Letter to Shareholders

European Assets Trust NV
13 December 2000


                           European Assets Trust NV


                            Letter to Shareholders


The Company has today posted to shareholders a letter setting out further
details of the high dividend policy outlined in the circular to shareholders
dated 15 September 2000 and enclosing forms of election for the scrip dividend
alternative.

Copies of the letter are obtainable from the following:


Friends Ivory and Sime plc                      KAS Associatie NV

One Charlotte Square                            PO Box 178

Edinburgh                                       1000 AD Amsterdam

EH2 4DZ                                         The Netherlands