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TR European Growth (TRG)

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Thursday 28 April, 2005

TR European Growth

Tender Offer

TR European Growth Trust PLC
28 April 2005


TR European Growth Trust PLC
28 April 2005

TR European Growth Trust plc (the 'Company') - First Tranche

Further to the Company's announcements on 20 April 2005 and 21 April 2005, the
Company announces that today 21,794,586 Shares have been sold by shareholders at
262.5032p pursuant to the first Tranche of the Tender Offer. Of these shares,
21,718,893 have been bought by the Company for cancellation and 75,693 Shares
have been bought under the Matching Facility, all at the same price of
262.5032p. It is expected that CREST settlement for these shares will take place
on 3 May 2005 and cheques in respect of non-CREST settlement will be despatched
from this date onwards.

A separate repurchase price will be calculated in respect of the second Tranche
with the Calculation Date expected to be close of business on 4 May 2005 and
monies being paid to tendering shareholders during the week commencing 23 May
2005.

As set out in the Company's announcement of 20 April 2005, total applications
under the Tender Offer were made in respect of 50,342,191 Shares representing
34.6 per cent. of the Company's issued share capital. In this announcement it
was stated that on the basis of applications received, those Shareholders who
tendered in excess of 30 per cent. of their holdings would have approximately
78.63 per cent. of such excess accepted pursuant to the Tender Offer. Due to a
calculation error this figure should have read 78.44 per cent. and, as such,
Shareholders tendering the whole of their shareholding in the Tender Offer will
have approximately 84.91 per cent. rather than 85.04 per cent. of their Shares
repurchased in aggregate.

Terms defined in the Company's Circular to Shareholders dated 24 March 2005
shall have the same meaning in this announcement.

Enquiries:

Audley Twiston-Davies                                           020 7378 4500
Chairman, TR European Growth Trust plc

James de Sausmarez                                              020 7818 1818
Henderson Global Investors

Andrew Zychowski                                                020 7623 8000
Dresdner Kleinwort Wasserstein


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