Interim Management Statement

The European Investment Trust plc
Interim Management Statement
for the quarter ended 31 December 2013

The Board of The European Investment Trust plc (the "Company") announces its
Interim Management Statement for the period from 1 October 2013 to 31 December
2013. 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 capital growth through a
diversified portfolio of Continental European securities.

                                                                              %
                                                                               
Financial summary                     31 December 2013   30 September    Change
                                                                  2013         
                                                                               
Net assets                                    £352.29m        £323.22m      9.0
                                                                               
Net asset value ("NAV") per share              837.41p         768.31p      9.0
                                                                               
Share price                                    745.00p         684.50p      8.8
                                                                               
Share price discount to net asset                11.0%           10.9%         
value                                                                          

Investment Manager's review

Review of Markets

The quarter under review was a relatively quiet period in terms of European
political and economic developments. The German election result and subsequent
formation of a coalition government should mean little material change to
Germany's policy towards the Eurozone. Recent economic indicators in Europe
have been mixed, consistent with our view that economic recovery when it comes
will be relatively anaemic. However, compared to the extreme volatility of
recent years, this return to economic growth will be welcome.

Portfolio Strategy

During the quarter, we completed the sale of two of our top performing stocks.
We had purchased Mediaset España and Metro when they were both firmly out of
favour. The strong upward movement in the share prices of both these stocks and
the corresponding valuation uplift is consistent with a significant recovery in
profits being priced in well ahead of the actual delivery of the profit
improvement. In our assessment, the risk-reward profile had turned negative for
both companies and the shares were sold.

During the quarter ended 31 December 2013, we purchased two further companies
that we considered to be out of favour, the oil major, Royal Dutch Shell, and
KPN, the Dutch telecom operator. Both these companies operate in sectors which
have been recently shunned by investors. In particular, the combination of low
valuation and two specific catalysts, namely, an improvement in regulation as
well as the possibility of consolidation within the sector, makes the telecom
sector one of the most attractive in Europe. Our total exposure to this sector
at the end of December 2013 was 14.9%.

Outlook

The calendar year 2013 has been a very good year for European equity markets.
As normally happens at this stage in the stock market cycle, equity markets
have anticipated economic recovery. For equity markets to continue this upward
momentum, amongst other factors, the corporate sector will have to deliver on
this implied profit improvement. However, we are still able to find a number of
interesting new investment opportunities in Europe on reasonable valuations.
Whilst we are still able to do this, we will continue to remain fully invested.

Portfolio of investments as at 31 December 2013

                                                                           % of
                                                                               
Ranking  Company                Sector                Country               Net
                                                                         Assets
                                                                               
1        PostNL                 Industrials           Netherlands           3.3
                                                                               
2        Gerresheimer           Health Care           Germany               3.2
                                                                               
3        Banco Espirito Santo   Financials            Portugal              2.9
                                                                               
4        Piaggio                Consumer Goods        Italy                 2.9
                                                                               
5        Ziggo                  Telecommunications    Netherlands           2.9
                                                                               
6        Orange                 Telecommunications    France                2.8
                                                                               
7        Indra Sistemas         Technology            Spain                 2.8
                                                                               
8        ENI                    Oil & Gas             Italy                 2.7
                                                                               
9        Valeo                  Consumer Goods        France                2.7
                                                                               
10       A.P. Moller-Maersk     Industrials           Denmark               2.7
                                                                               
11       Belgacom               Telecommunications    Belgium               2.6
                                                                               
12       Vivendi                Consumer Services     France                2.6
                                                                               
13       Aryzta                 Consumer Goods        Switzerland           2.6
                                                                               
14       Danske Bank            Financials            Denmark               2.6
                                                                               
15       GEA                    Industrials           Germany               2.5
                                                                               
16       BNP Paribas            Financials            France                2.5
                                                                               
17       Royal Dutch Shell      Oil & Gas             Netherlands           2.5
                                                                               
18       Volkswagen*            Consumer Goods        Germany               2.5
                                                                               
19       BBVA                   Financials            Spain                 2.5
                                                                               
20       Portugal Telecom       Telecommunications    Portugal              2.4
                                                                               
21       CAF                    Industrials           Spain                 2.4
                                                                               
22       Azimut                 Financials            Italy                 2.4
                                                                               
23       Prysmian               Industrials           Italy                 2.4
                                                                               
24       Ahold                  Consumer Services     Netherlands           2.4
                                                                               
25       Nutreco                Consumer Goods        Netherlands           2.3
                                                                               
26       Ipsos                  Consumer Services     France                2.3
                                                                               
27       Ryanair                Consumer Services     Ireland               2.3
                                                                               
28       ABB                    Industrials           Switzerland           2.3
                                                                               
29       Swedbank               Financials            Sweden                2.2
                                                                               
30       Michelin               Consumer Goods        France                2.2
                                                                               
31       Swatch                 Consumer Goods        Switzerland           2.2
                                                                               
32       TDC                    Telecommunications    Denmark               2.2
                                                                               
33       GAM                    Financials            Switzerland           2.1
                                                                               
34       Heineken               Consumer Goods        Netherlands           2.0
                                                                               
35       Fresenius Medical Care Health Care           Germany               2.0
                                                                               
36       Gazprom**              Oil & Gas             Russia                2.0
                                                                               
37       KPN                    Telecommunications    Netherlands           2.0
                                                                               
38       Total                  Oil & Gas             France                2.0
                                                                               
39       DCC                    Industrials           UK                    1.9
                                                                               
40       SAP                    Technology            Germany               1.7
                                                                               
41       Feintool International Industrials           Switzerland           1.2
                                                                               
42       Unipol Gruppo          Financials            Italy                 1.2
         Finanziario                                                           
                                                                               
         Total equity investments                                          99.9
                                                                               
         Cash and other net assets                                          0.1
                                                                               
                                                                          100.0

* The investment is in non-voting preference shares.

**The investment is in American Depository Receipts.

Sector distribution

                             31 December 2013
                                             
                              % of Net Assets
                                             
Consumer Goods                           19.4
                                             
Industrials                              18.7
                                             
Financials                               18.4
                                             
Telecommunications                       14.9
                                             
Consumer Services                         9.6
                                             
Oil & Gas                                 9.2
                                             
Health Care                               5.2
                                             
Technology                                4.5
                                             
Cash and other net                        0.1
assets                                       
                                             
                                        100.0

Geographical distribution

                             31 December 2013
                                             
                              % of Net Assets
                                             
Netherlands                              17.4
                                             
France                                   17.1
                                             
Germany                                  11.9
                                             
Italy                                    11.6
                                             
Switzerland                              10.4
                                             
Spain                                     7.7
                                             
Denmark                                   7.5
                                             
Portugal                                  5.3
                                             
Belgium                                   2.6
                                             
Ireland                                   2.3
                                             
Sweden                                    2.2
                                             
Russia                                    2.0
                                             
United Kingdom                            1.9
                                             
Cash and other net                        0.1
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
at:

www.theeuropeaninvestmenttrust.com and the Edinburgh Partners' website at:

www.edinburghpartners.com.

Past performance is not a guide to future performance.

The Board is not aware of any significant events or transactions that have
occurred between 31 December 2013 and the date of publication of this statement
which would have a material impact on the financial position of the Company.

14 January 2014

Enquiries:
Dale Robertson
Kenneth Greig

Edinburgh Partners Limited
27-31 Melville Street
Edinburgh EH3 7JF

Tel: [phone]


Registered Office of the Company:
Beaufort House
51 New North Road
Exeter EX4 4EP

Neither the contents of The European Investment Trust plc's website nor the
contents of any website accessible from hyperlinks on the website (or any other
website) is incorporated into, or forms part of, this announcement.