Interim Management Statement

The European Investment Trust plc

Interim Management Statement

for the quarter ended 30 June 2010

The Board of The European Investment Trust plc ('the Company') announces its
Interim Management Statement for the period from 1 April 2010 to 30 June 2010.
This statement is required by the UK Listing Authority's Disclosure and
Transparency Rules and should not be relied upon for any other purpose.

Objective

The objective of the Company is to achieve long-term growth through a
diversified portfolio of Continental European securities.

Summary of results

Capital return                       30 June 2010  31 March 2010   % Change
                                                                           
Attributable to equity shareholders                                        
                                                                           
Net assets                                £242.43m      £281.85m     -14.0 
                                                                           
Net asset value ("NAV") per share          567.75p       659.54p     -13.9 
                                                                           
Share price                                478.00p       552.00p     -13.4 
                                                                           
Share price discount to net asset            15.8%         16.3%           
value                                                                      

Manager's review

Performance

The NAV per share of the Company fell by 13.9% during the quarter ended 
30 June 2010 to 567.75p. This compared with a fall of 14.2% in the FTSE 
All-World Europe ex UK Index in sterling. The Company's share price fell
by 13.4% from 552p to 478p. The share price discount to net asset value 
narrowed from 16.3% to 15.8%. During the quarter the Company bought back 
and cancelled 33,000 shares at a cost of £188,000. 

Review of markets

The second quarter of 2010 saw sentiment rotate from optimism concerning
economic recovery to focus on the potential risks in the global economic
system. European markets saw negative returns, which were further impacted by
the weakness of the Euro. Attention was now devoted to a number of demonstrably
non-sustainable conditions. The most notable of these in the Eurozone was the
level of Greek debt. The key issue for the European currency though, was not
the level of debt but rather the complete lack of competitiveness of the Greek
economy, as evidenced by a current account deficit of 10% of GDP.

The financial markets' heavy focus on these issues appears to have prompted
significant action, with many governments adopting fiscal austerity plans. This
trend is likely to spread to all countries with pronounced fiscal imbalances.
Developments in the quarter have hardened our view of a two speed Europe -
anaemic growth in the North and even lower and more volatile in the South.

Portfolio strategy

Over the quarter the portfolio performed broadly in line with markets generally
and activity was concentrated on switching from stronger performing stocks into
some of the laggards. Reflecting the current uncertain environment the
portfolio is well diversified across sector and geography. There has been no
direct equity exposure to Portugal and Greece for some time now and it is not
obvious why this should change in the near future.

The healthcare weighting increased due to the addition of Sanofi-aventis. The
industry has well documented issues such as lack of R&D productivity, upcoming
patent expiries as well as regulatory concerns. Valuations increasingly seem to
discount these problems.

Outlook

As a consequence of the renewed focus on risk, equity markets have now moved
from being on the expensive side of fair value to offering reasonable value,
particularly when compared with other potential sources of investments,
including cash and bonds.

Ten largest equity holdings at 30 June 2010                              
                                                                         
Ranking Company         Sector               Country                 % of
                                                                         
                                                               Net Assets
                                                                         
1       Ahold           Consumer Services    Netherlands              3.5
                                                                         
2       Reed Elsevier   Consumer Services    Netherlands              3.1
                                                                         
3       Amadeus         Industrials          Spain                    3.1
                                                                         
4       UBS             Financials           Switzerland              2.9
                                                                         
5       Deutsche Post   Industrials          Germany                  2.8
                                                                         
6       ENI             Oil & Gas            Italy                    2.8
                                                                         
7       Ryanair         Consumer Services    Ireland                  2.8
                                                                         
8       Vivendi         Consumer Services    France                   2.8
                                                                         
9       Adidas          Consumer Goods       Germany                  2.8
                                                                         
10      Royal Dutch     Oil & Gas            Netherlands              2.7
        Shell                                                            
                                                                         
                                                                     29.3

Sector classification of investments

                          30 June 2010 
                                       
                              % of Net 
                                Assets 
                                       
Industrials                       20.9 
                                       
Financials                        16.7 
                                       
Consumer Services                 14.5 
                                       
Health Care                       10.6 
                                       
Oil & Gas                         10.2 
                                       
Consumer Goods                     7.3 
                                       
Technology                         5.3 
                                       
Basic Materials                    5.0 
                                       
Telecommunications                 4.8 
                                       
Utilities                          2.4 
                                       
Cash and other net                 2.3 
assets                                 
                                       
                                 100.0 
                                       

Geographical distribution

                          30 June 2010 
                                       
                              % of Net 
                                Assets 
                                       
France                            16.8 
                                       
Netherlands                       15.9 
                                       
Germany                           13.0 
                                       
Switzerland                       12.1 
                                       
Ireland                            7.1 
                                       
Spain                              7.0 
                                       
Italy                              7.0 
                                       
Belgium                            4.9 
                                       
Sweden                             4.6 
                                       
Russia                             2.6 
                                       
Finland                            2.5 
                                       
Denmark                            2.1 
                                       
Austria                            2.1 
                                       
Cash and other net                 2.3 
assets                                 
                                       
                                 100.0 
                                       

Further Information

Further information, including monthly factsheets and daily net asset values
published since the end of the quarter, can be found on the Company's website:
www.theeuropeaninvestmenttrust.com and the Edinburgh Partners' website:
www.edinburghpartners.com.

Past performance is not a guide to future performance.

Other than as detailed above, the Board is not aware of any significant events
or transactions that have occurred between 30 June 2010 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.  

21 July 2010

Enquiries:

Dale Robertson

Kenneth Greig

Edinburgh Partners Limited, 12 Charlotte Square, Edinburgh EH2 4DJ

Tel: [phone]

Registered Office of the Company:

Beaufort House, 51 New North Road, Exeter EX4 4EP