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TR European Growth (TRG)

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Wednesday 18 May, 2005

TR European Growth

Tender Offer

TR European Growth Trust PLC
18 May 2005

TR European Growth Trust plc (the 'Company')

18th May 2005

Tender Offer - Second Tranche

Further to its announcement of 20th April 2005, the Company announces that
21,794,353 Shares have been sold today by shareholders at a price of 259.7925p
pursuant to the Second Tranche of the Tender Offer. It is expected that CREST
settlement for these shares will take place on 20th May 2005 and cheques in
respect of non-CREST settlement will be despatched from this date onwards. This
completes the implementation of the Tender Offer.

Share Repurchases

As noted by the Directors in the announcement made on 6th December of last year
and reiterated in the Company's circular to Shareholders dated 24th March 2005
(the 'Circular'), it is the intention of the Board to limit the discount to net
asset value at which the Shares trade to as narrow a level as is practical in
the prevailing circumstances, both by undertaking a more active policy of
repurchasing the Company's Shares and, where appropriate, undertaking further
corporate action. The implementation of the Tender Offer and the recent
introduction of a discount protection mechanism for the Company (under the terms
of which the Company will undertake a further tender offer for up to 10% of its
issued share capital, at a price representing a discount of 6.5 per cent. to the
net asset value at the relevant calculation date, on each occasion that the
Company's Shares have traded at an average month end discount of greater than 10
per cent. over the course of any financial year) have both been of relevance in
this regard.

In light of the active repurchase policy which the Board has determined to
pursue as described above, the discount level at which the Shares have traded in
recent weeks and the fact that Shareholders seeking to tender more than their
Basic Entitlement in the Tender Offer were unable to do so in full, the Board
intends to use its existing share buyback authority to undertake further Share
repurchases in the market through its broker Dresdner Kleinwort Wasserstein.

Terms defined in the Circular shall have the same meaning in this announcement.


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

Dresdner Kleinwort Wasserstein Securities Limited, which is authorised and
regulated by the Financial Services Authority in the conduct of investment
business, is acting for the Company in connection with the matters discussed in
this announcement and no one else and will not be responsible to anyone other
than the Company for providing the protections afforded to clients of Dresdner
Kleinwort Wasserstein Securities Limited nor for providing advice in relation

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

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