Final Results

European Assets Trust NV
12 March 2008

To:                RNS
From:              European Assets Trust NV
Date:               12 March 2008


RESULTS FOR YEAR ENDED 31 DECEMBER 2007

•   Total return* performance over 2007

                                                 Sterling           Euro
Net asset value per share                        +3.7%              -4.8%
HSBC Smaller Europe (ex UK) Index                +5.8%              -3.0%


•   Total return* performance since December 1997 (portfolio refocused)

                                                 Sterling           Euro

Net asset value per share                        +292.5%            +251.8%
HSBC Smaller Europe (ex UK) Index                +225.0%            +193.4%


•         Annual dividend of 6% of net asset value per share (2008: Euro 0.81)

                                                Sterling            Euro

January dividend paid per share                  20.1p               27.0c
(further dividends payable in May and August).



The Chairman's Statement follows:


'2007 performance

European Assets Trust's sterling total return* performance remained positive in
2007 in what proved a difficult year for the European smaller company asset
class.  After a strong first six months of the year, the net asset value gave
back most of its gains in the second half but still closed the year 3.7 per cent
ahead in sterling total return terms.  This compared with a rise of 5.8 per cent
in the HSBC Smaller Europe (ex UK) Index which serves as the Company's benchmark
for performance measurement purposes.  The underperformance versus the benchmark
was not due to stock selection, which made a positive contribution over the year
as a whole, but rather due to the Company's reduced but still significant
exposure to Ireland which was the region's worst performing stockmarket in 2007.

Over the past ten years from the date the portfolio was re-focused on the small
to mid-sized asset class, European Assets Trust's net asset value has
appreciated by 292 per cent in sterling total return terms compared to an
increase of 225 per cent in the benchmark index.

The core European economies continued to grow at around trend rate in 2007,
spurred on by strong export activity despite the strength of the Euro against
currencies of the region's major trading partners.  Capital investment was a
further supportive factor in contrast to consumer spending which remained in the
doldrums.  The combination of higher prices for life's necessities and subdued
wage growth dented consumer confidence.

Investors in smaller company shares were not shielded from the dislocation in
credit markets which took hold in the summer months and deepened as the year
drew to a close.  The most immediate consequence was a shift to a more defensive
stance in favour of shares in larger-sized enterprises.  This led to a
correction in share price across the smaller company asset class and in general
among financials, consumer discretionary and construction-related stocks.


Distribution

The level of dividend paid by the Company each year is determined by the Board
in accordance with the Company's distribution policy.  The Board has stated
that, barring unforeseen circumstances, it will pay out an annual dividend
equivalent to 6 per cent of the net asset value per share of the Company at the
end of the preceding year.

In accordance with this policy, the Board has already announced that for 2008
the total dividend will be Euro 0.81 per share.  Following on from three years
in which the policy resulted in strong dividend growth of 19, 32 and 24 per cent
respectively, the 2008 dividend represents a 9 per cent decrease in Euro terms
from the level announced in 2007.   The 2008 dividend will be paid in three
equal instalments of Euro 0.27 (2007: Euro 0.296) per share at the end of
January, May and August.  The January dividend was paid to shareholders on 25
January 2008 and amounted to 20.1p per share in sterling terms.  This
represented an increase in the level of the sterling payment compared to the
January 2007 amount as a result of depreciation in the sterling exchange rate
against the Euro over the year.

The Company benefits from Dutch regulations which allow it to pay dividends from
capital.  The Board believes that this distribution policy can be an attractive
feature of the Company for shareholders.

The UK government has previously announced proposals indicating that, with
effect from 6 April 2008, it is extending the 10 per cent tax credit presently
available on UK-sourced dividends to overseas-sourced dividends. This should
benefit the Company's UK taxpaying shareholders.


Shareholder support

The Board notes the enthusiastic take-up of the facility for shareholders to
hold and transfer their shares within the UK CREST electronic settlement system
which has been available to CREST enabled shareholders since November 2006.
Over 85 per cent of the shareholder base now makes use of this facility which
speeds settlement of trades and enhances market liquidity.  The Board is also
pleased to note that share ownership represented by the various individual
investment schemes operated by F&C continues to increase and now totals over 21
per cent of the shareholder base.

I would also like to remind shareholders that, should they so wish, they may
elect to receive dividends by way of further shares in the Company. Where
shareholders so elect, they will receive shares based on the net asset value of
the Company at the end of the month immediately preceding the record date for
the relevant dividend.  Scrip Dividends, to the extent paid from share premium
reserve, are subject to UK Capital Gains Tax rules rather than Income Tax rules.
Further details on the Scrip Dividend are provided in the 'Shareholder
Information' section of the Annual Report and a Scrip Dividend Election form is
also enclosed with the Annual Report.


Gearing

The Company possesses a banking facility to allow the Managers to gear the
portfolio within the 20 per cent of assets level permitted under the Articles.
Any borrowings taken up under this facility are Euro denominated and flexible,
allowing the Managers to draw down amounts for such periods as they wish on a
fixed or variable rate basis.  No borrowings were drawn down in 2007 as, for
much of the year, the Managers maintained a cautious view of the prevailing
investment climate.  Indeed, the Managers took advantage of elevated prices for
a number of existing holdings to bank some profits during the summer such that
liquid funds rose as high as 10 per cent of assets during the autumn months.
This cash balance was redeployed by the end of the year as markets fell and the
prices for existing and new investment prospects once again became more
attractive.


Liquidity Enhancement Policy

During 2007 the Company successfully sold a further net 635,000 shares (2006:
605,000) which were held in treasury, raising an additional £7.3m net (2006:
£5.6m net) for investment.

The buy back and resale of shares is part of the liquidity enhancement policy
that the Board introduced in the final quarter of 2005 and to date it has been
operating well and has added value for shareholders. The higher volatility
exhibited by the small company asset class in the wake of the credit crunch
contributed to the discount at which the Company's shares trade relative to net
asset value to increase during 2007 from 2.7 per cent to 8.2 per cent, the
average being 2 per cent.  In accordance with the terms of the liquidity
enhancement policy, the Company bought back its own shares into treasury as the
discount widened beyond the stated level of 5 per cent.


Outlook

Despite a weak start to 2008, there are reasons to believe that European smaller
company share prices may have the opportunity to stage a recovery before too
long.  Business confidence remains at reasonable levels, as demonstrated by
continued merger and acquisition activity.  Your Managers believe that the
recent de-rating of a number of long-term growth stocks may have run its course.
Accordingly, use has now been made of a portion of the Company's borrowing
facility to finance additions to existing holdings and several new positions.


Shareholder Meetings

The Company's Annual General Meeting will be held on 22 April 2008 in Amsterdam.
In addition, the Company holds a Shareholders' and Investors' Briefing in
London each year.  The London briefing will be held on 21 May 2008 at 11.30am at
Pewterers' Hall, Oat Lane, London EC2V 7DE and will include a presentation from
the Investment Manager on the Company and its investment portfolio.  A light
buffet will be served after the Briefing concludes.  I hope as many Shareholders
as are able will join us for this Briefing. An invitation is included separately
with the Annual Report.'


Sir John Ward CBE
Chairman


* capital performance with dividends added back




FINAL RESULTS (AUDITED) FOR 12 MONTHS TO 31 DECEMBER 2007

                                                                     31 December           31 December
                                                                            2007                  2006
BALANCE SHEET

                                                   Note                    €'000                 €'000

Investments

Securities                                           1                   233,131               245,328
Net current (liabilities)/assets                                         (4,210)                10,216

Total assets less current (liabilities)/assets                           228,921               255,544

Loan                                                                           -               (10,000)



Equity shareholders' funds                                               228,921               245,544

Net asset value per ordinary share                   2                    €13.32                €14.85
Expressed in sterling - basic                                              £9.78                £10.01
                      - treasury                                           £9.73                 £9.97


REVENUE ACCOUNT FOR YEAR ENDED

                                                                     31 December           31 December
                                                                            2007                  2006
                                                                           €'000                 €'000
Income

Securities                                         3                       4,173                 3,211
Deposit interest                                                             391                   159
Securities lending                                                           220                   134

Total income                                                               4,784                 3,504



Capital gains in investments

  -   realised                                                            45,335                40,541
  -   unrealised                                                        (58,885)                27,004

                                                                        (13,550)                67,545

Expenses and interest

Administration expenses                                                  (1,283)               (1,073)
Investment management fee                                                (2,148)               (1,741)
Costs in connection with marketing and the
continuation vote                                                              -                   109
Interest charges                                                           (294)                 (690)
Total expenses                                                           (3,725)               (3,395)


Net (loss)/income                                                       (12,491)                67,654

Earnings per share                                                       (€0.70)                 €4.23
Dividends per share                                4                      €0.912               €0.7325




STATEMENT OF CASH FLOWS FOR THE YEAR ENDED

                                                                      31 December          31 December
                                                                             2007                 2006
                                                                            €'000                €'000

Cash flow from investment activities

Dividends                                                                   4,122                3,203
Purchases of securities                                                 (158,590)            (106,414)
Sales of securities                                                       157,392              112,675
Administrative expenses                                                   (1,101)                (871)
Investment management fees                                                (2,148)              (1,741)
Surtax                                                                        445                (864)
Interest received                                                             279                  213
Interest charges                                                            (265)                (684)
Income from securities lending                                                204                  133

                                                                              338                5,650



Cash flows from financial activities

Dividends                                                                (15,731)             (11,364)
Sale of own shares                                                         27,092                3,081
Stamp duty paid                                                              (34)                (131)
Repurchase of own shares                                                  (6,773)              (9,372)
Loan facility                                                            (10,000)              (5,000)

                                                                          (5,446)             (22,786)



Cash at bank

Net decrease for the year                                                 (5,108)             (17,136)
Balance as at 1 January                                                     4,641               21,777
Balance as at 31 December                                                   (467)                4,641


Notes.

1.  Securities are valued at bid price.

2.  Based on 17,190,991 shares in issue (2006 - 16,533,475).  During the year 
    the Company issued 22,516 shares through its scrip dividend option and sold
    1,470,000 of its own shares from Treasury. The Company also repurchased 
    835,000 of its own shares to be held in Treasury.

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

4.  A dividend of €0.27 was announced on 3 January 2008 and paid on 25 January 
    2008.  This dividend was paid from other reserves.  During 2008, a total
    distribution of €0.81 per share is expected to be payable in equal 
    instalments in January, May and August.

5.  These are not the full accounts.  The full accounts for the year to 
    31 December 2007 will be sent to shareholders and will be available for
    inspection at the Company's registered office, FCA Management BV, Weena 
    210-212, NL-3012 NJ Rotterdam and from the investment managers at 
    F&C Investment Business, 80 George Street, Edinburgh, EH2 3BU. The 
    Company's website address is www.europeanassets.co.uk.

6.  A General Meeting to adopt the 2007 Report & Accounts will be held on 
    22 April 2008 in Amsterdam and a Shareholders' and Investors' Briefing will
    be held on 21 May 2008 at Pewterers' Hall, Oat Lane, London.


For further information, please contact:

Crispin Longden, F&C Investment Business Ltd, Fund Manager        0131 718 1000
Michael Campbell, F&C Investment Business Ltd, Company Secretary  0131 718 1000


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