Transfer of Shares

European Assets Trust NV
25 January 2001



European Assets Trust has transferred 2,302 of its own ordinary shares held by
itself to shareholders electing for the scrip dividend option in respect of
the January 2001 dividend.  Following this transfer there are 18,143,340
shares in public issue.

Enquiries:

Keith Hannay, Friends Ivory & Sime plc,
Investment Adviser to European Assets Trust NV       tel: [phone]