2 May 2024

EUROPEAN ASSETS TRUST PLC

LEI: 213800N61H8P3Z4I8726

Portfolio Manager Change and Investment Management Fee Amendment

Portfolio Manager Change

Following the further integration of the European equities team by Columbia Threadneedle Investments ("the Manager"), the Board of European Assets Trust PLC (the "Company") announces that Mine Tezgul will succeed Sam Cosh as the Company's Lead Investment Manager with immediate effect.

Mine Tezgul is a portfolio manager in the European equities team and Head of European Small Cap Equities.  Mine joined the Manager in 2018 as an equity analyst and since 2019 has been lead portfolio manager of the Columbia Threadneedle European Smaller Companies strategy and co-manager of the Columbia Threadneedle Pan European Small Cap Opportunities strategy.

Prior to this, Mine spent over ten years as an equity analyst focused on developed market equities, working at Lansdowne Partners, SAC Global Investors and Highbridge Capital Management. Mine started her career with Citigroup as a financial analyst in its investment banking division and she holds a BA in Economics with General Honours from the University of Chicago and an MBA with Distinction from INSEAD.

The Board believes that Mine's experience is very well suited to deliver the Company's investment objective for Shareholders in line with the revised investment approach developed following the Board review of historic performance conducted in the latter half of 2023.  The Board will continue to monitor performance closely and looks forward to working with Mine and Lucy Morris who will continue in her role as Investment Manager supporting the Lead Investment Manager.  

The Board wishes to place on record its thanks to Sam for his commitment to the Company since his appointment as Lead Investment Manager in 2011 and wishes him well.

The Company's investment policy and objective will remain unchanged.

Investment Management Fee Amendment

The Board also announces an amendment to the basis of calculation of the investment management fee payable to the Manager.  

Previously, the Manager received a fee equal to 0.75 per cent per annum of the value of funds under management.  In cases where the value of funds under management exceeded €400 million, the applicable rate over such excess value was 0.6 per cent per annum.  

Following the amendment, which is effective from 1 January 2024, the funds under management to which the applicable rate of 0.75 per cent is applied has been lowered from €400 million to €300 million.  For funds under management in excess of €300 million, the applicable rate has been reduced to 0.55 per cent per annum.  The basis of calculation for funds under management remains unchanged.

Fees are calculated quarterly and payable in advance.

Funds under management as at close of business on 30 April 2024 were €441.3 million.

Enquiries:

Columbia Threadneedle Investment Business Limited,

Company Secretary

Telephone: 0131 573 8300