Final Results

European Assets Trust NV
06 March 2007

To:                RNS
From:              European Assets Trust NV
Date:              6 March 2007


RESULTS FOR YEAR ENDED 31 DECEMBER 2006

•   Over the year, the Company's net assets rose by 35.9 per cent in sterling 
    total return* terms compared to a 31.2 per cent rise for the benchmark
    index.

•   The Company's share price sterling total return* rose by 43.0 per cent
    over the year.

•   Net asset value total return* of +278.5 per cent since December 1997
    (portfolio refocused), compared with a 207.2 per cent rise for the benchmark
    index.

•   29 per cent increase in annual dividend for 2007 compared with 2006.
    First dividend for 2007 of €0.296 paid in January.



The Chairman's Statement follows:


'2006 performance

I am very pleased to report that European Assets Trust delivered yet another
year of strong investment performance in 2006.  The net asset value rose by 35.9
per cent in sterling total return* terms compared to a 31.2 per cent return for
the HSBC Smaller Europe (ex UK) Index which serves as the Company's benchmark
for performance measurement purposes.  In share price sterling total return*
terms the gain was 43.0 per cent. This strong outcome relative to the benchmark
was the result of both positive stock selection and positive asset allocation.
The Company benefited in particular from the Investment Managers' continued
faith in the ability of the Irish-based companies of the portfolio to deliver
consistent strong returns.

Since 1997, the date the portfolio was re-focused on the small to mid-sized
company asset class, European Assets Trust's net asset value has appreciated by
278.5 per cent in sterling total return* terms compared with an increase of
207.2 per cent in the benchmark index.

2006 proved to be the year when economic growth finally gained momentum across
Europe.  Initial estimates from the European Union statistics office show that
gross domestic product (GDP) in the whole Eurozone expanded by 2.7 per cent in
2006, significantly faster than the 1.5 per cent recorded last year.  Even
laggard countries, such as Italy, registered growth in the final quarter of 2006
as higher capital investment and consumer spending more than made up for weak
export demand.  The supportive economic backdrop provided further fuel to
stockmarkets already fired up by strong corporate earnings releases and mergers
and acquisition activity.  A succession of interest rate increases by the
European Central Bank failed to dampen investors' optimism.

Distribution

The level of dividend paid by the Company each year is determined by the Board
in accordance with the Company's distribution policy.  The Board has stated
that, barring unforeseen circumstances, it will pay out an annual dividend
equivalent to 6 per cent of the net asset value of the Company at the end of the
preceding year.

In accordance with this policy, the Board has already announced that for 2007
the total dividend will be Euro 0.888 per share.   This dividend, which
represents an increase of 29 per cent compared with 2006, is to be paid in three
equal instalments of Euro 0.296 per share at the end of January, May and August.
The January dividend was paid to shareholders on 26 January 2007.

The Company benefits from Dutch regulations which allow it to pay dividends from
capital.  The Board believes that this distribution policy can be an attractive
feature of the Company for shareholders.

Scrip Dividend

I would like to remind shareholders that if they wish they may elect to receive
dividends by way of further shares in the Company rather than cash. Where
shareholders so elect, they will receive shares based on the net asset value of
the Company at the end of the month immediately preceding the record date for
the relevant dividend. With the Company's shares trading on lower discount
levels, this facility may be an attractive option for shareholders.

Further details on the Scrip Dividend are provided in the 'Shareholder
Information' section of the Annual Report and a Scrip Dividend Election form
will also be enclosed with the Annual Report.

Gearing

During the year, the Company renewed its banking facilities, on improved terms,
to allow the Managers to gear the portfolio within the 20 per cent of assets
level permitted under the Articles.  The facilities are Euro denominated and
flexible, allowing the Managers to draw down amounts for such periods as they
wish on a fixed or variable rate basis.  During 2006, gearing ranged from zero
to 10 per cent of assets, reaching the upper end of this range after the market
set-back in share prices which occurred in May.

Shareholder Value

I am pleased to report that as a result of investor demand the Company sold
during the year 605,000 shares which were held in treasury, raising £5.6m
additional funds for investment. The shares were resold at an average discount
of 2.5 per cent which compares favourably with the average discount of a little
over 5 per cent at which the shares were originally bought back by the Company.
Since the end of the year the Company has sold a further 950,000 shares from
treasury at an average discount of 1.3 per cent, raising a further £9.4m for
investment.  The most recent sale was conducted at a 0.7 per cent discount.

The buy back and resale of shares is part of the liquidity enhancement policy
that the Board introduced in the final quarter of 2005 and to date it has been
operating well and has added value for shareholders.

The demand from investors for the Company's shares has helped reduce the
discount at which the shares trade relative to the net asset value over the year
from 7.4 per cent to 2.7 per cent.  This has resulted in the performance of the
share price again being better than that of the net asset value. Over the year,
the share price total return* was 43.0 per cent on a sterling basis.

The Company changed its UK corporate broker during the year, appointing Cenkos
Securities plc ('Cenkos'). Cenkos makes a market in the Company's shares and
generally assists with raising the profile of the Company in the market place
and introducing new investors to the Company as well as keeping contact with
existing shareholders.

The Company introduced in November 2006 a facility for shareholders to hold and
transfer their interest in the shares of the Company within the UK CREST
electronic settlement system. This option is available to those shareholders who
have a CREST account or hold their shares via a nominee with a CREST account.
The Board believes that this facility enhances market liquidity in the Company's
shares and is pleased that there has been a significant take-up of the new
facility by shareholders. Over 75 per cent of the Company's shares are now held
through this depository interest facility which is operated by Computershare
Investor Services PLC, the Company's UK Registrar.  Shareholders that wish to
can continue to hold and transfer shares in the Company in certificate form and
their rights are unaffected by the new facility.


Board

Professor Syb Bergsma, having attained the age of 70 years, has indicated his
intention to retire as a Director of the Company at the conclusion of this
year's General Meeting.  He has served as a Director for 9 years and Deputy
Chairman for 8 years and I would like to thank him for his valuable contribution
to the affairs of the Company over these years.  I am pleased to report that
Professor Robert Van der Meer (age 57) will stand for election as a Supervisory
Director.  During his career he has held several management positions in Royal
Dutch Shell, including investment manager of the Shell Pension Funds. He was a
member of the management board of Aegon and then of Fortis, from which he
stepped down in 2001. Currently he combines a professorship in investment
management at Groningen University with several supervisory board positions,
including OBAM and Teslin Capital Management.


Outlook

The 2006 final results reporting season is well under way at the time of
writing.  Earnings growth has again been strong with most companies announcing
figures above investment analysts' expectations.  Although laced with the usual
reserve, managements' outlook for this year is also positive.  Official
forecasting institutes and independent commentators are tending to revise
upwards their assessment of European economic growth in 2007.

Nevertheless, your Board believes that some measure of caution is warranted.
After five years of sharply rising share prices, valuations for small and
medium-sized companies look high both in absolute terms and relative to likely
future earnings growth.  Recent share price reaction to better-than-expected or
worse-than-expected earnings numbers has been extreme, a possible sign that low
volatility which has hitherto supported the asset class may be on the rise.

Your Board considers that the Managers have positioned the Company's portfolio
to take account of rising uncertainty over the direction of markets.  Throughout
the recent period of strong gains, the Managers have refused to bow to the
pressures of chasing price momentum, preferring instead to focus on companies
with a demonstrable earnings record and with sustainable high returns on
shareholders' capital.  In the main, valuations for such companies have not
risen to the same degree as those for higher profile names in the asset class.
In the Managers' opinion, the Company's focused portfolio of holdings, some now
held continuously for 8 years, is capable of generating a capital return in
excess of the announced six per cent annual dividend pay-out.


Shareholder Meetings

The Company's Annual General Meeting will be held on 26 April 2007 in Amsterdam.
In addition, the Company holds a Shareholders' and Investors' Briefing in
London each year.  The London briefing will be held on 23 May 2007 at 11.30am at
Pewterers' Hall, Oat Lane, London EC2V 7DE and will include a presentation from
the Investment Manager on the Company and its investment portfolio.
Refreshments and a light buffet will be served after the Briefing concludes.  I
hope as many Shareholders as are able can join us for this Briefing and an
invitation is included separately with the Annual Report.'


Sir John Ward CBE
Chairman


* capital performance with dividends added back



FINAL RESULTS (AUDITED) FOR 12 MONTHS TO 31 DECEMBER 2006

                                                                 31 December          31 December
                                                                        2006                 2005
BALANCE SHEET

                                                 Note                  €'000                €'000

Investments

Securities                                         1                 245,328              184,159
Net current assets                                                    10,216               11,981

Total assets less current liabilities                                255,544              196,140

Loan                                                                (10,000)             (15,000)

Equity shareholders' funds                                           245,544              181,140

Net asset value per ordinary share                 2                  €14.85               €11.39
Expressed in sterling - basic                                         £10.01                £7.83
                                   - treasury                          £9.97                £7.79

REVENUE ACCOUNT FOR YEAR ENDED

                                                                 31 December          31 December
                                                                        2006                 2005
                                                                       €'000                €'000

Income

Securities                                          3
                                                                       3,211                2,909
Deposit interest                                                         159                  213
Securities lending                                                       134                  158
Total income                                                           3,504                3,280



Capital gains in investments

  -        realised                                                   40,541               37,154
  -        unrealised                                                 27,004               19,146
                                                                      67,545               56,300

Expenses and interest

Administration expenses                                              (1,073)                (954)
Investment management fee                                            (1,741)              (1,565)
Costs in connection with marketing and the
continuation vote
                                                                         109                (589)
Interest charges                                                      _(690)               _(452)
Total expenses                                                       (3,395)              (3,560)


Net income before tax                                                 67,654               56,020

Corporation tax benefit                                                    -                    2

Net income                                                            67,654               56,022
Earnings per share                                                     €4.23                €3.10

Dividends per share                                 4                €0.7325               €0.555


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED


                                                                      31 December          31 December
                                                                             2006                 2005
                                                                            €'000                €'000


Cash flow from investment activities

Dividends, interest and other income                                        3,549                3,265
Purchases of securities                                                 (106,414)             (98,478)
Sales of securities                                                       112,675              135,263
Administrative expenses                                                   (2,612)              (3,142)
Surtax                                                                      (864)              (1,829)
Net interest charges                                                        (684)                (459)


                                                                            5,650               34,620



Cash flows from financial activities

Dividends                                                                (11,364)              (9,929)
Sale of own shares                                                          3,081                    -
Stamp duty paid                                                             (131)                    -
Repurchase of own shares                                                  (9,372)             (16,784)
Loan facility                                                             (5,000)                5,000

                                                                         (22,786)             (21,713)


Cash at bank

Net (decrease)/increase for the year                                     (17,136)               12,907
Balance as at 1 January                                                    21,777                8,870



Balance as at 31 December                                                   4,641               21,777



Notes.

1.  Securities are valued at bid price.

2.  Based on 16,533,475 shares in issue (2005 - 15,905,178).  During the year 
    the Company issued 23,297 shares through its scrip dividend option and sold
    605,000 of its own shares from Treasury.

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

4.  A dividend of €0.296 was announced on 4 January 2007 and paid on 26 January 
    2007.  This dividend was paid from other reserves.  During 2007, a total
    distribution of €0.888 per share will be payable in equal instalments in
    January, May and August.

5.  These are not the full accounts.  The full accounts for the year to 
    31 December 2006 will be sent to shareholders and will be available for
    inspection at the Company's registered office, FCA Management BV, Weena 
    210-212, NL-3012 Rotterdam and from the investment managers at 
    F&C Investment Business, 80 George Street, Edinburgh, EH2 3BU.

6.  A General Meeting to adopt the 2006 Report & Accounts will be held on 
    26 April 2007 in Amsterdam.



For further information, please contact:

Crispin Longden, F&C Investment Business Ltd, Fund Manager         0131 718 1000

Michael Campbell, F&C Investment Business Ltd, 
Company Secretary                                                  0131 718 1000


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