Final Results

EDINBURGH WORLDWIDE INVESTMENT TRUST PLC
PRELIMINARY RESULTS FOR THE YEAR TO 31 OCTOBER 2002

Chairman's Statement
It has been a very disappointing year for investors with global equity
markets falling sharply in the second half of the company's financial
year. The net asset value per share fell by 26.3% to 151.70p for the
twelve months to 31 October 2002 compared with a fall of 22.0% for the
benchmark, the MSCI World Index in sterling terms. The under-performance
of the net asset value against our benchmark was attributable to the
impact of borrowings and charges against the capital account. The
underlying equity portfolio performed in line with the return from the
index.

The share price fell by 29.5% to 123.0p and represented a discount of
18.9% to the net asset value at 31 October 2002 - at the start of the
year the discount was standing at 15.2%. The widening of the discount
that occurred in the second half was in line with the trend across the
investment trust sector.

We have agreed with the manager that progressively the notice period
under their management contract will reduce from 12 months to 3 months.
This will be fully effective from March 2003.

Since the end of the company's financial year, there have been
significant changes in the board of directors of the manager's parent
company. Your board has been kept closely informed and is in regular
communication with the manager.

Revenue and Dividends
The revenue return for the year amounted to 2.66p per share (2001 -
3.31p). The company's revenues are influenced by the level of gearing
employed and the allocation of its investments. These factors had a
bearing on the decline in revenues which were also affected adversely by
lower interest rates and the strength of sterling. The directors are
recommending a final dividend of 1.70p per share, which is unchanged
from last year, and it will be paid on 31 January 2003 to shareholders
on the register on 6 January 2003. When combined with the interim
dividend of 0.50p, the total dividends paid for the year will amount to
2.20p (2001 - 2.60p). Shareholders should note that last year's
dividends included a special one off dividend of 0.40p per share that
was paid to comply with Inland Revenue requirements for investment
trusts.

Gearing
Since its formation, the company has used borrowings and these have been
beneficial to shareholder returns in periods of rising markets. Only
part of the company's borrowings were invested during the year with
invested borrowings as a percentage of net assets being kept in a 7-16%
range. At the year end this gearing ratio stood at 11.7% (2001 - 7.1%).
Gearing, however, has accentuated the negative returns from global
equity markets in the last two years and in October the board decided
that the company had an excess of borrowings in relation to its net
assets. In this respect, the most cost effective option was to repay the
company's euro loan. The early repayment however of the €14.3 million
loan incurred a penalty of €710,000 which was charged to the capital
account and amounted to 0.6% of net assets. The company's outstanding
borrowings amounted to £30.6 million at 31 October 2002.
Marketing
The board continues to promote the company through the manager's
marketing initiatives which provide a range of savings schemes through
which investors are able to invest in Edinburgh Worldwide in a low cost
and convenient manner. The company's contribution to this initiative in
the past year was £49,000. Up to date information about the company and
the various savings products is available on the manager's website,
www.edfd.com.

Share Buybacks
At last year's Annual General Meeting, shareholders renewed the
directors' authority to repurchase the company's shares for
cancellation. The board will use this authority when there is an
imbalance between the supply of and demand for the company's shares and
repurchasing shares would enhance the net asset value per share for
continuing shareholders.

The company did not repurchase any of its shares in the year to 31
October 2002. A special resolution proposing an extension of this
facility will be put to shareholders at the Annual General Meeting.

Directors
In March 2002, the board announced that William Ducas had been appointed
to the board as a non-executive director. Mr Ducas is the managing
director of F&C Management Ltd of North America, based in Boston,
Massachusetts and shareholders will be asked to confirm his appointment
at the Annual General Meeting.

Annual General Meeting
The Annual General Meeting will be held at Discovery Point, Dundee on
Thursday 30 January 2003 at 12 noon. The meeting will include an
investment presentation from representatives of the manager as well as
providing an opportunity for shareholders to meet and question the
directors.

Prospects
Stockmarkets have been extremely volatile and investor confidence has
been undermined by bankruptcies, accounting scandals and the prospect of
military action against Iraq. The economic background for equity
investment is still weak and both interest rates and inflation are
likely to remain at low levels. Some attractive investment values are
beginning to emerge in global equities, particularly in relation to
government bond markets, although investors are hesitant to make
increased commitments to equities. Investors will only become more
confident about equity markets once there is evidence that a recovery in
corporate profits is underway.
STATEMENT OF TOTAL RETURN
for the year ended 31 October 2002 (audited)
                                           Revenue    Capital      Total
                                              £000       £000       £000
Realised losses on investments                   -   (14,490)   (14,490)
Unrealised losses on investments                 -    (9,388)    (9,388)
Currency gains                                   -         29         29
                                                                        
Total capital losses on investments              -   (23,849)   (23,849)
Income from investments                      1,879          -      1,879
Interest receivable on short term              642          -        642
deposits
Other income                                     -          -          -
Investment management fee                    (133)      (754)      (887)
Administrative expenses                      (344)          -      (344)
                                                                        
Net return before finance costs and          2,044   (24,603)   (22,559)
taxation
Interest payable and similar charges         (356)    (2,344)    (2,700)
                                                                        
Return on ordinary activities before         1,688   (26,947)   (25,259)
taxation
Taxation                                     (382)        189      (193)
                                                                        
Return attributable to equity                1,306   (26,758)   (25,452)
shareholders
Dividend in respect of equity shares       (1,078)          -    (1,078)
                                               228   (26,758)   (26,530)
                                                                        
Return per ordinary share                    2.66p   (54.60p)   (51.94p)
                                                                        
Total dividend per ordinary share            2.20p                      

STATEMENT OF TOTAL RETURN
for the year ended 31 October 2001 (audited)
                                        Revenue      Capital       Total
                                           £000         £000        £000
Realised losses on investments                -     (18,126)    (18,126)
Unrealised losses on investments              -     (33,178)    (33,178)
Currency gains                                -          694         694
                                                                        
Total capital losses on investments           -     (50,610)    (50,610)
Income from investments                   2,069            -       2,069
Interest receivable on short term           954            -         954
deposits
Other income                                 14            -          14
Investment management fee                 (165)        (937)     (1,102)
Administrative expenses                   (387)            -       (387)
                                                                        
Net return before finance costs and       2,485     (51,547)    (49,062)
taxation
Interest payable and similar charges      (350)      (1,981)     (2,331)
                                                                        
Return on ordinary activities before      2,135     (53,528)    (51,393)
taxation
Taxation                                  (515)          282       (233)
                                                                        
Return attributable to equity             1,620     (53,246)    (51,626)
shareholders
Dividend in respect of equity shares    (1,274)            -     (1,274)
                                            346     (53,246)    (52,900)
                                                                        
Return per ordinary share                 3.31p    (108.65p)   (105.34p)
                                                                        
Total dividend per ordinary share         2.60p                         


BALANCE SHEET (audited)

                                      At 31 October   At 31 October 2001
                                               2002
                                    £000       £000      £000       £000
Fixed assets                                                            
Investments                                  87,492              120,499
Investment property                               -                  120
                                             87,492              120,619
                                                                        
Current assets                                                          
Debtors                              301                  982           
Treasury bills                     9,591               13,769           
Cash and short term deposits       9,029               10,969           
                                  18,921               25,720           
                                                                        
Creditors: amounts falling due                                          
within one year                                       (3,950)
                                 (1,449)
                                                                        
Net current assets                           17,472               21,770
                                                                        
Total assets less current                   104,964              142,389
liabilities
                                                                        
Creditors: amounts falling due                                          
after more than one year                   (30,626)             (41,521)
                                             74,338              100,868
                                                                        
Capital and reserves                                                    
Called up share capital                       2,450                2,450
Share premium                                82,180               82,180
Share reserve                                35,220               35,220
Capital reserve - realised                 (23,194)              (5,824)
Capital reserve - unrealised               (23,215)             (13,827)
Revenue reserve                                 897                  669
Total equity shareholders' funds             74,338              100,868
                                                                        
Net asset value per ordinary                151.70p              205.84p
share



CASHFLOW STATEMENT (audited)
for the year to                     31 October 2002      31 October 2001
                                    £000       £000       £000      £000
                                                                        
Net cash inflow from                          1,297                1,546
operating activities
                                                                        
Servicing of finance                                                    
Interest paid                    (2,899)               (2,356)          
                                                                        
Net cash outflow from                       (2,899)              (2,356)
servicing of finance
                                                                        
Taxation                                                                
UK tax received                        -                     3          
Overseas tax paid                  (193)                 (199)          
                                                                        
Total tax paid                                (193)                (196)
                                                                        
Financial investment                                                    
Purchase of investments         (65,953)             (139,814)          
Sale of investments               72,298               141,491          
Sale of investment property          105                     -          
                                                                        
Net cash inflow from                          6,450                1,677
financial statement
                                                                        
Equity dividends paid                       (1,274)              (1,078)
                                                                        
Net cash inflow/(outflow)                                               
before use of liquid                          3,381                (407)
resources and financing
                                                                        
Net cash inflow/ (outflow)                                              
from management of liquid                     4,178              (3,402)
resources
                                                                        
Financing                                                               
Foreign loan repaid                         (9,528)                    -
                                                                        
Decrease in cash                            (1,969)              (3,809)


NOTES :
1.   The investment objective of the company is to achieve long-term
capital growth by investing in stock markets throughout the world.
2. The accounts have been prepared in accordance with the Statement of
Recommended Practice 'Financial Statements of Investment Trust
Companies'. The accounts are prepared under the same accounting policies
used for the year to 31 October 2001.
3. The directors propose that a final dividend of 1.7p be paid to
shareholders on the register at the close of business on 6 January 2003.
The ex-dividend date is 2 January 2003 and, subject to shareholder
approval, the dividend will be paid on 31 January 2003.
4.   The financial information for the period ended 31 October 2001 has
been extracted from the 2001 Annual Report and Accounts of the company
which have been filed with the Registrar of Companies and contained an
unqualified auditors' report. The statement of total return, balance
sheet and cashflow statement set out above do not represent full
statutory accounts in accordance with Section 240 of the Companies Act
1985. The statutory accounts for 2002 contain an unqualified auditors'
report.
5.   The company's Annual General Meeting which will be held at
Discovery Point, Dundee on Thursday, 30 January 2003 at 12.00 noon.
6. The Annual Report will be posted to shareholders on 20 December 2002
and copies will be available from the registered office.

For further information, please contact: -
Iain Beattie        Edinburgh Fund Managers plc  0131 313 1000
David McCraw        Edinburgh Fund Managers plc  0131 313 1000

Please note that past performance is not necessarily a guide to the
future and that the value of investments and the income from them may
fall as well as rise and may be affected by exchange rate movements.
Investors may not get back the amount they originally invested.

For Edinburgh Worldwide Investment Trust plc
Edinburgh Fund Managers plc, Secretary
END