EuroTrust Releases Mid-2005 Results

EuroTrust A/S (Nasdaq: EURO) today reported operating
results for, the three and six month periods ended June 30, 2005.
   Net revenue for the three months ended June 30, 2005 was
27,606,000 DKK, or approximately $4,480,000 U.S., compared to
26,840,000 DKK for the three months ended June 30, 2004. Net revenue
for the three-months ended June 30, 2005 was an approximate 35%
increase in net revenue over the first three months of the current
year, resulting in total net revenue of 48,055,000 DKK, or
approximately $7,798,000 U.S., for the six months ended June 30, 2005.
This was a reduction from 60,916,000 DKK of net revenue for the first
six months of 2004 largely due to the sale of most of EuroTrust's
Internet services business units in the 2004 period which are no
longer included in EuroTrust's operating results in 2005.
   In the three-month and six-month periods ended June 30, 2005, the
sale of the balance of EuroTrust's Internet services business units
and related facilities produced gains of 5,276,000 DKK and 6,670,000
DKK, respectively. This contrasted with the gains from sales of such
businesses in the comparable period for the prior year that increased
income for both the three-month and six-month periods ended June 30,
2004 by approximately 63 million DKK. Due to this substantial
difference in non-recurring other income, the three-month period ended
June 30, 2005 realized a net loss of 2,214,000 DKK, or approximately
$360,000 U.S., as compared to net income of 55,278,000 DKK for the
three months ended June 30, 2004. Similarly, the six-month period
ended June 30, 2005 realized a net loss of 4,911,000 DKK, or
approximately $821,000 U.S., as compared to net income of 56,870,000
DKK for the six months ended June 30, 2004.
   Aldo Petersen, Chief Executive Officer of EuroTrust said, "Now
that we have completed the sales of our various Internet-related
business units, our resources are fully focused on our media
operations, allowing us to expand our programming beyond that offered
by our original channel, dk4. In addition to our 4 Sport channel,
which we launched in the latter part of last year to provide coverage
of sporting events of particular interest to Danish subscribers, in
2005 we have also launched an interactive game channel, Game Zone TV.
We are encouraged by the early response to these expanded offerings."

   About EuroTrust A/S:

   EuroTrust (Nasdaq ADS: EURO) owns cable/satellite networks in
Denmark and is the largest provider of mobile television production
services in Scandinavia, operating a fleet of eight state-of-the-art
mobile units including one of the few high definition production units
in Northern Europe. More information about EuroTrust and its
subsidiaries is available at www.eurotrust.dk

                             EUROTRUST A/S
                 CONSOLIDATED STATEMENT OF OPERATIONS
                 (in thousands, except per share data)
                              (Unaudited)

-0-
*T
                       Six months ended June   Three months ended June
                                 30,                     30,
                        2004     2005    2005    2004    2005    2005
                      ------- -------- ------- ------- ------- -------
                        DKK     DKK      USD     DKK     DKK     USD

Net revenue           60,916   48,055  $7,798  26,840  27,606  $4,480

Operating expenses:
      Cost of
       revenues,
       (exclusive of
       depreciation
       shown
       separately
       below)         35,490   34,564   5,609  19,469  21,220   3,444
      Selling and
       marketing      14,510    9,058   1,470   6,941   5,034     817
      General and
       administrative 12,944   11,092   1,800   6,979   6,212   1,008
      Depreciation     4,141    5,279     857     935   2,609     423
                      ------- -------- ------- ------- ------- -------
      Total operating
       expenses       67,085   59,993   9,736  34,324  35,075   5,692
                      ------- -------- ------- ------- ------- -------

Operating income
 (loss)               (6,169) (11,938) (1,938) (7,484) (7,469) (1,212)

Other income
 (expenses)
      Interest income     38      362      59      35     163      26
      Interest
       expense          (255)    (696)   (113)   (153)   (398)    (65)
      Foreign
       exchange  gain
       (loss), net       (19)     697     113     (41)    355      58
      Gains from
       sales of
       businesses     63,331    6,670   1,082  63,131   5,276     856
      Other
       (expenses)
       income, net      (239)    (150)    (24)   (210)   (150)    (24)
                      ------- -------- ------- ------- ------- -------

 (Loss) income before
  income taxes and
  minority interest   56,687   (5,055)   (821) 55,278  (2,223)   (361)

      Income tax
       expense             0      104      17       0       0       0
      Minority
       interest in
       net income
       (loss) of
       subsidiaries      183       40       6       0       9       1
                      ------- -------- ------- ------- ------- -------

Net (loss) income     56,870   (4,911)  $(798) 55,278  (2,214)  $(360)
                      ======= ======== ======= ======= ======= =======

Basic income (loss)
 per weighted average
 common share

Net (loss) income      11.57    (0.92) $(0.15)  11.61   (0.41) $(0.07)
                      ======= ======== ======= ======= ======= =======


Weighted average
 common shares
 outstanding           4,917    5,330   5,330   4,763   5,446   5,446
                      ================ ======= =============== =======

Diluted income (loss)
 per weighted average
 common shares

Net (loss) income       9.85    (0.92) $(0.15)   9.83   (0.41) $(0.07)
                      ======= ======== ======= ======= ======= =======

Weighted average
 common shares
 outstanding,
 assuming dilution     5,776    5,330   5,330   5,623   5,446   5,446
                      ======= ======== ======= ======= ======= =======
*T

   DKK amounts have been converted into US$ at an exchange rate of
$1=DKK 6.1623.

                             EUROTRUST A/S
                      CONSOLIDATED BALANCE SHEETS
                            (in thousands)

-0-
*T
                                            December
                                             31,         Unaudited
                                            -------- -----------------
                                               2004    June 30, 2005
                                            -------- -----------------
                                              DKK      DKK      USD
ASSETS
Current assets:
   Cash and cash equivalents                  6,750    7,954   $1,291
   Restricted cash                            5,352    3,006      488
   Debt securities, available for sale            -   13,000    2,110
   Accounts receivable trade, net of
    allowances for doubtful
   accounts of DKK 592 in 2004 and DKK 148
    in 2005                                  17,173   17,370    2,819
   Notes receivable, current                  2,200    2,200      357
   Broadcasting programming rights, current   2,928    2,928      475
   Deferred tax assets, current                   -        -        -
   Valued added tax receivables                 332      147       24
   Prepaid expenses and deposits              2,263    2,659      431
   Other receivables                          2,748    6,385    1,036
                                            -------- -------- --------
Total current assets                         39,746   55,649    9,031

   Marketable securities - available for
    sale                                        197        -        -
   Notes receivable, net of current portion   8,800    8,250    1,339
   Broadcasting programming rights, net of
    current portion                           2,898    1,431      232
   Rent and other long term deposits          3,256    2,361      383
   Other receivables, long term                 588      535       87
   Long term investments at cost                  -        -        -
   Equity method investment in Mediehuset
    Danmark ApS                               1,638    1,638      266
   Property, plant and equipment, net        92,592   69,511   11,280
   Goodwill                                  24,561   24,613    3,994
   Deferred tax assets, net of current
    portion                                   3,972    3,715      603
                                            -------- -------- --------

Total assets                                178,248  167,703  $27,215
                                            ======== ======== ========
*T

   DKK amounts have been converted into US$ at an exchange rate of
$1=DKK 6.1623.

                             EUROTRUST A/S
                  CONSOLIDATED BALANCE SHEETS (Cont.)
                            (in thousands)

-0-
*T
                                          December
                                                31,     Unaudited
                                              2004    June 30, 2005
                                          --------- ------------------
                                             DKK       DKK      USD
LIABILITIES AND SHAREHOLDERS` EQUITY
Current liabilities:
   Secured line of credit                    8,417    12,530   $2,033
   Bank loan, current portion                  741       741      120
   Lease obligations, current portion        1,244     1,244      202
   Accounts payable                         24,026    14,102    2,289
   Accrued expenses                         12,613    11,619    1,886
   Equipment purchase obligation, current   12,152    12,152    1,972
                                          --------- --------- --------
Total current liabilities                   59,193    52,388    8,502

Long term liabilities:
   Long term equipment purchase
    obligation, net of current portion       9,749     3,464      562
   Bank loan, long term, less current
    maturities                               3,099     2,739      445
   Lease obligations, long term, less
    current maturities                       4,585     3,972      645
                                          --------- --------- --------
Total long term liabilities                 17,433    10,175    1,652

Minority interest in subsidiaries               56        16        2

Shareholders' equity:
   Common shares - par value DKK 7.50,
    7,991,000 and 8,445,292
   authorized, 5,108,267 and 5,562,482
    issued at December 31, 2004
   and June 30, 2005, respectively          38,312    41,719    6,770
   Additional paid-in capital              519,844   525,702   85,309
   Accumulated deficit                    (457,386) (462,297) (75,020)
   Accumulative other comprehensive
    income                                     796         -        -
                                          --------- --------- --------
Total shareholders' equity                 101,566   105,124   17,059
                                          --------- --------- --------

Total liabilities and shareholders'
 equity                                    178,248   167,703  $27,215
                                          ========= ========= ========
*T

   DKK amounts have been converted into US$ at an exchange rate of
$1=DKK 6.1623.

   Statements in this announcement other than historical data and
information constitute forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements involve risks and
uncertainties that could cause EuroTrust's actual results to differ
materially from those stated or implied by such forward-looking
statements. The potential risks and uncertainties include, among
others, general economic conditions or other factors that might affect
planned television production opportunities in the balance of 2004.
More information about potential factors that could affect the
company's business and financial results is included in EuroTrust's
filings with the Securities and Exchange Commission, including in the
company's Annual Report on Form 20-F for the year ended December 31,
2004 and quarterly reports on Form 6-K. EuroTrust undertakes no
obligation to update any of the forward-looking statements after the
date of this press release.