Tender Offer

European Assets Trust NV
16 November 2000


16 November 2000

                   European Assets Trust NV (the 'Company')

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Further to the announcement on 26 October 2000 that 33.7% of the Company's
issued share capital had been tendered for repurchase, the assets of the
Company were divided as provided in the Circular to Shareholders dated 15
September 2000. Securities in the Tender Offer Pool have been sold at an
aggregate discount of 3.15 per cent. to their middle market valuation at the
time of disposal. This is less than the indicative 5 per cent. discount set
out in the Circular.

The amount to be distributed in respect of the Tender Offer, after all
expenses, is Euro 15.67 per share, which on conversion into Sterling at
exchange rates prevailing on 15 November is 942.78 pence per share.

It is expected that the proceeds of the Tender Offer will be paid by 22
November 2000.

The net asset value per share of the Company at 19 October 2000, the final
date of the Tender Offer, was Euro 16.18, being 973.47 pence using the same
exchange rate as set out above.

A letter containing further details of the Company's new distribution policy
will be dispatched to Shareholders in the near future.



Enquiries:

Howard Myles

UBS Warburg Ltd.                    Tel: [phone]



Defined terms in this announcement have the same meaning as in the Circular to
Shareholders dated 15 September 2000.