Final Results

Edinburgh Worldwide Inv Trust PLC
10 December 2003

                    EDINBURGH WORLDWIDE INVESTMENT TRUST plc
                    Results for the year to 31 October 2003

                              Chairman's Statement
                                31 October 2003

Global equity markets staged a recovery in the second half of the period under
review after having endured extremely volatile conditions in the first six
months. The prospect of war in the Middle East and economic uncertainty weighed
heavily on investors for most of the first half of the year but, as it became
apparent that the conflict in Iraq would be resolved quickly, equity markets
recovered in March and April. Global equity markets received a further boost in
subsequent months from stronger economic data and better than expected corporate
profits, particularly in North America.



The net asset value per share rose by 7.3% to 162.75p for the twelve months to
31 October 2003 compared with a rise of 12.1% for the company's benchmark, the
MSCI World Index in sterling terms. The under-performance of the net asset value
against our benchmark was attributable to poor returns in the equity portfolio,
particularly from our European and North American holdings, and the costs of
charging a proportion of our finance costs and investment management fees to the
capital account. The company's share price rose by 6.1% to 130.5p and
represented a discount of 19.8% to the net asset value at 31 October 2003 - at
the start of the year the discount was standing at 18.9%.



Investment Manager

The performance of the company has been disappointing recently. During the
summer months, the board undertook a detailed review of the company's investment
management arrangements with the objective of enhancing shareholder value
through both improved investment performance and a reduction in the discount of
the company's share price to net asset value. Bestinvest (Research) Ltd acted as
advisers to the board for this review. After an extensive process, the board
appointed Baillie Gifford & Co to manage the company in place of Edinburgh Fund
Managers plc, with effect from 1 November 2003.  In addition to Baillie
Gifford's expertise in managing global equities, the board was impressed by
their commitment to the investment trust sector and believes that Baillie
Gifford offers the potential for that enhancement of shareholder value. The
board is grateful to the staff of Edinburgh Fund Managers for their efforts and
hard work in managing the trust since its launch.



In order to further align the interests of the manager and shareholders, the
agreement with Baillie Gifford will provide for management fees payable on the
basis of the company's market capitalisation rather than assets under
management. In addition, there will be an incentive element linked to
out-performance against the new benchmark of the MSCI All Countries World Index.
The company's investment objective of achieving long term capital growth by
investing in stock markets throughout the world will not be affected by the
change in manager.



Revenue and Dividends

The revenue return for the year amounted to 2.06p per share (2002 - 2.66p). The
company's revenues are influenced by the level of gearing, the allocation of
investments, interest rates and the level of sterling although the main factor
in the decline in the revenue return over the year was a change in the
allocation of investment management fees and finance costs. Following a review
of the expected long term returns from global equities, the board revised the
allocation of investment management fees and finance costs between capital and
revenue and, with effect from 1 November 2002, these costs have been allocated
between capital and revenue in the ratio 75:25, previously 85:15.



The directors are recommending a final dividend of 1.70p per share, which is
unchanged from last year and will be paid on 3 February 2004 to shareholders on
the register on 9 January 2004. When combined with the interim dividend of
0.50p, the total dividends paid for the year will amount to 2.20p (2002 -
2.20p).



Marketing

Baillie Gifford have prepared and are working to a detailed plan to promote the
company to the core market of intermediaries and Independent Financial Advisers
as well as sophisticated private investors and smaller funds. The company will
also feature as an option for investment under a range of Baillie Gifford's
savings products.



Share Buybacks

At last year's Annual General Meeting, shareholders renewed the board's
authority to repurchase the company's shares for cancellation. The board will
consider using 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 2003. A special
resolution proposing an extension of this facility will be put to shareholders
at the Annual General Meeting.



The board will consider the appropriateness of the use of treasury shares
(whereby shares which have been bought back can be reissued rather than
cancelled) in due course.



Annual General Meeting

The Annual General Meeting will be held in the manager's offices at Calton
Square, Edinburgh on Monday 2 February 2004 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

On assuming management responsibility, Baillie Gifford repositioned the
portfolio in the first week of November in line with the proposals agreed with
your board. The new managers' approach is to find companies on a global basis
which offer good prospects of long-term growth wherever they are listed. The
portfolio is now comprised of investments in around 50 companies.


                                                                 David A Coltman
                                                                        Chairman
                                                                 9 December 2003



                    EDINBURGH WORLDWIDE INVESTMENT TRUST plc

The following is the unaudited preliminary statement for the year to 31 October
2003 which was approved by the Board on 9 December 2003.  The Board of Edinburgh
Worldwide Investment Trust plc is recommending to the Annual General Meeting of
the Company to be held on 2 February 2004 the payment of a final dividend of
1.70p (1.70p last year) per ordinary share making 2.20p (2.20p last year) for
the year ended 31 October 2003.



                             STATEMENT OF TOTAL RETURN
                      (incorporating the revenue account*)


                                          For the year ended                      For the year ended
                                           31 October 2003                          31 October 2002
                                             (unaudited)                               (audited)
                                 Revenue     Capital      Total           Revenue     Capital     Total
                                 £'000       £'000        £'000           £'000       £'000       £'000

Realised losses on investments            -      (12,585)    (12,585)              -     (14,490)    (14,490)
Unrealised gains/(losses) on              -       21,232      21,232               -      (9,388)     (9,388)
investments
Currency (losses)/gains                   -       (1,497)     (1,497)              -          29          29
Total capital gains/(losses) on           -        7,150       7,150               -     (23,849)    (23,849)
investments
                                          
Income from investments               1,890            -       1,890           1,879           -       1,879
Interest receivable on short            361            -         361             642           -         642
term deposits
Investment management fee              (161)        (482)       (643)           (133)       (754)       (887)
Other administrative expenses          (424)           -        (424)           (344)          -        (344)
Net return before finance costs       1,666        6,668       8,334           2,044     (24,603)    (22,559)
and taxation
                                      

Interest payable and similar           (416)      (1,242)     (1,658)           (356)     (2,344)     (2,700)
charges                                
                                       
Return on ordinary activities         1,250        5,426       6,676           1,688     (26,947)    (25,259)
before taxation
                                      

Tax on ordinary activities             (243)          60        (183)           (382)        189        (193)
Return attributable to equity         1,007        5,486       6,493           1,306     (26,758)    (25,452)
shareholders
                                      

Dividends in respect of equity       (1,078)           -      (1,078)         (1,078)          -      (1,078)
shares

Transfer (from)/to reserves             (71)       5,486       5,415             228     (26,758)    (26,530)
Return per ordinary share
(note 2)                               2.06p       11.19p      13.25p           2.66p    (54.60p)    (51.94p)
Dividend per ordinary share
(note 3)                             2.20p                                    2.20p


* The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.



                    EDINBURGH WORLDWIDE INVESTMENT TRUST plc

                            SUMMARISED BALANCE SHEET
                               at 31 October 2003

                                                                       31 October 2003           31 October 2002
                                                                                 £'000                     £'000
                                                                           (unaudited)                 (audited)
NET ASSETS
Fixed asset investments                                                        85,298                    87,492
Net liquid assets                                                              23,710                    17,472
Total assets (before deduction of loans)                                      109,008                   104,964
Loans (note 4)                                                                (29,255)                  (30,626)
                                                                               79,753                    74,338


CAPITAL AND RESERVES
Called-up share capital                                                         2,450                     2,450
Capital reserves                                                               76,477                    70,991
Revenue reserve                                                                   826                       897
Equity shareholders' funds                                                     79,753                    74,338


NET ASSET VALUE PER ORDINARY SHARE                                             162.75p                   151.70p
Ordinary shares in issue (note 5)                                           49,004,319                49,004,319



                              DISTRIBUTION OF ASSETS
                                at 31 October 2003
                                     (unaudited)

                                                          31 October 2003             31 October 2002
                                                                    %                           %

Equities:    United Kingdom                                      12.8                       11.7
             Continental Europe                                  13.8                       16.3
             North America                                       36.5                       41.8
             Japan                                                7.5                        7.8
             Asia Pacific                                         7.6                        5.8
Total equities                                                   78.2                       83.4
Net liquid assets                                                21.8                       16.6
Total assets (before deduction of loans)                        100.0                      100.0





               EDINBURGH WORLDWIDE INVESTMENT TRUST plc

                    SUMMARISED CASH FLOW STATEMENT

                                                           For the year ended        For the year ended
                                                           31 October 2003           31 October 2002
                                                           (unaudited)               (audited)
                                                           £'000       £'000           £'000       £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                              1,200                       1,297

NET CASH OUTFLOW FROM SERVICING OF FINANCE                           (1,687)                     (2,899)

TOTAL TAX PAID                                                         (176)                       (193)

FINANCIAL INVESTMENT
Acquisitions of investments                              (55,196)                    (65,953)
Disposals of investments                                  64,716                      72,298
Sale of investment property                                    -                         105

NET CASH INFLOW FROM FINANCIAL INVESTMENT                             9,520                      6,450

EQUITY DIVIDENDS PAID                                               (1,078)                     (1,274)

NET CASH INFLOW BEFORE USE OF LIQUID RESOURCES AND                    7,779                       3,381
FINANCING

NET CASH (OUTFLOW)/INFLOW FROM LIQUID RESOURCES                     (12,671)                       4,178

FINANCING
Foreign loan repaid                                                       -                      (9,528)

DECREASE IN CASH                                                     (4,892)                     (1,969)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Decrease in cash in the period                                       (4,892)                     (1,969)
Increase/(decrease) in liquid resources                               12,671                      (4,178)
Decrease in bank loans                                                     -                        9,528
Exchange movement                                                      (126)                       1,396
MOVEMENT IN NET DEBT IN THE PERIOD                                     7,653                       4,777

NET DEBT AT 1 NOVEMBER                                              (12,006)                    (16,783)

NET DEBT AT 31 OCTOBER                                               (4,353)                    (12,006)




                  EDINBURGH WORLDWIDE INVESTMENT TRUST plc

                                   NOTES


1.   The financial statements for the year to 31 October 2003 have been prepared on the basis of the
     accounting policies set out in the Company's financial statements as at 31 October 2002.


                                                                 31 October 2003               31 October 2002
                                                                           £'000                         £'000
2.   Return per ordinary share
     Revenue return                                                        1,007                         1,306
     Capital return                                                        5,486                      (26,758)


     Return per ordinary share is based on the above returns and on 49,004,319 (2002 - 49,004,319)
     ordinary shares, being the number of ordinary shares in issue during the year.


3.   The total cost of the dividend for the year is £1,078,000 (2002 - £1,078,000).  If approved the final
     dividend will be paid on 3 February 2004 to all shareholders on the register at the close of business
     on 9 January 2004.


4.   Loans include US$31,250,000, Y1,313,200,000 and £3,800,000 drawn down under a multi-currency loan
     facility with ING Bank N.V. (2002 - US$31,250,000, Y1,313,200,000 and £3,800,000).  The loan is due
     for repayment in July 2008.


5.   At the Annual General Meeting on 30 January 2003 the Company renewed its authority to purchase shares
     in the market, in respect of 7,345,747 ordinary shares (equivalent to 14.99% of its issued share
     capital at that date).  In the year to 31 October 2003 no shares were bought back.  At 31 October
     2003 the Company's authority to buy back shares remains unchanged at 7,345,747.


6.   The financial information set out above does not constitute the Company's statutory accounts for the
     year ended 31 October 2003.  The financial information for 2002 is derived from the statutory accounts for 2002
     which have been delivered to the Registrar of Companies.  The Auditors have reported on the 2002
     accounts, their report was unqualified and did not contain a statement under section 237(2) or (3) of
     the Companies Act 1985.  The statutory accounts for 2003 are unaudited, however it is expected that
     the Auditors will issue an unqualified opinion. The statutory accounts for 2003 will be finalised on
     the basis of the financial information presented in this preliminary announcement and will be
     delivered to the Registrar of Companies following the Company's Annual General Meeting.



For further information please contact:

Mark Urquhart, Manager,
Edinburgh Worldwide Investment Trust plc   0131 275 2070

Robert O'Riordan, Marketing Manager,
Baillie Gifford & Co.                      0131 275 3181


Baillie Gifford & Co. is authorised  and  regulated by the Financial Services
Authority.




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