CPE Charter Euro.

RNS Number:1262N
Charter Pan-European Trust plc
01 December 2006





The Board is pleased to announce that the Manager has exceeded the performance
target set at the time the Trust adopted a focused investment approach in
November 2004 by exceeding the target then set of more than 2% per annum.    The
outcome after the two years to 30th November 2006 was an NAV capital return of
43.6 % versus 37.3% on the benchmark index.



Following consultation with a number of the Company's major shareholders the
Board, working in conjunction with the Manager, is proposing to adopt a new
benchmark index, the FTSE World Europe (ex UK) (#), replacing the existing
benchmark index, the FTSE World Europe (#) Index.  The reason for this change is
that the Board is aware that the high weighting of the UK within the FTSE World
Europe (#) Index, currently 33%, is an unattractive feature of the current
benchmark for those UK advisers who allocate their clients' overseas investments
into the major geographic regions.  Continental Europe is generally classified
as a separate investment area from Europe including the UK.



The change in benchmark index will have a consequential impact on the Company's
investment policy which, subject to approval by shareholders, will be to invest
principally in equities listed on the primary stock exchanges of various
European markets, whose countries are constituents of the FTSE World Europe (ex
UK) Index (#).



Notwithstanding the change in benchmark and investment policy, the Manager will
have the flexibility to invest up to 20% of the Company's total assets in UK
securities, if it believes that the performance prospects of individual UK
securities are superior to those of continental European securities.  However,
the Company's exposure to the UK is likely to reduce as a consequence of the
proposed change of benchmark.



The Board will also be recommending to shareholders that the Company changes its
name to Charter European Trust plc to reflect the new benchmark.



A Circular relating to these Proposals and convening an EGM will be posted to
shareholders shortly.





Enquiries:

Peter Ingram
Company Secretary

Tel: 020  065 1467

Simon White
Head of Investment Trusts, RCM (UK) Limited

Tel:  020 7065 1539

David Benda
Winterflood Investment Trusts

Tel:  020 7621 5562










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