AGM Statement

The Edinburgh Investment Trust plc

At the Company's Annual General Meeting held on 20 July 2005 all resolutions
were duly passed. Resolutions passed as special business:

1. renewed the Company's authority to purchase its own shares for cancellation.
This authority is limited to 14.99% of the Company's issued share capital at
the date of the meeting; and

2. adopted revised Articles of Association which enable the introduction of
electronic communications, including voting; the reduction of the minimum
number of Directors to three; and the widening of the indemnity which the
Directors and other officers of the Company may receive in connection with
their duties for the Company.

At the Annual General Meeting, the Chairman made the following comments:

"I would like first to talk about our Company's performance in the period since
the end of the last financial year - effectively, between 1 April and 13 July.
During this period, the benchmark FT All Share Index (on a total return basis)
has increased by 7.7%. The increase in net asset value is 8.1%, hence a further
period of out-performance relative to benchmark.

Turning now to the share price, this, again on a total return basis, has
increased since the end of March by 11.3% - 3.6% more than the benchmark. I
hope you will agree that we have, on both measures, had a satisfactory start to
the year.

On dividend, I have explained in my statement in the Accounts that lack of
cover has meant that the Board has felt unable to recommend an increase in
dividend. We are only three months into the year and it is too early to give a
firm forecast of what we are likely to recommend for the year ending March 06.
Without, I stress, wishing to make any pre-judgement, I can point to some
positive factors. In the Accounts, I demonstrated that the deficit between net
income and dividends paid had fallen, on a like for like basis, by at least £
1.4m from the year ending March 2004 to the latest full year. As regards the
current year, commentators generally continue to show optimism for continuing
growth both in corporate profits and the degree to which these profits will be
reflected in increased dividends. Further, forecasts by Fidelity of the quantum
of dividends to be expected from our own portfolio reflect the generally
buoyant trend of the market as a whole. I conclude from this that other things
being equal one can be more positive about dividend expectations than at this
time last year.

At last year's meeting I spoke about the drag on both capital and revenue
performance of our two debenture stocks. I explained at that time that whilst
we could repay the debt, we had to do so at prevailing interest rates which
would involve a premium of about £90m for the two debentures. Any such
repayment would reduce the size of our equity portfolio and as a result, its
scope to produce both capital growth and income. Under our accounting policies,
repayment of debt would make it more, not less difficult to increase dividends.
Having said that, the Board continues carefully to monitor all the factors that
are relevant to any repayment decision - a decision which we would take if we
felt that it was in shareholders' interests. It is interesting to note that had
we redeemed our debt a year ago, then we estimate the net asset value would be
2% less than it is at present."

Miss Eileen Mackay retired as a Director at the conclusion of the Annual
General Meeting and Mr Richard Barfield's appointment as Senior Independent
Director in her stead took effect.

21 July 2005

For further information please contact:

Fidelity Investments International

Anne Read 0207-961-4409