Final Results

European Assets Trust NV
20 February 2001


RESULTS FOR YEAR ENDED 31 DECEMBER 2000 

 Net asset value increased by 19.8% (Euro)/20.3% (sterling)
 Share price up 22.8%
 High yield scheme introduced utilising changes in Dutch tax legislation -    
 dividend of euro1.56 to be paid in 2001
 Mr Willem Maris to stand for election to the Supervisory Board.

Chairman's Remarks

In 2000, as in the two previous years, European Assets Trust comfortably
outperformed its investment benchmark. This continues the sequence of strong
returns since the refocusing of the portfolio in December 1997. Net Asset
Value in Euros increased by 19.8%, compared with a decline of 8.1% in the
value of the HSBC Smaller Europe (ex UK) Index.

For some time the Board has wished to utilise changes in Dutch tax legislation
for the benefit of shareholders.  The previously announced changes came into
effect on 1 January 2001 and we have now embarked on our 'high yield policy'
with the first regular payment being made on 22 January.  Shareholders will
receive dividends at a rate competitive with those paid by UK split capital
investment trusts, with this rate being re-assessed annually following the
year end.  A dividend of euro1.56 has been declared for the year which will be
paid in twelve equal instalments of euro0.13.   Shareholders have the option
to receive new shares in the Company in place of the cash dividend. 

The introduction of the high yield policy was preceded by a tender offer for
up to 50% of the issued share capital.  In the event 22% of the shares were
tendered under the basic offer with a further 11% being made up by those who
wished to tender more than half their holdings.  We have subsequently been
able to welcome a number of new shareholders who purchased 1,613,000 of the
shares that had been bought back, realising a gain of approximately 3% on the
proceeds

This year Mr de Salaberry and Mr Theissing will retire from the Board. We
wished to strengthen the Board's exposure to industry and Mr Willem Maris has
agreed to stand for election as a Director at the Company's General Meeting.  
Mr Maris has widespread experience, notably in the semiconductor industry,
latterly with ASM Lithography. A further appointment to the Board is
anticipated.

Despite the current nervousness in European equity markets, your Board remains
confident that opportunities remain good for profitable investment in
Continental European small to mid cap companies. There is an abundance of well
financed, growing businesses, selling at attractive valuation levels across
the Continent. It is in these companies that European Assets Trust will
continue to focus its investments.

 
RESULTS FOR 12 MONTHS TO 31 DECEMBER 2000


                                      31 December       31 December    
BALANCE SHEET                                2000              1999
                                 Note    euro'000          euro'000
                     
Investments                     
Securities                          1     243,640           281,123
Net Current Assets                         10,942            10,958
                      
Total assets less current liabilities     254,582           292,081
                     
Net Asset Value per share          2    euro14.03         euro11.71
Expressed in sterling                        876p              728p
                     
                     
REVENUE ACCOUNT              
                                       31 December       31 December
                                              2000              1999
                                          euro'000          euro'000
                     
Income                     
Securities                          3        1,875             2,079
Deposit interest                             1,139               161
Securities lending                             128                44
Total income                                 3,142             2,284
                     
Expenses and interest                     
Administration expenses and interest       (1,386)             (809)
Exceptional expenses                         (846)             (164)
Net Income                         4           910             1,311
                     
                     
                     
Earnings per share                 2     euro0.050         euro0.053
Interim dividend per share         5     euro0.036         euro0.036 
Final dividend per share           5             -         euro0.032
Special interim dividend per share       euro0.570                 -


 
Notes:

1. Securities are valued at market price. 

2. Based on 18,141,038 shares in issue (1999 - 24,937,280). During the        
   year the Company bought in 8,409,242 shares by tender offer and            
   subsequently reissued 1,613,000 shares.

3. Income is stated after deduction of irrecoverable withholding taxes.

4. A dividend of euro1.56 has been announced for 2001.  This will be paid     
   monthly in twelve amounts of euro0.13.  A scrip option is available.

5. These are not full accounts.  The full accounts for the year to 31 December
   2000 will be sent to shareholders and will be available for inspection at  
   the Company's registered office, Kas Associatie, Spuistraat 172, 1012 VT   
   Amsterdam and from the investment advisers at One Charlotte Square,        
   Edinburgh, EH2 4DZ.

6. A General Meeting to receive the 2000 Report & Accounts will be held on 27 
   April 2001.



For further information, please contact:
Millar Law              Friends Ivory & Sime              0131 465 1000
Keith Hannay