Interim Results

EUROPEAN ASSETS TRUST PLC
30 July 1999


UNAUDITED INTERIM RESULTS

*  Net asset value up 8.6% in Euros (1.1% in £) over six months
*  Six months performance relative to benchmark held back by market swing into
cyclicals
*  Performance ahead of the index over three months, 12 months, and since
portfolio refocus implemented in December 1997
*  Long term portfolio evolution in line with the Boards' three year expected
rate of return.
*  Maintained interim dividend of Euro 0.3630 declared (1998 - Euro 0.3630)

The Chairman John Ward said:

'With the objective of long term growth through stock selection, the Board is
pleased to report performance ahead of the benchmark index since the portfolio
was refocused in December 1997, and also over the last three and twelve
months.  In the current year, relative performance has been held back by the
dramatic rally in economically sensitive cyclical sectors across Europe to
which European Assets Trust's growth oriented portfolio is not exposed.  In
spite of this, the first half closed on a strengthening trend, and while the
cyclical rally may have further to run, the Board remains committed to long
term growth stocks'.

With reference to a potential restructuring of the Company, Professor Ward
said:

'Over the last 15 months, the Boards of European Assets Trust have considered
at length a wide range of schemes and proposals for the future of the Company,
from different sources.  During the course of this process, numerous
discussions have been held with the Dutch Tax Authorities and the Ministry of
Finance, which have confirmed that none of these proposals has been viable. 
European Assets Trust position therefore remains, as the Boards have
previously understood it to be, namely that any attempt to distribute the
Companies assets outside the Netherlands could expose shareholders to
significant tax penalties.  Furthermore, the Boards independent advisers have
reported to the Boards that they are satisfied that the options identified for
addressing the Company's tax position have been fully investigated.  As a
result the Boards have concluded therefore that a restructuring of European
Assets Trust is unlikely to be possible under the present Dutch tax
regulations.'

Balance Sheet                          30 June        30 June
                                         1999          1998
                            Note       Euro 000       Euro 000  
Investments                     
Securities                     4        213,970       221,016
Net Current Assets                        4,520         7,697
                     
SHAREHOLDERS FUNDS                      218,490       228,713
                     
Net Asset Value per share -                     
30 June                       Euro       8.76            9.17
Expressed in sterling                     575p            596p
based on 24,937,280 shares
in issue (1998 - same)                            
as at 31 December 1998                            Euro 8.06/569p       
                     

Revenue Account - six months to              30 June        30 June
                                               1999         1998
                               Note        Euro 000       Euro 000
                     
Income                     
Securities                                     1,711       1,726
Deposit Interest                                  71         173
Securities lending                                35          47
Total Income                     1             1,817       1,946
                     
                     
Expenses and interest                     
Expenses                                        (536)       (621)
Interest                                          (1)         (0)
Net Income                       2             1,280       1,325
                     
Absorbed by interim dividend     3                905       905
                     
Earnings per share (Euro)                        0.05       0.05
Interim dividend per share (Euro)                0.04       0.04
                     

Notes                     
                     
1. Income is stated after deduction of irrecoverable withholding taxes of Euro
326,437  ( 1998 - Euro 390,742)                     
                     
2. Income for the six months period should not be taken as an indication of
the Income for the full year.                     
                     
3. The interim dividend will be paid on 31 August 1999 to shareholders on the
register on 13 August 1999.                     
                     
4. The securities are valued at market price.
                     
                     
The accounting policies applied in preparing the half-year figures at 30 June
1999 are consistent with those underlying the 1998 annual accounts.           

For further information, please contact

Jennifer Bacarisse or Keith Hannay        tel [phone]
Friends Ivory & Sime plc, Investment Advisers