Final Results

24 MAY 2005

                      THE EDINBURGH INVESTMENT TRUST plc                       

               PRELIMINARY RESULTS FOR THE YEAR TO 31 MARCH 2005               

The Edinburgh Investment Trust plc is one of the UK's largest investment trusts
focussed entirely on the UK. The long term objectives of The Edinburgh
Investment Trust plc are the achievement of capital growth at a higher rate
than the FTSE All-Share Index and dividend growth above the rate of UK
inflation.

Key points

  * NAV total return of 16.3% compared with an increase in the FTSE All-Share
    of 15.6% (0.7 percentage points ahead)
   
  * Share price total return of 14.7%
   
  * Final dividend of 8.95p per share maintained giving a total yield of 4%
    (based on the latest share price) which is almost 30% higher than the yield
    on the FTSE All-Share
   
  * Performance assisted by:
   
  * 
      + Positive stock selection in eight out of the ten main industry groups
       
      + Continuing overweight exposure to FTSE 250 securities
       
      + 
          o Against this background, the Board believes that the Edinburgh
            Investment Trust provides an attractive vehicle for long-term
            investment in the UK equity market.
           
Please note that past performance is not a guide to future returns. The value
of investments can go down as well as up and may be affected by exchange rate
fluctuations.

For further information please contact:

Fidelity Investments International

Anne Read 020 7961 4409

Charles Payne 020 7961 4616

Issued by Fidelity Investments International. Authorised and regulated by the
Financial Services Authority.

CB22811

CHAIRMAN'S STATEMENT

Capital Performance

I reported at the interim stage that the UK equity market as a whole had made
little progress in the first five months of the year from April 2004, and that
much of the growth in performance seen at that time had occurred in the month
of September. This buoyant environment continued for the next three months to
the end of calendar 2004 after which the market moved sideways before falling
back in the last few weeks of the financial year to March 2005. Overall the
FTSE All-Share Index (capital only) rose by 11.9% in the year under review, or
15.6% on a total return basis.

Against this background, the Company modestly exceeded its capital performance
objective. Net Asset Value per share (`NAV') with debt at par increased by
12.7%, some 0.8% more than the benchmark Index. NAV with debt marked to market
increased more significantly, by 14.1%. On a total return basis, NAV increased
by 16.3% and 17.9% respectively, compared to an increase of 15.6% in the
comparable Index.

Income Performance

I have explained in previous statements that lack of dividend cover has led the
Board from October 2003 to recommend maintaining the dividend at the previous
level rather than increasing it in line with the Company's objective. In the
year to March 2004 the Company paid dividends which exceeded net income by £
2.1m. I reported at that time that this deficit was less than originally
anticipated because two of our large investments declared dividends, totalling
about £1.1m, with an ex-dividend date earlier than in previous years. These
dividends fell into last year's income, where normally they might have been
expected to be recorded in the year under review. Thus, without this `one off'
benefit last year's deficit would have been £3.2m. In the current year to 31
March 2005 the income deficit has fallen to £1.8m. Despite this underlying
improvement, the Board does not believe it would be appropriate at this time to
recommend any increase in the final dividend. The £1.8m deficit will be charged
to revenue reserves which after this transfer exceed £32m.

Subject to shareholder approval at the Annual General Meeting, an unchanged
final dividend of 8.95 pence per share will be paid on 22 July 2005 to
shareholders on the register at close of business on 3 June (ex-dividend date
will be 1 June 2005). If the final dividend is approved by shareholders, the
year's total payment will be 13.15 pence per share. At the share price at the
close of business on 23 May 2005 this is equivalent to a yield of 4% - about
30% above the 3.13% yield of the FTSE All-Share Index on the same date.

Looking to the future, the Board is conscious of the importance of dividend
income to shareholders and will begin to increase payments as soon as it feels
that it would be prudent to do so.

Share Price

Although the share price performed well for most of the period, it weakened,
relative to the market, towards the end of the year, particularly in March.
Overall, the share price rose by 9.7% during the year, implying an increase
from 10.5% to 13.9% in the discount to NAV (debt marked to market). This
tendency to widening discounts which has been seen by others in the Company's
peer group of large investment trusts reflects, inter alia, weak demand from
personal savers in what had historically been the tax-driven peak season for
share buying. It underlines the importance of the Manager's increasing
commitment to promote the benefits of the Company to potential new investors.

The Board also sees merit in buying back shares for cancellation where this
reduces the oversupply which exists in the market from time to time, and also
increases the NAV for the benefit of remaining shareholders. During the year
the Company bought back 3.35 million shares (1.4% of those outstanding),
enhancing NAV by 0.3%. Subsequent to the year end a further 750,000 shares were
acquired for cancellation on 17 May enhancing NAV by a further 0.07%. A special
resolution to renew the Board's powers in this regard will be proposed at the
Annual General Meeting.

Portfolio Structure and Risk Factors

I advised shareholders at the interim stage that the Company's portfolio had
been re-allocated within Fidelity from four to three managers. This change was
made to provide an increase both in the income generated by the fund and in
overall portfolio risk, the latter with the objective of creating more
potential for out-performance without undue volatility.

In 2003 the Board agreed with the Manager that an amount of the Company's
borrowings within the range £80-120m was to be invested in the equity market.
This range was reviewed during the year and increased to £90-130m. On average,
gearing of marginally more than £100m was utilised during the year.

The Board will continue carefully to monitor the position of the two Debenture
Stocks. We remain currently of the view that redemption on the terms available
at present are not in the long-term interests of shareholders.

The Board

Eileen Mackay who has served as a Director since 1996 and more recently as
Senior Independent Director has, to the regret of her colleagues, decided not
to stand for re-election at the Annual General Meeting. Eileen has made a
significant contribution to the Company and we shall all miss her strong
intellect, applied always in a thoroughly practical manner. I would like to
thank her on behalf of shareholders and the Board for all she has done for the
Company and for the support which she has given to me personally. The Board has
appointed Richard Barfield as Senior Independent Director, with effect from 20
July 2005.

We have today announced that Sir Nigel Wicks has been appointed to the Board
with effect from 24 May 2005. After industrial experience with British
Petroleum, Sir Nigel had a distinguished career in the Civil Service, retiring
in 2000 as Second Permanent Secretary (International Finance), H.M. Treasury.
More recently, he served as Chairman of the Committee for Standards in Public
Life, and remains Deputy Chairman of Euroclear plc, and a non-executive
director of Morgan Stanley Bank International Ltd. I am confident that Sir
Nigel's knowledge and experience will strengthen the Board, and we all look
forward to working with him.

Prospects

There are increasing concerns about growth in the UK economy which has
historically been highly dependent on consumer spending. On the other hand,
commentators are now more sanguine about the trend in interest rates, and
overall regard the UK as one of the more defensive of the major world
economies. Despite the benchmark index growing by over 50% since mid-March
2003, the UK equity market is regarded as good value relative to the US and
major European markets. Corporate earnings generally appear to be soundly based
and the Manager's own forecasts are for continuing strong increases in cash
flow and dividends from the companies in the underlying portfolio. Against this
background, the Board believes that the Edinburgh Investment Trust provides an
attractive vehicle for long-term investment in the UK equity market.

Scott Dobbie

Chairman

24 May 2005

THE EDINBURGH INVESTMENT TRUST plc

Statement of Total Return for the year ended 31 March

                                  2005                       2004             
                                                                              
                          revenue  capital    total  revenue  capital    total
                              (1)                        (1)                  
                                                                              
                   notes    £'000    £'000    £'000    £'000    £'000    £'000
                                                                              
Realised gains on               -   68,289   68,289        -    3,550    3,550
investments                                                                   
                                                                              
Increase in                     -   57,199   57,199        -  216,610  216,610
unrealised                                                                    
appreciation                                                                  
                                                                              
TOTAL CAPITAL                   -  125,488  125,488        -  220,160  220,160
GAINS ON                                                                      
INVESTMENTS                                                                   
                                                                              
Currency losses                 -     (22)     (22)        -        -        -
                                                                              
Income from                                                                   
investments:                                                                  
                                                                              
- franked                  32,528        -   32,528   33,931        -   33,931
investment income                                                             
                                                                              
- other                       393        -      393      150        -      150
investment income                                                             
                                                                              
Interest                      497        -      497      265        -      265
receivable on                                                                 
short term                                                                    
deposits                                                                      
                                                                              
Income from other      2    3,881        -    3,881    3,022        -    3,022
securities                                                                    
                                                                              
Underwriting                    1        -        1        5        -        5
commission                                                                    
                                                                              
Investment                  (953)  (2,223)  (3,176)    (870)  (2,030)  (2,900)
management fee                                                                
                                                                              
Administrative              (797)        -    (797)    (872)        -    (872)
expenses                                                                      
                                                                              
NET RETURN BEFORE          35,550  123,243  158,793   35,631  218,130  253,761
FINANCE COSTS AND                                                             
TAXATION                                                                      
                                                                              
Interest payable          (5,850) (13,651) (19,501)  (5,850) (13,651) (19,501)
and similar                                                                   
charges                                                                       
                                                                              
RETURN ON ORDINARY         29,700  109,592  139,292   29,781  204,479  234,260
ACTIVITIES BEFORE                                                             
TAX                                                                           
                                                                              
Tax on ordinary              (40)        -     (40)     (10)        -     (10)
activities                                                                    
                                                                              
RETURN ON ORDINARY         29,660  109,592  139,252   29,771  204,479  234,250
ACTIVITIES AFTER                                                              
TAX FOR THE YEAR                                                              
ATTRIBUTABLE TO                                                               
EQUITY                                                                        
SHAREHOLDERS                                                                  
                                                                              
Dividends                (31,420)        - (31,420) (31,927)        - (31,927)
                                                                              
TRANSFER (FROM)/TO        (1,760)  109,592  107,832  (2,156)  204,479  202,323
RESERVES                                                                      
                                                                              
RETURN PER             3   12.36p   45.65p   58.01p   12.26p   84.22p   96.48p
ORDINARY SHARE                                                                
                                                                              
TOTAL DIVIDEND PER         13.15p                     13.15p                  
ORDINARY SHARE                                                                

1. The revenue column on this statement represents the profit and loss account
of the Company.

2. Income arising from the Fidelity Institutional Cash Fund.

3. Returns per ordinary share are based on the net revenue return on ordinary
activities after taxation of £29,660,000 (2004: £29,771,000), and the capital
appreciation in the year of £109,592,000 (2004: £204,479,000) and on
240,061,646 ordinary shares (2004: 242,796,714) being the weighted average
number of ordinary shares in issue during the year.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

THE EDINBURGH INVESTMENT TRUST plc

Balance Sheet as at 31 March

                                                      2005         2004
                                                                       
                                                     £'000        £'000
                                                                       
FIXED ASSETS                                                           
                                                                       
Investments                                      1,098,015    1,015,783
                                                                       
CURRENT ASSETS                                                         
                                                                       
Debtors                                             12,394       12,170
                                                                       
Fidelity Institutional Cash Fund                    80,060       71,736
                                                                       
Amounts held at futures clearing                       174        1,394
houses and brokers                                                     
                                                                       
Cash at bank                                        23,675        6,122
                                                                       
                                                   116,303       91,422
                                                                       
CREDITORS - AMOUNTS FALLING DUE                   (36,945)     (28,212)
WITHIN ONE YEAR                                                        
                                                                       
NET CURRENT ASSETS                                  79,358       63,210
                                                                       
TOTAL ASSETS LESS CURRENT LIABILITIES            1,177,373    1,078,993
                                                                       
CREDITORS - AMOUNTS FALLING DUE AFTER            (195,603)    (195,352)
MORE THAN ONE YEAR                                                     
                                                                       
TOTAL NET ASSETS                                   981,770      883,641
                                                                       
CAPITAL AND RESERVES                                                   
                                                                       
Called up share capital                             59,862       60,699
                                                                       
Share premium                                        6,639        6,639
                                                                       
Capital redemption reserve                          13,593       12,756
                                                                       
Capital reserve - realised                         716,352      666,475
                                                                       
Capital reserve - unrealised                       153,017      103,005
                                                                       
Revenue reserve                                     32,307       34,067
                                                                       
TOTAL EQUITY SHAREHOLDERS' FUNDS                   981,770      883,641
                                                                       
NET ASSET VALUE PER ORDINARY SHARE:                408.18p      362.03p

Cash Flow Statement

For the year ended 31 March

                                                             2005          2004
                                                                               
                                                            £'000         £'000
                                                                               
NET CASH INFLOW FROM OPERATING ACTIVITIES                  34,375        32,704
                                                                               
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE                                
                                                                               
Interest paid                                            (19,250)      (19,250)
                                                                               
NET CASH OUTFLOW FROM SERVICING OF FINANCE               (19,250)      (19,250)
                                                                               
FINANCIAL INVESTMENT                                                           
                                                                               
Purchase of investments                                 (662,035)     (411,769)
                                                                               
Exchange losses                                              (22)             -
                                                                               
Disposal of investments                                   713,320       429,724
                                                                               
Realised losses on short futures positions closed           (260)       (3,452)
                                                                               
Realised gains on long futures positions closed                19             -
                                                                               
NET CASH INFLOW FROM FINANCIAL INVESTMENT                  51,022        14,503
                                                                               
EQUITY DIVIDENDS PAID                                    (31,787)      (31,927)
                                                                               
NET CASH INFLOW/(OUTFLOW) BEFORE USE OF LIQUID             34,360       (3,970)
RESOURCES AND FINANCING                                                        
                                                                               
NET CASH OUTFLOW FROM MANAGEMENT OF LIQUID                (8,324)       (3,322)
RESOURCES                                                                      
                                                                               
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                 26,036       (7,292)
                                                                               
FINANCING                                                                      
                                                                               
Repurchase of ordinary shares                             (9,703)             -
                                                                               
NET CASH OUTFLOW FROM FINANCING                           (9,703)             -
                                                                               
INCREASE/(DECREASE) IN CASH                                16,333       (7,292)

Notes

 1. The Directors recommend that a final dividend of 8.95p (2004 - 8.95p) per
    ordinary share be paid. The final dividend will be paid on 22 July 2005 to
    shareholders on the register on 3 June 2005. The ex-dividend date is 1 June
    2005.
   
 2. The financial information for the year ended 31 March 2004 has been
    extracted from the annual report and accounts of the Company which have
    been filed with the Registrar of Companies and on which the auditors'
    report was unqualified.
   
3. The statutory accounts for the year ended 31 March 2005 which contain an
unqualified audit report will be delivered to the Registrar of Companies
following the Company's Annual General Meeting which will be held at The Weston
Link, National Galleries of Scotland, Princes Street, Edinburgh on Wednesday 20
July 2005 at 2.30 pm.

The accounts have been prepared under the same accounting policies used for the
year ended 31 March 2004.

4. The statement of total return (incorporating the revenue account), balance
sheet and cashflow set out above do not represent full accounts in accordance
with Section 240 of the Companies Act 1985. The accounts have been prepared in
accordance with the Statement of Recommended Practice: `Financial Statements of
Investment Trust Companies' dated January 2003.

5. The annual report will be posted to shareholders on or about 14 June 2005
and copies will be available from the Secretary - Fidelity Investments
International, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge,
Kent, TN11 9DZ.