Interim Results, etc.

European Assets Trust NV
4 August 2000


INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2000 AND RESULTS FOR YEAR
ENDED 31 DECEMBER 1999 

UNAUDITED RESULTS 6 MONTHS TO 30 JUNE 2000

The period under review was characterised by two distinct stock market periods
which more or less coincided with the two calendar quarters. In the first
quarter, stock markets surged ahead driven by exceptional growth in the
so-called TMT (technology, media and telecommunications) sectors. New issue
activity was at record levels and investor confidence was very high indeed.

However reality set in towards the end of March, and stock markets fell in the
wake of a sharp pull back in the pivotal technology oriented NASDAQ Index in
the USA. Investors became increasingly nervous and stayed on the sidelines
with the result that prices of highly rated TMT shares retreated quite sharply
on little volume. Volatility was a key feature of markets in the second
quarter, again a reflection of the more uncertain stock market environment.

Despite the changing overall picture, the Company produced an excellent
performance in the six months to 30 June 2000. Over the half year period, the
net asset value of European Assets Trust rose by 36.4% in sterling terms. This
compares with a 4.3% rise in the HSBC Smaller Europe (ex UK) Index over the
same period, again in sterling terms. This first half-year performance
maintains the sequence of strong investment returns both absolutely and
relative to the benchmark index since the existing investment policy was
implemented in December 1997.

We remain confident on the outlook for small to medium capitalisation
investment in Europe. Despite a series of small interest rate rises  by the
European Central Bank in the first half of the current year, the outlook for
sustained economic growth in Europe is good. Inflation remains under control
and the outlook for corporate profits is encouraging. We see no lack of
attractive investment opportunities in our investment horizon and will
continue to invest in a diversified number of industry sectors reflecting the
best opportunities in both the 'new' and the 'old' economy.

An unchanged interim dividend euro 0.036 per share has been declared.

A General Meeting of the Company held on 30 June 2000 approved an extension of
the period for presentation of the 1999 accounts up to 1 September 2000. 
These results are summarised below.  As announced on 30 June 2000 the Company
is to introduce a high yield policy commencing distributions in the last
quarter of 2000 and offer to repurchase up to 50% of its share capital.  Final
clearances are awaited and it is expected that documentation will be mailed to
shareholders in August following the General Meeting. It is expected the 1999
Annual Report and 2000 Interim Report will be mailed and made available to
shareholders in the week commencing 7 August 2000.


FINAL RESULTS FOR 12 MONTHS TO 31 DECEMBER 1999

* Strong investment performance in 1999, once again outperforming the
benchmark
* Net Asset Value (sterling terms) up 28.0% v benchmark +19.7%
* Discount narrowed from 24.7% to 18.9%
* Share price +37.8%
* Final dividend of euro 0.032 declared, making euro 0.068 for the year
* Long term performance continues to improve


RESULTS                              INTERIM                  FINAL
                                   (unaudited)              (audited)
BALANCE SHEET                  30 June    30 June   31 December   31 December
                                  2000       1999          1999          1998
                   Note       Euro 000   Euro 000      Euro 000      Euro 000
                                   
Investments                                       
Securities            1        361,931    213,970       281,123       196,031
Net Current Assets              29,912      4,520        10,958         5,055
                                     
Shareholders Funds             391,843    218,490       292,081       201,086
                                   
Net Asset Value
per share             2
                            euro 15.71  euro 8.76    euro 11.71     euro 8.06
Expressed in sterling             994p       575p          728p          569p
                                   
                                   
REVENUE ACCOUNT                  Six months to           Twelve months to
                              30 June     30 June   31 December   31 December
                                 2000        1999          1999          1998
                             Euro 000    Euro 000      Euro 000      Euro 000
                                   
Income                                   
Securities            3         1,486       1,711         2,079         2,127
Deposit Interest                  204          71           161           314
Securities lending                 50          35            44            57
Total income                    1,740       1,817         2,284         2,498
                                   
                                   
Expenses and interest                                   
Administration Expenses and
interest                        (322)       (262)         (809)         (801)
Exceptional expenses            (604)       (275)         (164)         (454)
Net Income            4           814       1,280         1,311         1,243
                                   
                                   
Absorbed by dividends             905         905         1,697         1,697
                                   
                                   
Earnings per share    2    euro 0.033  euro 0.051    euro 0.053    euro 0.050
Interim dividend per
share                 5    euro 0.036  euro 0.036    euro 0.036    euro 0.036
Final Dividend per
share                 5           N/A         N/A    euro 0.032    euro 0.032



Notes:

1.    Securities are valued at market price.

2.    Based on 24,937,280 shares in issue.

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

4.    Net income for the six months period should not be taken as an
indication of income for the full year.

5.    The proposed 1999 final dividend, if approved by shareholders, and 2000
interim dividend will be paid on 31 August 2000 to shareholders on the
Register on 18 August 2000.

6.    The accounting policies applied in preparing the half-year figures at 30
June 2000 are consistent with those underlying the 1999 Annual accounts.

7.    These are not full accounts.  The full accounts for the year to 31
December 1999 will be sent to shareholders together with the interim accounts
for the six months to 30 June 2000 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.

8.    A General Meeting to receive the 1999 Report and accounts and approve
the final dividend will be held on 25 August 2000.


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