th December,2004...............................................................

Sale of (name of company)

TR European Growth...............................................................

1. Class of voting shares (eg ordinary shares)

Ordinary...............................................................

Number of shares/rights over shares sold

1,500,000........................Shares........................Rights

If rights over shares sold, as opposed to the shares themselves, specify nature
of rights
...............................................................

2. Resultant total holding of voting shares (and % of total voting shares in
issue)
..........         16.33..........%

Resultant total holding of rights over shares (and % of total voting shares in
issue)
..........         16.33..........%

Total percentage

16.33..........%

3. Party making disclosure
Carrousel Capital Limited...............................................................

4. (a) Name of person selling shares or rights over shares
Carrousel Capital Limited...............................................................

and, if different, beneficial owner
...............................................................

(b) Names of any other persons acting by agreement or understanding
...............................................................

Signed, for and on behalf of the party named in (3) above

Bruno Sangle - Ferriere...............................................................

(Also print name of signatory)

Bruno Sangle - Ferriere
...............................................................

Telephone and extension number

0207 823 7025...............................................................

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: monitoring@disclosure.org.uk

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