Interim Results

The Edinburgh Investment Trust plc

Preliminary Announcement of Unaudited Interim Results for the six months ended
30 September 2006

(Past performance is not a guide to future returns. The value of investments
can go down as well as up.)

Chairman's Review

Highlights

NAV total return increase of 3.1% (debt marked to market) compared to an
increase in the FTSE All-Share Index (total return) of 1.7%

Share price increased by 1.4% compared to FTSE All-Share Index (capital only)
increase of 0.1%

Introduction of quarterly dividends

The UK Equity Market

The UK equity market moved sideways in the six month period ended 30 September
2006: the FTSE All-Share Index (`Index') rose by only 0.1%. This benign picture
obscures a sharp fall of virtually 10% in April/May, prompted primarily by
concerns of unexpected inflation, particularly in the US. As such fears abated,
the market recovered the ground lost in the previous six to eight weeks.

Performance

Against the neutral market background, your Company's performance was
satisfactory. On a capital only basis, the share price increased by 1.4%, and
Net Asset Value (`NAV') - debt marked to market - by 0.6%, both significantly
above the 0.1% Index return. Taking both capital and income (total return),
Index growth was 1.7%: the share price return was 4.3%, and NAV increased by
3.1%. Both stock selection and share buy-backs contributed to the relatively
strong NAV performance.

The half-year performance is a continuation of the steady trend seen over the
past few years. In the three years to 30 September 2006, NAV (capital only) has
increased by 51.9% and share price by 56.1% - both amounts greater than the
50.4% rise in the Index over the same period. The Company's first Investment
Objective - to achieve capital growth at a higher rate than the Index - has
thus been achieved both in the six months under review and for the longer three
year period.

Dividends

Shareholders will recall that following strong income performance, dividends,
which had been held static for the two previous years, were increased by 16% to
15.25 pence per share in respect of the year to 31 March 2006. The bulk of this
increase was applied to the final dividend, increasing the imbalance between
that and the interim payment which in 2005 was 4.4 pence per share. The Board
believes that the majority of shareholders would like to see dividends paid
more evenly over the year, and has decided to increase the number of payments
from two to four. Payments will henceforth be made in November, February and
May, with a fourth made in late July. For the current year, the first three
payments will be of 4.4 pence per share. The November 2006 ex-dividend date
will be 8 November and payment will be made on 24 November to shareholders on
the register on 10 November 2006. The July payment will be determined when the
final results are available. In the absence of unforeseen circumstances the
Board does not expect that this final payment will be less than the three
preceding ones. The total dividend paid in the current year will clearly be
substantially higher than last, and the Company will accordingly meet its
second Investment Objective to increase dividends at a rate above that of UK
inflation.

Repurchase of Shares

At the Annual General Meeting (`AGM') in July, shareholders renewed the Board's
powers to buy back, for cancellation, up to 14.99% of the outstanding equity.
Since then, the Company has used these powers to buy back about 15.3 million
shares, reducing the discount to NAV at which the Company's ordinary shares
trade, with the prime objective of enhancing NAV per share for remaining
shareholders. The Board will continue to buy back shares in the belief that it
is important that the Company's share price should move broadly in line with
underlying asset value

Gearing

The Board has continued carefully to monitor the position of the Company's two
Debenture stocks. Our position for the last few years has been that given the
relative rating of equities and bonds, it was not in shareholders' interests to
redeem debt at prevailing prices. Market trends have justified this stance,
which has been to the Company's advantage, and the Board continues to believe
that the fundamental argument for debt retention remains. As more equity is
repurchased, the Board recognises that another aspect of the Company's debt
position - the maximum potential gearing - becomes increasingly relevant and
may call for some debt repayment even at current prices to retain an
appropriate debt/equity balance.

Prospects

The Index recorded a five-year `high' shortly after the end of the period under
review. This reflects good growth in corporate earnings, expectations of
continuing merger and acquisition activity and belief in a benign global
economic environment. Given this background, and perceived fundamental value
relative both to its own historic levels and to global peers, the Board remains
optimistic about the outlook for the UK equity market.

Scott Dobbie

Chairman

30 October 2006

For further information, please contact:

Fidelity Investments International 01737 837844    
                                                   
Richard Miles                      020 7961 4616   
                                                   
Charles Payne                      020 7961 4477   
                                                   
Stephen Westwood                                   

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

CB28868

The Edinburgh Investment Trust plc

Income Statement for the six months ended 30 September


                       for the six months            for the six months       for the six months 
                               ended                       ended                    ended
                             30.09.06                     30.09.05                 31.03.06
                             unaudited                    unaudited                audited 
                    revenue   capital     total  revenue  capital  total  revenue  capital   total

            Notes     £'000     £'000      £'000   £'000   £'000   £'000   £'000    £'000    £'000
                                                                                                  
Gains on                 -      5,683      5,683      -  124,156 124,156      -   246,317  246,317
investments                                                                                       
                                                                                                  
Income          2    25,143         -     25,143  21,679       -  21,679  44,057        -   44,057
                                                                                                  
Investment            (615)   (1,434)    (2,049)   (526) (1,226) (1,752) (1,099)  (2,564)  (3,663)
management                                                                                        
fee                                                                                               
                                                                                                  
Other                 (377)        -       (377)   (339)      -    (339)   (762)       -     (762)
expenses                                                                                          
                                                                                                  
Exchange                  1      (41)       (40)       -      20      20       2        3        5
gains/                                                                                            
(losses)                                                                                          
                                                                                                  
Net return           24,152     4,208     28,360  20,814 122,950 143,764  42,198  243,756  285,954
before                                                                                            
finance                                                                                           
costs and                                                                                         
taxation                                                                                          
                                                                                                  
Interest            (2,944)   (6,870)    (9,814) (2,944) (6,870) (9,814) (5,850) (13,651) (19,501)
payable                                                                                           
                                                                                                  
Net return/          21,208   (2,662)     18,546  17,870 116,080 133,950  36,348  230,105  266,453
(loss) on                                                                                         
ordinary a                                                                                        
ctivities                                                                                         
before                                                                                            
taxation                                                                                          
                                                                                                  
Taxation on     3       (4)         -        (4)    (65)       -    (65)    (30)        -     (30)
ordinary                                                                                          
activities                                                                                        
                                                                                                  
Net return/          21,204   (2,662)     18,542  17,805 116,080 133,885  36,318  230,105  266,423
(loss) on                                                                                         
ordinary                                                                                          
activities                                                                                        
after                                                                                             
taxation                                                                                          
for the                                                                                           
period                                                                                            
                                                                                                  
Return/         5     9.19p   (1.15p)      8.04p   7.46p  48.65p  56.11p  15.28p   96.80p  112.08p
(loss) per                                                                                        
ordinary s                                                                                        
hare                                                                                              
                                                                                                  

A Statement of Total Recognised Gains and Losses has not been prepared as there
are no gains and losses other than those reported in the Income Statement.

The total column on this statement is the profit and loss account of the
Company.

These financial statements have been prepared in accordance with the AIC
Statement of Recommended Practice ("SORP") issued in January 2003 and revised
in December 2005.

The Edinburgh Investment Trust plc

Reconciliation of Movements in Shareholders' Funds

                       called    share    capital  capital    capital  revenue     total
                            up premium redemption  reserve    reserve  reserve    equity
                         share account    reserve realised unrealised                   
                       capital                                                          
                                                                                        
                         £'000   £'000      £'000    £'000      £'000    £'000     £'000
                                                                                        
Opening                 59,862   6,639     13,593  716,352    153,017   53,670 1,003,133
shareholders' funds                                                                     
: 1 April 2005                                                                          
                                                                                        
Effect of changing           -       -          -        -    (1,405)        -   (1,405)
prices from middle                                                                      
market to bid                                                                           
market at 1 April                                                                       
2005                                                                                    
                                                                                        
Net recognised               -       -          -  152,451     93,869        -   246,320
gains for the year                                                                      
                                                                                        
Repurchase of          (1,375)       -      1,375 (21,758)          -        -  (21,758)
shares                                                                                  
                                                                                        
Management fee to            -       -          -  (2,564)          -        -   (2,564)
capital                                                                                 
                                                                                        
Debenture interest           -       -          - (13,651)          -        -  (13,651)
and amortised                                                                           
expenses to capital                                                                     
                                                                                        
Revenue after                -       -          -        -          -   36,318    36,318
taxation                                                                                
                                                                                        
Dividends paid               -       -          -        -          - (31,789)  (31,789)
                                                                                        
Closing                 58,487   6,639     14,968  830,830    245,481   58,199 1,214,604
shareholders'                                                                           
funds: 31 March                                                                         
2006                                                                                    
                                                                                        
Net recognised               -       -          -   54,567   (48,884)        -     5,683
gains/(losses) for                                                                      
the period                                                                              
                                                                                        
Exchange losses              -       -          -        -       (41)        -      (41)
                                                                                        
Repurchase of          (2,877)       -      2,877 (48,523)          -        -  (48,523)
shares                                                                                  
                                                                                        
Management fee to            -       -          -  (1,434)          -        -   (1,434)
capital                                                                                 
                                                                                        
Debenture interest           -       -          -  (6,870)          -        -   (6,870)
and amortised                                                                           
expenses to capital                                                                     
                                                                                        
Revenue after                -       -          -        -          -   21,204    21,204
taxation                                                                                
                                                                                        
Dividend paid                -       -          -        -          - (25,383)  (25,383)
                                                                                        
Closing                 55,610   6,639     17,845  828,570    196,556   54,020 1,159,240
shareholders'                                                                           
funds: 30 September                                                                     
2006                                                                                    

Opening shareholders'   59,862   6,639     13,593  716,352    153,017   53,670 1,003,133
funds: 1 April 2005                                                               
                                                                                  
Effect of changing           -       -          -        -    (1,405)        -   (1,405)
prices from middle                                                                
market to bid market                                                              
at 1 April 2005                                                                   
                                                                                  
Net recognised gains         -       -          -   33,953     91,628        -   125,581
for the period                                                                    
                                                                                  
Repurchase of shares      (625)      -        625  (8,840)          -        -   (8,840)
                                                                                  
Management fee to            -       -          -  (1,226)          -        -   (1,226)
capital                                                                           
                                                                                  
Debenture interest and       -       -          -  (6,870)          -        -   (6,870)
amortised expenses to                                                             
capital                                                                           
                                                                                  
Revenue after taxation       -       -          -       -           -   17,805    17,805
                                                                                  
Dividend paid                -       -          -       -           -  (21,363)  (21,363)
                                                                                  
Closing shareholders'   59,237   6,639     14,218 733,369     243,240   50,112 1,106,815
funds: 30 September                                                               
2005                                                                              


The Edinburgh Investment Trust plc
Balance Sheet

                                             30.09.06     30.09.05     31.03.06
                                            unaudited    unaudited      audited
                                                                               
                                      Notes    £'000        £'000        £'000 
                                                                               
Fixed assets                                                                   
                                                                               
Investments held at fair value              1,323,945    1,217,774    1,345,215
through profit or loss                                                         
                                                                               
Current assets                                                                 
                                                                               
Debtors                                        11,350        7,043       22,348
                                                                               
Fidelity Institutional Cash Fund                    -       71,903       47,451
                                                                               
Amounts held at futures clearing          9         -          133        2,008
houses and brokers                                                             
                                                                               
Cash at bank                                   24,131       17,744       26,550
                                                                               
                                               35,481       96,823       98,357
                                                                               
Creditors - amounts falling due               (4,205)     (12,052)     (33,114)
within one year                                                                
                                                                               
Net current assets                             31,276       84,771       65,243
                                                                               
Total assets less current liabilities       1,355,221    1,302,545    1,410,458
                                                                               
Creditors - amounts falling due after       (195,981)    (195,730)    (195,854)
more than one year                                                             
                                                                               
Total net assets                            1,159,240    1,106,815    1,214,604
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                        55,610       59,237       58,487
                                                                               
Other reserves                              1,103,630    1,047,578    1,156,117
                                                                               
Total equity shareholders' funds            1,159,240    1,106,815    1,214,604
                                                                               
Net asset value per ordinary share        6   519.34p      465.31p      517.41p

The balance sheet as at 31 March 2006 has been extracted from the financial
statements for the year to 31 March 2006. These financial statements on which
the auditors gave an unqualified report have been delivered to the Registrar of
Companies.

The income statement and the balance sheet do not represent full accounts in
accordance with Section 240 of the Companies Act 1985.

The Edinburgh Investment Trust plc
Cash Flow Statement

                                 30.09.06    30.09.05    31.03.06 
                                unaudited   unaudited     audited 
                                                                  
                                    £'000       £'000       £'000 
                                                                  
Net return before finance costs     24,152      20,814      42,198
and taxation                                                      
                                                                  
Decrease/(increase) in debtors       4,927       4,084     (1,012)
                                                                  
(Decrease)/increase in             (1,002)         512         728
creditors                                                         
                                                                  
Expenses charged to capital        (1,434)     (1,226)     (2,564)
                                                                  
Overseas taxation paid                 (4)        (65)        (30)
                                                                  
Net cash inflow from operating      26,639      24,119      39,320
activities                                                        
                                                                  
Net cash outflow from servicing    (9,625)     (9,625)    (19,250)
of finance                                                        
                                                                  
Net cash inflow from financial       5,642       1,558       4,175
investment                                                        
                                                                  
Equity dividend paid              (25,383)    (21,363)    (31,789)
                                                                  
Net cash outflow before use of     (2,727)     (5,311)     (7,544)
liquid resources and financing                                    
                                                                  
Net cash inflow from management     47,451       8,157      32,609
of liquid resources                                               
                                                                  
Net cash outflow from financing   (49,151)     (8,840)    (20,362)
                                                                  
(Decrease)/increase in cash        (4,427)     (5,994)       4,703

Notes to the Financial Statements

1. Accounting policies

The interim financial statements have been prepared on the basis of the
accounting policies set out in the Company's annual report and financial
statements dated 31 March 2006.

2. Income

                        30.09.06  30.09.05 31.03.06
                       unaudited unaudited  audited
                                                   
                           £'000     £'000    £'000
                                                   
Income from               23,904    19,489   39,776
investments                                        
                                                   
Interest receivable on       568       347      890
short term deposits                                
                                                   
Interest receivable on       671     1,843    3,391
other securities                                   
                                                   
                          25,143    21,679   44,057

3. Taxation on return on ordinary activities

                        30.09.06  30.09.05 31.03.06
                       unaudited unaudited  audited
                                                   
                           £'000     £'000    £'000
                                                   
Overseas taxation              4        65       30
suffered                                           

4. Dividends

A first interim dividend of 4.40 pence per share for the year to 31 March 2007
will be paid on 24 November 2006 to shareholders on the register on 10 November
2006. The ex-dividend date is 8 November 2006.

5. Return/(loss) per ordinary share

Basic returns per ordinary share are based on (i) the revenue on ordinary
activities after taxation in the period; (ii) the capital return in the period;
and (iii) the weighted average number of shares in issue during the period.

               30.09.06             30.09.06  30.09.05             30.09.05 31.03.06             31.03.06
                                                                                                         
              unaudited               return unaudited               return  audited               return
                                         per                            per                           per
                                    ordinary                       ordinary                      ordinary
                                       share                          share                         share
                                                                                                         
                  £'000                          £'000                         £'000                     
                                                                                                         
Revenue          21,204                9.19p    17,805                7.46p   36,318               15.28p
return                                                                                                   
                                                                                                         
Capital         (2,662)              (1.15p)   116,080               48.65p  230,105               96.80p
(loss)/return                                                                                            
                                                                                                         
Weighted                230,611,823                    238,607,916                   237,710,961         
average                                                                                                  
number of                                                                                                
shares                                                                                                   

6. Net Asset Value per Share

Total equity shareholders' funds have been calculated in accordance with the
provisions of FRS 26. The net asset values per ordinary shares have been
calculated on the basis of shareholders' rights to reserves adjusted to reflect
the redemption of debentures at par. A reconciliation of the two is as follows:

                                                    30.09.06  30.09.05 31.03.06
                                                   unaudited unaudited  audited
                                                                               
Shareholders' funds per ordinary 25p share           521.15p   467.11p  519.18p
                                                                               
Less: Unamortised discount and expenses arising      (1.81p)   (1.80p)  (1.77p)
from debenture issue                                                           
                                                                               
Net asset value per ordinary 25p share               519.34p   465.31p  517.41p

7. Share repurchases

The following share repurchases were made in the period:

                                 30.09.06   30.09.05   31.03.06
                                unaudited  unaudited    audited
                                                               
Number of shares repurchased   11,509,000  2,500,000  5,500,000
                                                               
Average price per share           421.61p    353.60p    395.60p
                                                               
Total cost including stamp    £48,523,000 £8,840,000 £21,758,000
duty and commission                                  

8. Costs of Investment Transactions
                                                   30.09.06  30.09.05  31.03.06 
                                                  unaudited unaudited   audited
                                                                               
                                                      £'000     £'000     £'000
                                                                               
Included in the gains on investments are the                                   
following costs of investment transactions:                                    
                                                                               
Purchases expenses                                    1,455     1,293     3,930
                                                                               
Sales expenses                                          297       285       750
                                                                               
                                                      1,752     1,578     4,680

9. Futures

As at 30 September the Company held no futures contracts. At 30 September 2005
the Company held contracts to buy 63 lots of FTSE 100 Index Futures December
2005 with a market value equivalent to the stock reflected in the futures
contracts of £3,457,125. At 31 March 2006 the Company held contracts to buy 70
lots of the FTSE 100 Index Futures June 2006 with a market value equivalent to
the stock reflected in the futures contracts of £4,178,300.

                                     30.09.06  30.09.05 31.03.06
                                    unaudited unaudited  audited
                                                                
Unrealised profit on open futures           -        65       44
commitments                                                     
                                                                
Amounts held at futures houses and          -       133    2,008
brokers                                                         
                                                                
                                            -       198    2,052

Copies of the interim report will be posted to shareholders as soon as
practicable. Copies will also be available to the public from the Company's
registered office, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP and on the Company's website www.itseit.co.uk