Change of Adviser

European Assets Trust NV
04 December 2002

To:            RNS

From:          European Assets Trust NV

Date:          4 December 2002




The Board of European Assets Trust NV is pleased to announce that Crispin
Longden, Director of European Equities at ISIS Asset Management, has assumed
overall responsibility for investment management of the Company's portfolio. Mr
Longden will continue to be assisted by Frank Rushbrook, Fund Manager, European
Equities. Both Mr Longden and Mr Rushbrook have worked solely on European Assets
Trust NV over the past three years and will provide continuity in respect of the
investment approach and process. They will continue to be able to draw on the
considerable investment resource and capability within ISIS Asset Management.


Mr Longden has been directly involved in managing the investment portfolio of
European Assets Trust NV since May 2000 and before joining ISIS Asset Management
he spent eight years at Scottish Life in charge of European equity portfolios.


Millar Law, who was responsible for the investment portfolio of European Assets
Trust NV for the past three years, has resigned from ISIS Asset Management. The
Board would like to thank Mr Law together with Mr Longden and Mr Rushbrook for
their contribution to the Company and in maintaining the performance of the
Company in challenging times.




For further information contact:




Peter Arthur, ISIS Asset Management plc

Tel [phone]


Chris Lunn, UBS Warburg

Tel [phone]








Notes


European Assets Trust NV is a Dutch investment company listed on both the
Amsterdam and London Stock exchanges. Its investment portfolio is managed by
ISIS Asset Management plc.


                      This information is provided by RNS
            The company news service from the London Stock Exchange