Interim Management Statement

THE EDINBURGH INVESTMENT TRUST PLC - INTERIM MANAGEMENT STATEMENT FOR THE                    
QUARTER ENDED 31 DECEMBER 2007                                                               
                                                                                             
Objective                                                                                    
                                                                                             
To achieve capital growth at a higher rate than the FTSE All-Share and dividend              
growth above the rate of UK inflation.                                                       
                                                                                             
Benchmark                                                                                    
                                                                                             
FTSE All-Share Index.                                                                        
                                                                                             
Review of Period (total return)                                                              
                                                                                             
During the period:                                                                           
                                                                                             
- the NAV decreased by 0.5% (debt at par) and 0.9% (debt at market value)                    
against a 0.3 % decrease for the benchmark.                                                  
                                                                                             
- the share price decreased by 2.4 %                                                         
                                                                                             
- there have been no material changes to the Company's portfolio during the                  
period.                                                                                      
                                                                                             
- The Board and Managers continue to believe that investment in equities will                
produce strong returns for shareholders over the long term.                                  
                                                                                             
- The Company repurchased 4,181,000 shares for cancellation.                                 
                                                                                             
Since the quarter end:                                                                       
                                                                                             
- Share repurchases have continued with a further 295,000 shares being                       
repurchased for cancellation.                                                                
                                                                                             
Material Events                                                                              
                                                                                             
On 23 November 2007 the first interim dividend of 4.75p per share was paid in                
respect of the year ended 31 March 2008.                                                     
                                                                                             
Additional Information                                                                       
                                                                                             
Details of the Company                   Dealing Information                                 
                                                                                             
Investment Director: Rita Grewal         Listed:          London Stock Exchange              
                                                                                             
Enquiries:           08457 100 456       Broker:          UBS                                
                                                                                             
                                                          Dresdner Kleinwort                 
                                                                                             
WWW Address:         http:/              Price Quoted:    Financial Times                    
                     www.fidelity.co.uk                                                      
                                                          The Scotsman                       
                                                                                             
                                                          The Daily Telegraph                
                                                                                             
Fidelity take-on     31/07/2002          Reuters Code:    EDIN.L                             
date:                                                                                        
                                                                                             
Ordinary Shares In   199,287,748         SEAQ Code:       305233                             
Issue:                                                                                       
                                                                                             
Share price discount 14.7%               ISIN:            GB0003052338                       
to Undiluted NAV:                                                                            
                                                                                             
Total Assets:        £1,291.2 m                                                              
                                                                                             
Loan:                £200.0 m                                                                
                                                                                             
Total Net Assets:    £1,091.2 m                                                              
                                                                                             
Gross Gearing :      18.3%                                                                   
                                                                                             
Net Gearing:         13.6%                                                                   
                                                                                             
                             Portfolio Breakdowns                                            
                                                                                             
Sector Analysis (%  As at 31     As at 30     Largest 10      As at 31 December  As at 30    
total assets)       December     September    Holdings (%     2007               September   
                    2007         2007         total assets)                      2007        
                                                                                             
Financials          21.9         21.7         BP              8.8                8.4         
                                                                                             
Oil & Gas           17.3         16.8         Vodafone Group  7.8                8.7         
                                                                                             
Industrials         15.6         16.0         HSBC Holdings   4.8                5.9         
                                              (UK Reg)                                       
                                                                                             
Consumer Services   12.6         12.1         National Grid   4.7                5.0         
                                              Transco                                        
                                                                                             
Consumer Goods      8.1          7.2          Royal Dutch     4.5                4.0         
                                              Shell `B' (UK)                                 
                                                                                             
Telecommunications  8.1          10.4         Royal Bank Of   4.4                5.4         
                                              Scotland Group                                 
                                                                                             
Utilities           6.5          6.9          Imperial        3.3                2.6         
                                              Tobacco Group                                  
                                                                                             
Health Care         5.0          5.4          British         3.0                2.5         
                                              American                                       
                                              Tobacco                                        
                                                                                             
Basic Materials     4.0          3.5          BG Group *      2.7                -           
                                                                                             
Technology          1.0          -            Glaxosmithkline 2.4                2.8         
                                                                                             
                                              Royal Dutch     -                  2.2         
                                              Shell `A' (UK)                                 
                                              **                                             
                                                                                             
* Not in top 10 as at 30 September 2007 ** No longer in top 10 as at 31                      
December 2007                                                                                
                                                                                             
                      Performance Record (total return %)                                    
                                                                                             
                     Price (p)   Quarter to   Quarter to 30   1 Year   3 Years   5 Years to  
                                 31 December  September 2007  to 31    to 31     31 December 
                                 2007                         December December  2007        
                                                              2007     2007                  
                                                                                             
NAV (debt at par)    547.54      -0.5              -3.7         3.2      47.9         -      
                                                                                             
NAV (debt at market  519.88      -0.9              -4.6         3.5        -          -      
value)                                                                                       
                                                                                             
Ordinary Share price 458.00      -2.4              -2.4         2.0      55.9       113.1    
                                                                                             
Benchmark Index                  -0.3              -1.8         5.3      50.1       104.6    
                                                                                             

                   Standardised Performance (total return %)                   
                                                                               
               31/12/2002   31/12/2003   31/12/2004   31/12/2005   31/12/2006  
                                                                               
               31/12/2003   31/12/2004   31/12/2005   31/12/2006   31/12/2007  
                                                                               
NAV            17.9         9.7          17.9         13.5         -0.6        
                                                                               
Ordinary Share 23.8         10.4         23.3         23.9         2.0         
price                                                                          
                                                                               
Benchmark      20.9         12.8         22.0         16.8         5.3         
Index                                                                          
                                                                               

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Datasteam as at 31 December 2007. Basis:
bid-bid with net income reinvested. Fidelity only gives information about its
own products and services and does not provide investment advice based on
individual circumstances. Fidelity Investment Trusts are managed by Fidelity
Investments International. Fidelity, Fidelity International and Pyramid Logo
are trademarks of Fidelity International Limited. Issued by Fidelity
Investments International, authorised and regulated in the UK by the Financial
Services Authority.

CB32662/NA