Update on appointment of new manager

The Edinburgh Investment Trust plc - update on appointment of new
manager

*      Fidelity assumed, on 1 August, the role of Manager / Secretary  of
The Edinburgh Investment Trust plc ("EIT").

*      The  objectives  of  EIT  remain  unchanged  -  with  a  portfolio
predominantly of UK equities, to outperform the FTSE All-Share Index  in
capital  terms, and to increase the dividend per ordinary share by  more
than  UK  inflation. The Company has no present intention  of  redeeming
either   of  its  debentures  as  the  terms  for  doing  so  would   be
prohibitively  expensive  and significantly  damaging  to  shareholders'
asset value.

*     Fidelity is one of the world's largest independent fund management
organisations with over £695 billion in assets under management. It  has
one of the largest independent in-house research teams with 290 analysts
worldwide. Its long-term approach to investing and record of performance
complements  the objectives of the Company to provide low risk  exposure
to the UK market at a low overall cost.

      The  Manager  will  aim  to achieve the  benchmark  objectives  by
allocating  the Company's capital to a number, initially four,  of  sub-
portfolios  of  slightly  different  characteristics.  This  will   give
diversification and reduce portfolio risk. Monitoring of  risk  control,
allocation  between  underlying  Fund  Managers  and  decisions  on  the
deployment  of gearing will be the responsibility of a Senior Investment
Director, Peter Yarrow, reporting to the Chief Investment Officer, Simon
Fraser. The portfolio will be run with a bias away from FTSE 100 stocks.

*     Fidelity  is an acknowledged industry leader in the  provision  of
ISAs,  PEPs and other savings solutions. The Company's inclusion  within
these  schemes  will broaden the range of shareholders  and  will,  over
time,  reduce both the size and volatility of the discount to net  asset
value.

Enquiries:

Scott Dobbie                                    020 7645 0603
Director of The Edinburgh Investment Trust plc

Peter Yarrow                                    020 7961 4683
Fidelity Investments

Will Rogers                                     020 7568 2939
UBS Warburg
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Andrew Zychowski                                020 7623 8000
Dresdner Kleinwort Wasserstein