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TR European Growth (TRG)

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Tuesday 18 September, 2007

TR European Growth

Final Results - Replacement

TR European Growth Trust PLC
18 September 2007


THIS REPLACES THE ANNOUNCEMENT RNS NUMBER 9904D RELEASED AT 17.29 YESTERDAY.
THE RECORD DATE AND EX-DIVIDEND DATE IN RESPECT OF THE FINAL DIVIDEND WERE
INCORRECT. THE CORRECT INFORMATION IS SHOWN BELOW.


                                                                    Page 1 of 12

18 September 2007

                          TR EUROPEAN GROWTH TRUST PLC
      Unaudited Preliminary Group Results for the year ended 30 June 2007


KEY POINTS

•           Net asset value per ordinary share increase of 35.5%
•           Share price increase of 38.0%
•           Outperformance of benchmark of 3.5%
•           Third consecutive year of outperformance against the benchmark


Extracts from the Chairman's Statement


Performance

I am pleased to report that the Company had another good year.  The net asset
value per ordinary share rose 35.5% from 417.04p to 564.96p.  This compares to a
rise of 32.0% in the benchmark and represents the third consecutive year of
outperformance.   Over the year our share price rose by 38.0% from 368.75p to
509.00p.


Revenue and Dividend

Net revenue earnings per ordinary share were 2.92p, a slight fall of 5.8%
compared to the previous year end due to lower investment income.

We are proposing, subject to shareholder approval at our AGM, a final dividend
per ordinary share of 2.80p compared to 2.60p last year.


Share Capital and Discount

We actively continued to buy back shares.   During the year a total of 6,190,000
shares were bought back for cancellation at a cost of £28.75m.  This represents
a 7.1% decrease in the issued ordinary share capital since the beginning of the
year. The shares were all bought back at a discount, thereby enhancing the NAV
per ordinary share for the remaining shareholders.  Since the year end, we have
bought back a further 1,746,000 shares.

In a year when many other trusts have experienced a widening of discount, we
finished the year at 9.9%, compared to 11.6% at the previous year end.  Our
average discount over the year was below 10%, thus the discount control
mechanism was not triggered.


Performance Fee

I am pleased to report that the average outperformance against the benchmark
over the last three years has triggered a performance fee payment to our Manager
for the year ended 30 June 2007 of £4.9m.  The performance figures in these
results are calculated after taking account of this payment.


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                                                                    Page 2 of 12



                          TR EUROPEAN GROWTH TRUST PLC
      Unaudited Preliminary Group Results for the year ended 30 June 2007


Extracts from the Chairman's Statement, continued


Outlook

The volatility that we have seen in equity markets recently is likely to
continue for a while as investors focus on the financial and economic
difficulties in the United States and look for signs of contagion elsewhere. For
the moment, economic activity in Europe remains steady and Eastern European and
Asian growth remains robust. European valuations do not seem excessive and so we
believe that it is a market in which careful stockpicking by our Manager should
provide opportunities for further asset growth.


Audley Twiston-Davies
Chairman
17 September 2007

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                                                                    Page 3 of 12



                          TR EUROPEAN GROWTH TRUST PLC

      Unaudited Preliminary Group Results for the year ended 30 June 2007



Consolidated Income Statement
for the year ended 30 June 2007


                                                  (Unaudited)                        (Audited)
                                            Year ended 30 June 2007           Year ended 30 June 2006
                                         Revenue     Capital                 Revenue    Capital
                                          return      return        Total     return     return      Total
                                           £'000       £'000        £'000      £'000      £'000      £'000
Investment income                          4,689           -        4,689      5,007          -      5,007
Other income                                 112           -          112         95          -         95
Gains on investments held at fair
   value through profit or loss                -     130,591      130,591          -    101,951    101,951
                                       ---------  ----------  ----------- ---------- ---------- ----------
Total income                               4,801     130,591      135,392      5,102    101,951    107,053

Expenses
Management fees and
performance fees                           (483)     (7,577)      (8,060)      (422)    (7,215)    (7,637)
Other operating expenses                   (618)           -        (618)      (604)          -      (604)
                                       ---------  ----------   ----------  --------- ----------  ---------
Profit before finance costs and
taxation                                   3,700     123,014      126,714      4,076     94,736     98,812

Finance costs                              (104)       (415)        (519)       (46)      (184)      (230)
                                       ---------    --------    ---------  ---------  ---------  ---------
Profit before taxation                     3,596     122,599      126,195      4,030     94,552     98,582
Taxation                                 (1,090)         565        (525)    (1,218)        646      (572)
                                       ---------   ---------   ----------   --------  ---------  ---------
Profit for the year                        2,506     123,164      125,670      2,812     95,198     98,010
                                           =====      ======       ======      =====      =====      =====

Earnings per ordinary share (note 2)       2.92p     143.35p      146.27p      3.10p    104.82p    107.92p
                                          ======      ======       ======      =====      =====      =====




The total columns of this statement represent the Consolidated Income Statement,
prepared in accordance with IFRS.

The revenue return and capital return columns are supplementary to this and are
prepared under guidance published by the Association of Investment Companies.

All items in the above statement derive from continuing operations.

All income is attributable to the equity holders of TR European Growth Trust
PLC, the parent company.

There are no minority interests.



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                                                                    Page 4 of 12



                          TR EUROPEAN GROWTH TRUST PLC

      Unaudited Preliminary Group Results for the year ended 30 June 2007


Consolidated and Parent Company Statement of Changes in Equity
for the year ended 30 June 2007


                                                             (Unaudited)
                                                            Consolidated
                                                       Year ended 30 June 2007
                                 Called                   Capital       Other
                               up share        Share   redemption     capital       Revenue
                                capital      premium      reserve    reserves       reserve         Total
                                  £'000        £'000        £'000       £'000         £'000         £'000
Balance at 30 June
2006                             10,953      115,451        9,225     214,903        14,902       365,434
Buy-backs of ordinary
shares                            (774)            -          774    (28,751)             -      (28,751)
Profit for the year                   -            -            -     123,164         2,506       125,670
Ordinary dividends
paid                                  -            -            -           -       (2,275)       (2,275)
                             ----------   ----------    ---------  ----------     ---------    ----------
Balance at 30 June
2007                             10,179      115,451        9,999     309,316        15,133       460,078
                                 ======       ======        =====      ======         =====        ======


                                                              (Audited)
                                                            Consolidated
                                                       Year ended 30 June 2006
                                 Called                   Capital       Other
                               up share      Share     redemption     capital       Revenue
                                capital    premium        reserve    reserves       reserve         Total
                                  £'000      £'000          £'000       £'000         £'000         £'000
Balance at 30 June
2005                             11,847    115,451          8,331     143,445        15,791       294,865
Buy-backs of ordinary
shares
                                  (894)          -            894    (23,731)             -      (23,731)
Profit for the year                   -          -              -      95,198         2,812        98,010
Tender offer costs                    -          -              -         (9)             -           (9)
Ordinary dividends
paid                                  -          -              -           -       (3,701)       (3,701)
                              ---------  ---------     ----------  ----------    ----------    ----------
Balance at 30 June
2006                             10,953    115,451          9,225     214,903        14,902       365,434
                                  =====     ======         ======      ======         =====        ======



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                                                                    Page 5 of 12



                          TR EUROPEAN GROWTH TRUST PLC

      Unaudited Preliminary Group Results for the year ended 30 June 2007


Consolidated and Parent Company Statement of Changes in Equity
for the year ended 30 June 2007 (continued)

                                                            (Unaudited)
                                                              Company
                                                      Year ended 30 June 2007
                                Called                     Capital         Other
                              up share         Share    redemption       capital     Revenue
                               capital       premium       reserve      reserves     reserve       Total
                                 £'000         £'000         £'000         £'000       £'000       £'000
Balance at 30 June
2006                            10,953       115,451         9,225       216,465      13,340     365,434
Buy-backs of ordinary
shares                           (774)             -           774      (28,751)           -    (28,751)
Profit for the year                  -             -             -       123,162       2,508     125,670
Ordinary dividends
paid                                 -             -             -             -     (2,275)     (2,275)
                            ----------   -----------    ----------    ----------  ----------  ----------
Balance at 30 June
2007                            10,179       115,451         9,999       310,876      13,573     460,078
                                ======        ======        ======        ======       =====      ======


                                                             (Audited)
                                                              Company
                                                      Year ended 30 June 2006
                                Called                     Capital         Other
                              up share         Share    redemption       capital     Revenue
                               capital       premium       reserve      reserves     reserve       Total
                                 £'000         £'000         £'000         £'000       £'000       £'000
Balance at 30 June
2005                            11,847       115,451         8,331       145,008      14,228     294,865
Buy-backs of ordinary
shares
                                 (894)             -           894      (23,731)           -    (23,731)
Profit for the year                  -             -             -        95,197       2,813      98,010
Tender offer costs                   -             -             -           (9)           -         (9)
Ordinary dividends
paid                                 -             -             -             -     (3,701)     (3,701)
                            ----------     ---------    ----------    ----------  ----------  ----------
Balance at 30 June
2006                            10,953       115,451         9,225       216,465      13,340     365,434
                                ======        ======        ======        ======       =====      ======




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                                                                    Page 6 of 12


                          TR EUROPEAN GROWTH TRUST PLC
      Unaudited Preliminary Group Results for the year ended 30 June 2007


Consolidated and Parent Company Balance Sheets
 at 30 June 2007

                                                       (Unaudited)       (Audited)     (Unaudited)     (Audited)
                                                      Consolidated    Consolidated         Company       Company
                                                              2007            2006            2007          2006
                                                             £'000           £'000           £'000         £'000
Non current assets
Investments held at fair value through
   profit or loss                                          479,607         368,226         481,098       369,719
                                                       -----------     -----------     -----------   -----------

Current assets
Other receivables                                            8,762             978           8,762           978
Cash and cash equivalents                                    4,590           6,945           4,587         6,942
                                                        ----------      ----------      ----------    ----------
                                                            13,352           7,923          13,349         7,920
                                                        ----------      ----------       ---------     ---------
Total assets                                               492,959         376,149         494,447       377,639
                                                        ----------      ----------      ----------    ----------

Current liabilities
Other payables                                             (9,796)        (10,667)        (11,284)      (12,157)
Bank loans and overdrafts                                 (23,085)            (48)        (23,085)          (48)
                                                        ----------      ----------      ----------    ----------
                                                          (32,881)        (10,715)        (34,369)      (12,205)
                                                        ----------      ----------      ----------    ----------
Net assets                                                 460,078         365,434         460,078       365,434

                                                            ======          ======          ======        ======


Equity attributable to equity shareholders

Called up share capital                                     10,179          10,953          10,179        10,953
Share premium                                              115,451         115,451         115,451       115,451
Capital redemption reserve                                   9,999           9,225           9,999         9,225
Retained earnings:
   Other capital reserves                                  309,316         214,903         310,876       216,465
   Revenue reserve                                          15,133          14,902          13,573        13,340
                                                        ----------      ----------     -----------   -----------
Total equity                                               460,078         365,434         460,078       365,434
                                                            ======          ======          ======        ======

Net asset value per ordinary
   share  (note 4)                                         564.96p         417.04p         564.96p       417.04p
                                                            ======          ======          ======        ======



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                                                                    Page 7 of 12



                          TR EUROPEAN GROWTH TRUST PLC
      Unaudited Preliminary Group Results for the year ended 30 June 2007


Consolidated and Parent Company Cash Flow Statements
for the year ended 30 June 2007

                                                                  (Unaudited)                 (Audited)
                                                                   Year ended                Year ended
                                                                  30 June 2007              30 June 2006
                                                             Consolidated     Company  Consolidated     Company
                                                                    £'000       £'000         £'000       £'000
Operating activities
Profit before taxation                                            126,195     126,195        98,582      98,582
Add back interest paid                                                519         519           230         230
Less gains on investments held at fair value
    through profit or loss                                      (130,591)   (130,591)     (101,951)   (101,950)
Add net sales of investments held at fair value
    though profit or loss                                          18,771      18,771        45,121      45,121
(Increase)/decrease in prepayments and
    accrued income                                                  (199)       (199)            62          62
Increase in amounts due from brokers                              (7,601)     (7,601)         (410)       (410)
Increase/(decrease) in accruals and
deferred income                                                       235         235         (614)       (614)
Decrease in amounts due to brokers                                (3,393)     (3,393)       (2,579)     (2,579)
                                                               ----------   ---------    ----------   ---------

Net cash inflow from operating activities
   before interest and taxation                                     3,936       3,936        38,441      38,442

Interest paid                                                       (519)       (519)         (230)       (230)
Taxation on investment income                                       (509)       (509)         (635)       (635)
                                                                ---------  ----------     ---------  ----------
Net cash inflow from operating activities                           2,908       2,908        37,576      37,577
                                                                    =====       =====         =====       =====
Financing activities
Equity dividends paid                                             (2,275)     (2,275)       (3,701)     (3,701)
Purchase of ordinary shares                                      (26,464)    (26,464)      (23,042)    (23,042)
Tender offer costs paid                                                 -           -           (9)         (9)
Drawdown/(repayment) of loans                                      21,401      21,401       (5,430)     (5,430)
                                                                ---------    --------     ---------    --------
Net cash used in financing                                        (7,338)     (7,338)      (32,182)    (32,182)
                                                                    =====       =====         =====       =====

(Decrease)/increase in cash and
cash equivalents                                                  (4,430)     (4,430)         5,394       5,395
Cash and cash equivalents at the start
of the year                                                         6,897       6,894         1,689       1,685
Exchange movements                                                    354         354         (186)       (186)
                                                                ---------    --------     ---------    --------
Cash and cash equivalents at the end
  of the year (including bank overdrafts)                           2,821       2,818         6,897       6,894
                                                                    =====       =====        ======      ======



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                                                                    Page 8 of 12

                          TR EUROPEAN GROWTH TRUST PLC
      Unaudited Preliminary Group Results for the year ended 30 June 2007


Notes to the Accounts
     
1.   Accounting policies
          
     (a)  Basis of preparation

          The consolidated financial information for the year ended 30 June 2007 
          has been prepared in accordance with International Financial Reporting 
          Standards ('IFRS') and those parts of the Companies Act 1985 
          applicable to companies reporting under IFRS. These comprise standards 
          and interpretations approved by the International Accounting Standards 
          Board ('IASB'), together with interpretations of the International 
          Accounting Standards and Standing Interpretations Committee approved 
          by the International Accounting Standards Committee ('IASC') that 
          remain in effect, to the extent that IFRS have been adopted by the 
          European Union.

          The accounts have been prepared on a going concern basis and on the 
          historical cost basis, except for the revaluation of certain financial 
          instruments.  The principal accounting policies adopted are set out 
          below.  Where presentational guidance set out in the Statement of 
          Recommended Practice ('the SORP') for investment trusts issued by the 
          Association of Investment Companies ('the AIC') in December 2005 is 
          consistent with the requirements of IFRS, the directors have sought to 
          prepare the financial statements on a basis consistent with the 
          recommendations of the SORP.

          Accounting Standards issued but not yet effective:

          At the date of authorisation of the financial statements, the 
          following applicable Accounting Standard was in issue but not yet 
          effective:  IFRS 7 - Financial Instruments: Disclosures.

          The standard will require more detailed disclosures about exposure to 
          risks arising from financial instruments but is not expected to cause 
          any adjustments to the classification and measurement of financial 
          instruments.

     (b)  Basis of consolidation

          The Group accounts consolidate the accounts of the Company and of its 
          wholly owned subsidiary undertaking, TREG Finance Limited.  The 
          intergroup balances are eliminated on consolidation.
          
     (c)  Investments held at fair value through profit or loss

          All investments are designated upon initial recognition as held at 
          fair value through profit or loss.  Investment transactions are 
          accounted for on a trade date basis. Assets are de-recognised at the 
          trade date of the disposal. Proceeds will be measured at fair value, 
          which will be regarded as the proceeds of sale less any transaction
          costs. The fair value of the financial instruments is based on their 
          quoted bid price at the balance sheet date, without deduction of the 
          estimated future selling costs. Unquoted investments (including the 
          Company's investment in its subsidiary) are valued by the directors 
          using primary valuation techniques such as earnings multiples, recent
          transactions and net assets. Where fair value cannot reliably be 
          measured, the investment will be carried at the previous reporting 
          date value unless there is evidence that the investment has since been 
          impaired, in which case the value will be reduced.

          Changes in the fair value of investments held at fair value through 
          profit or loss and gains and losses on disposal are recognised in the 
          Consolidated Income Statement as 'Gains or losses on investments held 
          at fair value through profit or loss'.  Also included within this 
          caption are transaction costs in relation to the purchase or sale of 
          investments, including the difference between the purchase price of 
          an investment and its bid price at the date of purchase.


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                                                                    Page 9 of 12



                          TR EUROPEAN GROWTH TRUST PLC

      Unaudited Preliminary Group Results for the year ended 30 June 2007


Notes to the Accounts, continued

          
     (d)  Presentation of Income Statement

          In order to better reflect the activities of an investment trust 
          company, and in accordance with guidance issued by the AIC, 
          supplementary information which analyses the Income Statement between
          items of a revenue and capital nature has been presented alongside the 
          Income Statement. In accordance with the Company's status as a UK 
          investment company under section 266 of the Companies Act 1985, net 
          capital returns may not be distributed by way of dividend.  
          Additionally, the net revenue is the measure the directors believe 
          appropriate in assessing the Group's compliance with certain 
          requirements set out in section 842 of the Income and Corporation 
          Taxes
          Act 1988.
          
     (e)  Income

          Dividends receivable on equity shares are recognised as revenue for 
          the year on an ex-dividend basis.  Special dividends are treated as 
          revenue return or as capital return, depending on the facts of each 
          individual case. Income from fixed interest debt securities is 
          recognised using the effective interest rate method. The trading 
          profits of the subsidiary undertaking, which represent realised gains 
          and losses on the sale of current asset investments, are dealt with in
          the revenue column of the Income Statement as a revenue item. Bank 
          deposit interest is accounted for on an accruals basis.
          
     (f)  Expenses

          All expenses and interest payable are accounted for on an accruals 
          basis.  On the basis of the Board's expected long term split of total 
          returns in the form of capital and revenue returns of 80% and 20% 
          respectively, the Company charges 80% of its finance costs and 
          management fees to capital. All administration expenses are charged to 
          the revenue column of the Income Statement.
          Expenses which are incidental to the purchase or sale of an investment 
          are charged to the capital column of the Income Statement and 
          allocated to other capital reserves.

          Purchase and sale transaction costs for the year ended 30 June 2007 
          were £195,000 and £645,000 respectively (2006: transaction costs of 
          purchases £211,000; transaction costs of sales £541,000). These 
          comprise mainly stamp duty and commission.

          Any performance fees payable including related irrecoverable VAT are 
          allocated wholly to capital, reflecting the fact that, although they 
          are calculated on a total return basis, they are expected to be 
          attributable largely, if not wholly, to capital performance.
         
    (g)   Taxation

          The tax expense represents the sum of the tax currently payable and 
          deferred tax.

          The tax currently payable is based on the taxable profit for the year.  
          Taxable profit differs from net profit as reported in the Income 
          Statement because it excludes items of income or expense that are 
          taxable or deductible in other years and it further excludes items 
          that are never taxable or deductible.  The Group's liability for 
          current tax is calculated using tax rates that were applicable at the 
          balance sheet date.

          In line with the recommendations of the SORP, the allocation method 
          used to calculate tax relief on expenses presented against capital 
          returns in the supplementary information in the Income Statement is 
          the 'marginal basis'. Under this basis, if taxable income is capable 
          of being offset entirely by expenses presented in the revenue return 
          column of the Income Statement, then no tax relief is transferred to 
          the capital return column.

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                                                                   Page 10 of 12


                          TR EUROPEAN GROWTH TRUST PLC
      Unaudited Preliminary Group Results for the year ended 30 June 2007


Notes to the Accounts, continued
          
     (g)  Taxation  continued

          Deferred tax is the tax expected to be payable or recoverable on 
          differences between the carrying amounts of assets and liabilities in 
          the financial statements and the corresponding tax bases used in the 
          computation of taxable profit, and is accounted for using the balance 
          sheet liability method.  Deferred tax liabilities are recognised for 
          all taxable temporary differences and deferred tax assets are 
          recognised to the extent that it is probable that taxable profits will 
          be available against which deductible temporary differences can be
          utilised.  Investment trusts which have approval as such under section 
          842 of the Income and Corporation Taxes Act 1988 are not liable for
          taxation on capital gains.

          The carrying amount of deferred tax assets is reviewed at each balance 
          sheet date and reduced to the extent that it is no longer probable 
          that sufficient taxable profits will be available to allow all or part 
          of the asset to be recovered.

          Deferred tax is calculated at the tax rates that are expected to apply 
          in the period when the liability is settled or the asset is realised.  
          Deferred tax is charged or credited in the Income Statement, except 
          when it relates to items charged or credited directly to equity, in 
          which case the deferred tax is also dealt with in equity.
           
      (h) Foreign currency

          For the purposes of the consolidated accounts, the results and 
          financial position of each entity is expressed in pounds sterling, 
          which is the functional currency of the Company and the presentational 
          currency of the Group.  Sterling is the functional currency because it 
          is the currency of the primary economic environment in which the Group 
          operates.

          Transactions recorded in overseas currencies during the year are 
          translated into sterling at the appropriate daily exchange rates. 
          Assets and liabilities denominated in overseas currencies at the
          balance sheet date are translated into sterling at the exchange rates 
          ruling at that date.
         
     (i)  Cash and cash equivalents

          Cash comprises cash in hand and demand deposits.  Cash equivalents are 
          short-term, highly liquid investments that are readily convertible to 
          known amounts of cash and that are subject to an insignificant risk of 
          changes in value.

     (j)  Bank borrowings

          Interest-bearing bank loans and overdrafts are recorded as the 
          proceeds received, net of direct issues costs. Finance charges, 
          including premiums payable on settlement or redemption and direct
          issue costs, are accounted for on an accruals basis in the Income 
          Statement using the effective interest rate method and are added to 
          the carrying amount of the instrument to the extent that
          they are not settled in the period in which they arise.
     
2.   Earnings per ordinary share

     The earnings per ordinary share figure is based on the profit for the year 
     of £125,670,000 (2006: £98,010,000) and on the weighted average number of 
     ordinary shares in issue during the year of 85,917,710 (2006: 90,818,115).



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                                                                   Page 11 of 12



                          TR EUROPEAN GROWTH TRUST PLC

      Unaudited Preliminary Group Results for the year ended 30 June 2007


Notes to the Accounts, continued

     
2.   Earnings per ordinary share continued

     The earnings per ordinary share figure detailed above can be further 
     analysed between revenue and capital, as below.

     The Company has no securities in issue that could dilute the return per 
     ordinary share.  Therefore the basic and diluted earnings per ordinary 
     share are the same.


                                                                       30 June 2007           30 June 2006
                                                                              £'000                  £'000

        Net revenue profit                                                    2,506                  2,812
        Net capital profit                                                  123,164                 95,198
                                                                        -----------            -----------
        Net total profit                                                    125,670                 98,010
                                                                             ======                 ======
        Weighted average number of ordinary
           shares in issue during the year                               85,917,710             90,818,115

                                                                              Pence                  Pence
        Revenue earnings per ordinary share                                    2.92                   3.10
        Capital earnings per ordinary share                                  143.35                 104.82
                                                                          ---------              ---------
        Total earnings per ordinary share                                    146.27                 107.92
                                                                              =====                  =====

3.   Ordinary share capital

     At 30 June 2007 there were 81,435,355 ordinary shares in issue (2006: 
     87,625,355). During the year ended 30 June 2007 the Company bought 
     6,190,000 (2006: 7,147,790) of its own issued ordinary
     shares in the market for cancellation.
     
4.   Net asset value per ordinary share

     The net asset value per ordinary share is based on the net assets 
     attributable to the ordinary shares of £460,078,000 (2006: £365,434,000) 
     and on the 81,435,355 ordinary shares in issue at 30 June 2007 (2006: 
     87,625,355).  The Company has no securities in issue that could dilute the 
     net asset value per ordinary share.

     The movements during the year in assets attributable to the ordinary shares 
     were as follows:
                                                                                                     £'000
        Net assets attributable to ordinary shares at 1 July 2006                                  365,434
        Purchase of own shares                                                                    (28,751)
        Profit for the year                                                                        125,670
        Dividends paid in the year                                                                 (2,275)
                                                                                                ----------
        Total net assets at 30 June 2007                                                           460,078
                                                                                                    ======



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                                                                   Page 12 of 12



                          TR EUROPEAN GROWTH TRUST PLC

      Unaudited Preliminary Group Results for the year ended 30 June 2007



Notes to the Accounts, continued

          
5.   Dividend

     Subject to approval at the Annual General Meeting, the proposed final 
     dividend of 2.80p per ordinary share will be paid on 9 November 2007 to 
     shareholders on the register of members at the close of business on 
     28 September 2007.  The shares will be quoted ex-dividend on 26 September
     2007.
                                                                                                 Year ended
                                                                                               30 June 2007
                                                                                                      £'000
     Revenue available for distribution by way of dividends for the year                              2,506
     Proposed final dividend for the year ended 30 June 2007 - 2.80p                                 (2,231)
     (based on 79,689,355 shares in issue at 17 September 2007)
                                                                                                  ---------
     Undistributed revenue for section 842 purposes*                                                    275
                                                                                                      =====
     *Undistributed revenue comprises 5.9% of the income from investments of £4,689,000.


6.   2007 accounts

     The preliminary figures for the year ended 30 June 2007, which do not 
     constitute statutory accounts, are an extract from the Group's draft 
     accounts for the year.  These accounts have not yet been delivered to the 
     Registrar of Companies, nor have the auditors yet reported on them.


7.   2006 accounts

     The figures and financial information for the year ended 30 June 2006 are 
     an extract of the latest published accounts and do not constitute the 
     statutory accounts for that year.  Those accounts have been delivered to 
     the Registrar of Companies and included the report of the auditors which 
     was unqualified and did not contain a statement under either section 237(2) 
     or section 237(3) of the Companies Act 1985.

     
8.   Annual report and AGM

     The full annual report and accounts will be posted to shareholders in 
     September 2007 and copies will be available thereafter from the Secretary 
     at the Company's Registered Office, 4 Broadgate, London EC2M 2DA.
                       
     The Annual General Meeting will be held on Monday 5 November 2007 at 
     12.30 pm.


For further information please contact:

Stephen Peak                                     James de Sausmarez
Fund Manager                                     Head of Investment Trusts
TR European Growth Trust PLC                     Henderson Global Investors
Telephone: 020 7818 4334                         Telephone: 020 7818 3349

Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198

                                    - ENDS -




                      This information is provided by RNS
            The company news service from the London Stock Exchange