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TR European Growth (TRG)

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Wednesday 07 November, 2007

TR European Growth

Interim Management Statement

TR European Growth Trust PLC
07 November 2007


TR EUROPEAN GROWTH TRUST PLC

HENDERSON GLOBAL INVESTORS

7 NOVEMBER 2007



                          TR EUROPEAN GROWTH TRUST PLC

                          Interim Management Statement
           Review of the period from 1 July 2007 to 30 September 2007

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

The directors confirm the following material events and transactions which have
occurred since the Company's year end on 30 June 2007.

Portfolio:  during the period the number of holdings in the portfolio decreased
from 95 to 92.   Purchases in the quarter included Aeffe, an Italian fashion and
luxury goods company, Natra, a Spanish food company, and Fortis, the Benelux
banking and insurance group.  The holding in Geox, an Italian shoe company, was
sold.

Gearing:  gearing at the end of the quarter was 4% (at 30 June 2007: 4%).

Dividends:  following shareholder approval at the Annual General Meeting held on
5 November, a final dividend of 2.8p per ordinary Share, in respect of the year
ending 30 June 2007, will be paid on 9 November 2007 to holders registered on 28
September 2007.

Discount:  the share price discount to net asset value at 30 September 2007 was
9.4% (30 June 2007: 9.4%).

Share Capital:  during the quarter the Company bought back 2,095,000 ordinary
shares at a cost of £10.3m.

The directors are not aware of any other significant events or transactions up
to the date of this report which would have a material impact on the financial
position of the Company.

PERFORMANCE AND FINANCIAL HIGHLIGHTS


Total Return Performance at 30 September 2007
                                                                 3 months      1 year      3 years      5 years
Share Price                                                         -3.2%       33.8%       151.3%       485.4%
Net Asset Value per ordinary share                                  -3.2%       29.9%       144.9%       355.3%
Benchmark Net Asset Value *  +                                      -3.3%       22.7%       116.0%       272.8%
Average European Smaller Investment Trust Net Asset
Value
                                                                    -5.0%       26.3%       147.4%       339.4%

Sources:  AIC Services Limited /  * Datastream

+ these figures show the performance of the Company's current benchmark, a blend
of 50% of the return of the HSBC Smaller Europe (ex UK) Index and 50% of the
return of the S&P/Citigroup EMI Europe (ex UK) Index (both expressed in
sterling), which was adopted from 1 July 2004

Financial Position (in accordance with the AIC formula, ie excluding current
financial year revenue items)


                                                    at 30 September 2007                  at 30 June 2007
Total assets                                                       £445m                            £479m
Net asset value                                                   540.9p                           561.5p
Ordinary share price                                              490.0p                           509.0p
Discount                                                            9.4%                             9.4%
Gearing                                                             4.0%                             4.0%


THE PORTFOLIO

Top 10 Investments                           Country    % of total assets          % of total assets
                                                      at 30 September 2007                at 30 June

                                                                                                2007
Lundin Mining                                 Sweden                   2.9                       2.6
Marfin Investment Group                       Greece                   2.5                         -
Gerresheimer                                 Germany                   2.4                       2.2
Turkiye Halk Bankasi                          Turkey                   2.4                       1.9
Temenos Group                            Switzerland                   2.4                       2.5
Fugro                                    Netherlands                   2.3                       1.7

Azimut                                         Italy                   2.2                       2.7
Batla Minerals                                France                   2.0                       1.5
Selcuk Ecza Deposu                            Turkey                   2.0                       1.9
STS Group                                     France                   2.0                       1.7



Geographic Breakdown                              % at 30 September 2007                % at 30 June 2007
Austria                                                              5.2                              5.4
Belgium                                                              2.7                              0.7
Bulgaria                                                             0.8                              0.8
Denmark                                                              1.5                              1.7
Finland                                                              3.0                              2.8
France                                                              15.7                             14.0
Germany                                                              9.3                             10.2
Greece                                                               7.4                              4.8
Hungary                                                                -                              1.7
Italy                                                                7.2                              7.4
Kazakhstan                                                           1.5                              1.6
Netherlands                                                          9.1                              9.2
Norway                                                               4.6                              4.2
Portugal                                                             0.9                              1.2
Romania                                                              1.4                              0.9
Russia                                                               4.6                              5.2
Spain                                                                3.2                              3.6
Sweden                                                               6.4                              5.8
Switzerland                                                          5.0                              8.5
Turkey                                                               4.4                              3.7
Other                                                                6.1                              6.6



Sector Breakdown                                  % at 30 September 2007                % at 30 June 2007
Basic Materials                                                     15.7                             19.7
Business Providers                                                  12.8                             10.4
Consumer Goods                                                       7.2                              5.4
Financials                                                          19.3                             16.1
Industrial Goods                                                    11.7                             13.4
Natural Resources                                                   20.7                             22.2
Retail Providers                                                     0.1                              1.2
Technology                                                          12.5                             11.6


The objective of TR European Growth Trust PLC is to invest predominantly in
smaller and medium sized companies in Europe (excluding the UK).  The Manager is
Henderson Global Investors Limited.   Further information on the Company,
including an up to date NAV and share price information, can be found at
www.treuropeangrowth.com


Audley Twiston-Davies

Chairman


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 -


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