Half-yearly Report

THE EUROPEAN INVESTMENT TRUST PLC Half-Yearly Financial Report for the period ended 31 March 2011 The Directors announce the unaudited Half-Yearly Financial Report for the six months to 31 March 2011 as follows:- Highlights * In the six months to 31 March 2011 the net asset value ("NAV") per share increased by 7.1% to 696.79p. The NAV total return per share was 9.4% for the six month period which compared to the total return from the FTSE All-World Europe ex UK Index in sterling of 11.4%. * The Company's share price increased by 7.2% to 584.00p in the six month period to 31 March 2011. The share price discount to net asset value remained at 16.2%. During the six month period the Company bought back and cancelled 300,000 shares at a total cost of £1,736,000. * Following the major portfolio restructuring of February 2010, portfolio activity has been relatively limited in the first full year under the management of Edinburgh Partners. Investment focus on two key themes - the importance of dividends and balance sheet strength. * Research efforts focussed on the search for companies where long-term valuations do not match up to their potential growth prospects. Market pessimism over certain countries and sectors within Europe gives reasons for optimism that future good new investment opportunities can be found. Financial summary 31 March 30 September Change 2011 2010 Capital Net assets £295.44m £277.85m 6.3% Net asset value per share ("NAV") 696.79p 650.69p 7.1% Share price 584.00p 545.00p 7.2% Share price discount to NAV 16.2% 16.2% Six months to Six months to Year to 31 March 31 March 30 September 2011 2010 2010 Total return per ordinary share* Capital 58.56p 28.40p 7.60p Revenue 0.98p 0.94p 13.79p Total 59.54p 29.34p 21.39p * Based on the weighted average number of shares in issue during the period. Performance Six months to Six months to Year to 31 March 31 March 30 September 2011 2010 2010 NAV Total Return +9.4% +6.2% +4.8% FTSE All-World Europe ex UK Index Total Return* +11.4% +5.3% +2.3% * In sterling. The NAV Total Returns are sourced from Edinburgh Partners and include dividends reinvested. Prior to 1 February 2010, the investment manager was F&C Management Limited ("F&C") and NAV returns were sourced from F&C. The index performance figures are sourced from Thomson Reuters Datastream. Past performance is not a guide to future performance. Objective and Investment Policy Objective The objective of The European Investment Trust plc is to achieve long-term capital growth through a diversified portfolio of Continental European securities. Investment Policy The Board believes that investment in the diverse and increasingly accessible markets of the Continental European region provides opportunities for capital growth over the long term. At the same time it considers the structure of the Company as a UK listed investment trust, with a fixed capital and an independent Board of Directors, to be well suited to investors seeking longer-term returns. The Board recognises that investment in some European countries can be riskier than in others. Investment risks are diversified through holding a wide range of securities in different countries and industrial sectors. No more than 10% of the value of the portfolio in aggregate may be held in securities in those countries which are not included in the FTSE All-World European indices. The Board has the authority to hedge the Company's exposure to movements in the rate of exchange of currencies, principally the euro, in which the Company's investments are denominated, against sterling, its reporting currency. However, it is not generally the Board's practice to do this and the portfolio is not currently hedged. No investments in unquoted stocks can be made without the prior approval of the Board. The level of gearing within the portfolio is agreed by the Board and should not exceed 20% in normal market conditions. No more than 10% of the total assets of the Company may be invested in other listed investment companies (including investment trusts) except in such other investment companies which themselves have stated that they will invest no more than 15% of their total assets in other listed investment companies, in which case the limit is 15%. The Manager's compliance with the limits set out in the investment policy is monitored by the Board. Manager's Review Results The net asset value per share at the Company's half-year end of 31 March 2011 was 696.79p, an increase of 7.1% on the net asset value per share at 30 September 2010 of 650.69p. After including the special and final dividends totalling 14.00p per share which were paid in January 2011, the total return per share was 9.4% for the six month period. The total return from the FTSE All-World Europe ex UK Index in sterling was 11.4%. Share Price and Discount During the six months to 31 March 2011 the Company's share price increased by 7.2% from 545.00p to 584.00p. The share price discount to net asset value remained at 16.2%. During the six month period the Company bought back and cancelled 300,000 shares at a total cost of £1,736,000. The shares bought back represented 0.7% of the share capital at the beginning of the Company's financial year on 1 October 2010. Revenue The net revenue return per share in the six months to 31 March 2011 was 0.98p. This is a marginal increase in the net revenue return of 0.94p in the six months to 31 March 2010. The revenue return for the half-year is not indicative of the full year return as European companies tend to pay dividends between April and September while expenses are incurred throughout the year. Economic and Market Overview Since we last formally communicated with you in last year's Annual Report there have been two events which have had a major impact on investor sentiment. The first of these was a series of uprisings in North Africa and the Persian Gulf. This was closely followed by a catastrophic earthquake and consequent tsunami in Japan. Although attention was understandably focussed on these events, negative developments in Ireland, Portugal and Greece have continued to undermine confidence in Europe. Reform measures and austerity plans in Europe are only as strong as the electoral position of politicians who introduce them and this represents a key risk to the economic rehabilitation process in many European countries. Germany's commitment to the euro remains as important as ever. Portfolio Strategy In the 2010 Annual Report and at the Annual General Meeting I referred to two principal themes on which your portfolio focussed. These were the importance of dividends and the opportunities which balance sheet strength can bring. Both of these themes are intact and still relevant. I would like to cover one example of each. In October of last year we purchased the savings shares of Telecom Italia. This is a company which in recent years has largely taken all the right actions to protect and enhance profitability; namely deleveraging the balance sheet, growing its Latin American operations and improving competitiveness in domestic operations. These actions have largely gone unnoticed, partly due to the domicile of the company on the southern periphery of Europe. At the time of purchase the shares had anattractive dividend yield of 7.5%. Management have subsequently committed to grow this dividend at 15.0% per annum for the next three years. Solvay, a Belgian chemicals company, was an example of a company with significant net cash to spend on an acquisition. We considered that the market was taking an overly pessimistic view on management's ability to make a successful acquisition and that when they did announce an acquisition this could significantly enhance earnings. In April this year Solvay announced the acquisition of Rhodia, the French based speciality chemicals producer. Subsequently the share price rose sharply as investment analysts rushed to upgrade profit forecasts. The discipline that management showed was no surprise to us and as the shares had met our valuation target we disposed of our holding in the company. Following the portfolio restructuring of February 2010, portfolio activity has been relatively limited in our first full year of management of your investments. Despite this, research efforts are focussed on the search for companies where long-term valuations do not match up to their potential growth prospects. Market pessimism over certain countries and sectors within Europe gives reasons for optimism that future good new investment opportunities can be found. Outlook Markets have reacted to the confluence of macro-economic factors noted above in a relatively sanguine fashion. The combination of this and long-term valuations generally above average levels suggest that recent market moves cannot simply be extrapolated onwards and upwards in a straight line. As always we remain vigilant for opportunities to enhance long-term returns at reasonable valuation levels and currently remain fully invested. Dale Robertson Edinburgh Partners Limited 25 May 2011 Portfolio of Investments as at 31 March 2011 Net Company Sector Country Valuation Assets £'000 % Equity investments Teleperformance Consumer Services France 9,838 3.3 Telecom Italia Telecommunications Italy 9,234 3.1 Royal Dutch Shell Oil & Gas Netherlands 8,831 3.0 Vivendi Consumer Services France 8,660 2.9 Ahold Consumer Services Netherlands 8,454 2.9 ENI Oil & Gas Italy 8,409 2.8 Gerresheimer Health Care Germany 8,201 2.8 Michelin Consumer Goods France 8,174 2.8 Ryanair Consumer Services Ireland 8,083 2.7 Solvay Basic Materials Belgium 7,988 2.7 GEA Group Industrials Germany 7,926 2.7 Swedbank Financials Sweden 7,901 2.7 Deutsche Post Industrials Germany 7,832 2.7 Gazprom Oil & Gas Russia 7,816 2.6 Total Oil & Gas France 7,764 2.6 AXA Financials France 7,561 2.6 Sanofi-aventis Health Care France 7,503 2.5 Kabel Deutschland Consumer Services Germany 7,357 2.5 BCV Financials Switzerland 7,331 2.5 Nokia Technology Finland 7,316 2.5 Total - 20 largest equity investments 162,179 54.9 Other equity 132,666 44.9 investments Total equity 294,845 99.8 investments Cash and other net assets 599 0.2 Net assets 295,444 100.0 The value of the twenty largest equity holdings represents 54.9% of the Company's net assets (31 March 2010: 56.4%; 30 September 2010: 55.4%). The geographical distribution is based on each investment's principal stock exchange listing, except in instances where this would not give a proper indication of where its activities predominate. Distribution of Investments as at 31 March 2011 (% of net assets) Sector distribution Sector Percentage Industrials 18.9% Financials 16.7% Consumer Services 16.7% Oil & Gas 11.1% Health Care 9.4% Telecommunications 7.7% Consumer Goods 7.6% Basic Materials 5.1% Technology 4.6% Utilities 2.0% Cash and other net assets 0.2% 100.0% Geographical distribution Geographical Percentage France 23.3% Germany 17.1% Netherlands 13.1% Switzerland 11.1% Italy 10.3% Ireland 7.2% Belgium 5.1% Spain 4.8% Sweden 2.7% Russia 2.6% Finland 2.5% Cash and other net assets* 0.2% 100.0% * Cash and other net assets includes foreign currency balances of £473,000 (0.2%). The geographical distribution is based on each investment's principal stock exchange listing, except in instances where this would not give a proper indication of where its activities predominate. Directors' Statement of Principal Risks and Uncertainties The Board considers that the following are the principal risks associated with investing in the Company: investment and strategy, discount volatility, market risk (comprising interest rate risk, currency risk and other price risk), liquidity risk, credit risk, gearing risk, regulatory risk, operational risk and financial risk. These risks, and the way in which they are managed, are described in more detail under the heading "Principal risks and uncertainties" within the Directors' Report and Business Review in the Company's Annual Report and Financial Statements for the year ended 30 September 2010. The Company's principal risks and uncertainties have not changed materially since the date of that report. Directors' Statement of Responsibilities in respect of the Financial Statements The Directors confirm that to the best of their knowledge: • The condensed set of financial statements has been prepared in accordance with the statement on Half-Yearly Financial Reports issued by the UK Accounting Standards Board and gives a true and fair view of the assets, liabilities, financial position and profit of the Company. • This Half-Yearly Financial Report includes a fair review of the information required by: a) 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and b) 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so. • There were no related party transactions during the period. Under the AIC SORP issued in January 2009 the Investment Manager is not considered to be a related party of the Company. The Half-Yearly Financial Report was approved by the Board of Directors on 25 May 2011 and the above responsibility statement was signed on its behalf by Douglas McDougall, Chairman. Income Statement (unaudited) for the six months to 31 March 2011 Six months to Six months to Year to 31 March 2011 31 March 2010 30 September 2010 Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on - 24,777 24,777 - 12,949 12,949 - 3,616 3,616 investments Foreign 18 76 94 (3) (185) (188) (10) (287) (297) exchange gains/ (losses) Income 2 1,370 - 1,370 1,663 - 1,663 8,554 - 8,554 Investment (656) - (656) (702) - (702) (1,199) - (1,199) management fee Other (193) - (193) (379) - (379) (531) 2 (529) expenses Net return 539 24,853 25,392 579 12,764 13,343 6,814 3,331 10,145 on ordinary activities before taxation Taxation on 3 (123) - (123) (157) - (157) (772) - (772) ordinary activities Net return 416 24,853 25,269 422 12,764 13,186 6,042 3,331 9,373 after taxation pence pence pence pence pence pence pence pence pence Return per 0.98 58.56 59.54 0.94 28.40 29.34 13.79 7.60 21.39 ordinary share* The total column of this statement is the Profit and Loss Account of the Company. The revenue return and capital return columns are supplementary to this and are prepared in accordance with guidance issued by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. A separate Statement of Recognised Gains and Losses has not been prepared as all such gains and losses are included in the Income Statement. * The return per share for the six months to 31 March 2011 is based on the net revenue return after taxation of £416,000 (six months to 31 March 2010: £ 422,000; year to 30 September 2010: £6,042,000) and the net capital return after taxation of £24,853,000 (six months to 31 March 2010: £12,764,000; year to 30 September 2010: £3,331,000) and on 42,440,309 (six months to 31 March 2010: 44,939,984; year to 30 September 2010: 43,818,474) shares, being the weighted average number of shares in issue during the period. Balance Sheet (unaudited) as at 31 March 2011 31 March 31 March 30 September 2011 2010 2010 Note £'000 £'000 £'000 Fixed asset investments Investments at fair value 294,845 268,117 268,944 through profit or loss Current assets Debtors 305 333 4,087 Taxation recoverable 337 430 387 Cash at bank 463 14,445 9,789 1,105 15,208 14,263 Creditors - amounts falling due 506 1,477 5,360 within one year Net current assets 599 13,731 8,903 Net assets 295,444 281,848 277,847 Capital and reserves Called-up share capital 4 10,600 10,683 10,675 Special premium account 123,749 123,749 123,749 Capital redemption reserve 8,211 8,128 8,136 Capital reserve 148,302 134,806 125,185 Revenue reserve 4,582 4,482 10,102 Total equity shareholders' 295,444 281,848 277,847 funds pence pence pence Net asset value per ordinary 6 696.79 659.54 650.69 share Cash Flow Statement (unaudited) for the six months to 31 March 2011 Six months Six months to to Year to 31 March 31 March 30 September 2011 2010 2010 Note £'000 £'000 £'000 Operating activities Investment income received 1,899 1,466 7,855 Interest received - 4 10 Investment management fees paid (628) (631) (1,164) Other cash payments (201) (331) (493) Net cash inflow from operating 7 1,070 508 6,208 activities Servicing of finance Interest paid - - (21) Taxation (72) (1,035) (1,625) Capital expenditure and financial investment Purchases of investments (44,712) (173,820) (225,428) Sales of investments 41,984 209,100 251,252 Exchange gains on settlement 212 287 406 Net cash (outflow)/inflow from (2,516) 35,567 26,230 capital expenditure and financial investment Equity dividends paid 5 (5,936) (6,205) (6,205) Net cash(outflow)/inflowbefore (7,454) 28,835 24,587 financing Financing Own shares purchased and (1,736) (16,118) (16,306) cancelled Net cash outflow from financing (1,736) (16,118) (16,306) (Decrease)/increasein cash 8 (9,190) 12,717 8,281 Reconciliation of Movements in Shareholders' Funds (unaudited) for the six months to 31 March 2011 Six months Six months to to Year to 31 March 31 March 30 September 2011 2010 2010 £'000 £'000 £'000 Opening equity shareholders' 277,847 290,155 290,155 funds Dividends paid (5,936) (6,205) (6,205) Shares purchased and (1,736) (15,288) (15,476) cancelled Net return after taxation 25,269 13,186 9,373 for the period Closing equity shareholders' 295,444 281,848 277,847 funds Notes to the Financial Statements (unaudited) for the six months to 31 March 2011 1 Accounting policies These financial statements have been prepared on the basis of the accounting policies set out in the Company's Annual Report and Financial Statements for the year ended 30 September 2010. These accounting policies are expected to be followed throughout the year ending 30 September 2011. 2. Income Six months Six months to to Year to 31 March 31 March 30 September 2011 2010 2010 £'000 £'000 £'000 Income from investments: Overseas dividends 1,370 1,642 8,527 UK dividends - 17 17 1,370 1,659 8,544 Other income: Bank interest - 4 10 Total income 1,370 1,663 8,554 3. Taxation The taxation charge for the six months to 31 March 2011 is £123,000 (six months to 31 March 2010: £157,000; year to 30 September 2010: £772,000). The taxation charge comprises a corporation tax charge for the six months to 31 March 2011 of £nil (six months to 31 March 2010: £nil; year to 30 September 2010: £nil) and irrecoverable withholding tax suffered of £123,000 (six months to 31 March 2010: £157,000; year to 30 September 2010: £772,000). 4. Share capital Allotted, called up and fully paid Equity share capital Number of shares £'000 Ordinary shares of 25p each Balance at 30 September 42,700,748 10,675 2010 Shares cancelled (300,000) (75) Balance at 31 March 2011 42,400,748 10,600 During the six months to 31 March 2011 300,000 ordinary shares were purchased and cancelled at a cost of £1,736,000. 5. Dividends Six months Six months Year to to to 31 March 31 March 30 September Payment 2011 2010 2010 date £'000 £'000 £'000 Final dividend for the year 31 January ended 30 September 2010 of 11.0p 2011 4,664 - - Special dividend for the 31 January year ended 30 September 2010 of 3.0p 2011 1,272 - - Final dividend for the year 25 January ended 30 September 2009 of 10.2p 2010 - 4,654 4,654 Special dividend for the 25 January year ended 30 September 2009 of 3.4p 2010 - 1,551 1,551 5,936 6,205 6,205 6. Net asset value per ordinary share 31 March 31 March 30 September 2011 2010 2010 Net assets attributable at the £295,444,000 £281,848,000 £277,847,000 period end Number of ordinary shares in 42,400,748 42,733,748 42,700,748 issue at the period end Net asset value per ordinary 696.79p 659.54p 650.69p share 7. Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities Six months to Six months to Year to 31 March 31 March 30 September 2011 2010 2010 £'000 £'000 £'000 Net return before finance 25,392 13,343 10,145 costs and taxation Adjustment for returns from non-operating activities: - Gains on investments (24,777) (12,949) (3,616) - Foreign exchange(gains)/ (76) 185 287 losses of a capital nature - Non-operating expenses of - - (2) a capital nature Return from operating 539 579 6,814 activities Adjustment for non-cash flow items: - Decrease/(increase) in 514 (192) (679) debtors and accrued income - Increase in creditors 18 126 73 - Tax recoverable (1) (5) - Net cash inflow from 1,070 508 6,208 operating activities 8. Reconciliation of net cash flow to net cash Six months to Six months to Year to 31 March 31 March 30 September 2011 2010 2010 £'000 £'000 £'000 (Decrease)/increase in (9,190) 12,717 8,281 cash in the period Movement in net cash (9,190) 12,717 8,281 resulting from cash flows Foreign exchange movement (136) (472) (692) Movement in net cash (9,326) 12,245 7,589 Net cash brought forward 9,789 2,200 2,200 Net cash carried forward 463 14,445 9,789 9. Financial information The financial information for the six months to 31 March 2011 and for the six months to 31 March 2010 has not been audited or reviewed by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews. The financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The latest published audited financial statements which have been delivered to the Registrar of Companies are for the year ended 30 September 2010; the report of the independent auditors thereon was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. The information for the year ended 30 September 2010 is an extract from those financial statements. 10. Status of the Company It is the intention of the Directors to conduct the affairs of the Company so that it continues to satisfy the conditions for approval as an investment trust company as set out in Sections 1158 and 1159 of the Corporation Tax Act 2010. 11. Going Concern The Company's business activities, together with factors likely to affect its future development, performance and financial performance, are set out in the Manager's Review and Directors' Statements contained in the Half-Yearly Financial Report. The Company's principal risks are investment and strategy, discount volatility, market risk (comprising interest rate risk, currency risk and other price risk), liquidity risk, credit risk, gearing risk, regulatory risk, operational risk and financial risk. The Company's assets consist principally of a diversified portfolio of listed European equity shares, which in most circumstances are realisable within a short period of time and exceed its liabilities by a significant amount. The Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the Financial Statements. Shareholder Information Investing in the Company The Company's ordinary shares are traded on the London Stock Exchange and the New Zealand Stock Exchange. You can buy or sell shares through your stockbroker, bank or other professional investment adviser. Shares in the Company may also be bought and held in a Share Plan or ISA through the BNP Paribas - Edinburgh Partners Savings Scheme and ISA. Further information is available on the Company's website: www.theeuropeaninvestmenttrust.com or on the Edinburgh Partners' website: www.edinburghpartners.com or by telephone on 0845 358 1100. Frequency of net asset value ("NAV") publication The Company's ordinary share net asset value is released daily to the London Stock Exchange and the New Zealand Stock Exchange and published on the Company's website: www.theeuropeaninvestmenttrust.com and the Edinburgh Partners' website: www.edinburghpartners.com. Share price and sources of other information The Company's ordinary share price is quoted daily in the Financial Times, the Daily Telegraph and The Times under "Investment Companies". Investors in New Zealand can obtain share prices from leading newspapers in that country. Previous day closing price, daily net asset value and other portfolio information is published on the Company's website: www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website: www.edinburghpartners.com. Other useful information on investment trusts, such as prices, net asset values and company announcements, can be found on the websites of the London Stock Exchange: www.londonstockexchange.com and the Association of Investment Companies: www.theaic.co.uk. Share register enquiries The register for the ordinary shares is maintained by Computershare Investor Services PLC. In the event of queries regarding your holding, please contact the Registrar on 0870 889 4086 or email web.queries@computershare.co.uk or website: www.computershare.co.uk. Changes of name and/or address must be notified in writing to the Registrar, at the address shown below. Key dates Company's year end 30 September Annual results announced December Annual General Meeting January Annual dividend paid January Company's half-year end 31 March Half-yearly results May announced Interim Management Statements The Company will be releasing Interim Management Statements ("IMS") for the quarters ending 31 December and 30 June. These will be released to the London Stock Exchange and the New Zealand Stock Exchange and may be viewed on the Company's website: www.theeuropeaninvestmenttrust.com. Association of Investment Companies ("AIC") The European Investment Trust plc is a member of the AIC, which publishes monthly statistical information in respect of member companies. For further details, please contact the AIC on 020 7282 5555, enquiries@theaic.co.uk or visit the website: www.theaic.co.uk. Risk Factors This document is not a recommendation, offer or invitation to buy, sell or hold shares of the Company. If you wish to deal in the shares of the Company, you may wish to contact an authorised professional investment adviser. An investment in the Company should be regarded as long-term and is only suitable for investors who are capable of evaluating the risks and merits of such investment and who have sufficient resources to bear any loss which might result from such investment. The market value of, and the income derived from, the ordinary shares can fluctuate. The Company's share price may go down as well as up. Past performance is not a guide to future performance. There is no guarantee that the market price of the ordinary shares will fully reflect their underlying net asset value. Fluctuations in exchange rates will affect the value of overseas investments (and any income received) held by the Company. Investors may not get back the full value of their investment. There can be no guarantee that the investment objective of the Company will be met. The levels of, and reliefs from, taxation may change. This Half-Yearly Financial Report contains "forward looking statements" with respect to the Company's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward looking statements involve risk and uncertainty because they relate to future events that are beyond the Company's control. As a result, the Company's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Company's forward looking statements. The Company undertakes no obligation to update the forward looking statements contained within this Half-Yearly Financial Report or any other forward looking statements it makes. The Company is a public company. It is registered in England and its shares are listed on the London Stock Exchange and the New Zealand Stock Exchange. The Company is not regulated or authorised by the Financial Services Authority. Employees of Edinburgh Partners Limited may (subject to applicable laws and regulations) hold shares in the Company and may buy, sell or offer to deal in the Company's shares from time to time. Directors, Investment Manager and Advisers Directors (all non-executive) Douglas C P McDougall OBE (Chairman) William D Eason Ralph Kanza Michael B Moule Secretary and Registered Office Kenneth J Greig Beaufort House 51 New North Road Exeter EX4 4EP Investment Manager Edinburgh Partners Limited 12 Charlotte Square Edinburgh EH2 4DJ Auditors PricewaterhouseCoopers LLP Erskine House 68-73 Queen Street Edinburgh EH2 4NH Registrar - UK Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ Registrar - New Zealand Computershare Investor Services Limited Private Bag 92119 Auckland 1142 159 Hurstmere Road Takapuna, North Shore City 0622 New Zealand Solicitors Dickson Minto W.S. 16 Charlotte Square Edinburgh EH2 4DF Bankers and Custodian JPMorgan Chase Bank, NA Chaseside Bournemouth BH7 7DA Registered in Englandand Wales No. 1055384 An investment company as defined under Section 833of the Companies Act 2006 The Company is a member of the Association of Investment Companies Enquiries: Dale Robertson 0131 270 3800 Kenneth Greig 0131 270 3800 Edinburgh Partners Limited 12 Charlotte Square Edinburgh EH2 4DJ 25 May 2011 Copies of the half-yearly report can be obtained from the following websites: www.theeuropeaninvestmenttrust.com and www.edinburghpartners.com. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

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