Final Results - Year Ended 31 October 1999

Edinburgh Worldwide Investment Trust PLC 7 December 1999 Edinburgh Worldwide Investment Trust plc is the successor investment trust following the reconstruction of Dunedin Worldwide in July 1998. The investment objective of the company is to achieve long-term capital growth in excess of the capital return (in sterling terms) of the Morgan Stanley Capital International World Index. The portfolio is actively managed by investing in stock markets throughout the world and utilises long term debt with the objective of enhancing capital returns to shareholders. Preliminary Results for the Year to 31 October 1999 Net asset value per share increased by 34.0% to 270.83p, substantially beating the MSCI World Index which rose by 26.0% (in sterling terms) over the same period All geographic segments of the portfolio, and in particular the USA, produced returns ahead of the relevant index Share price up by 27.9% to 214.25p Recommended final dividend of 1.70p making total dividends payable for the year of 2.20p Edinburgh Worldwide Investment Trust is supporting the AITC 'its' campaign For further information, please contact:- Iain Beattie Director, Edinburgh Fund Managers plc 0131 313 1000 CHAIRMAN'S STATEMENT Performance In this the company's first full financial year, I am pleased to report that for the twelve months to 31 October 1999 the net asset value per share increased by 34.0% to 270.83p, substantially beating the MSCI World Index which rose by 26.0% (in sterling terms) in the same period. The outperformance of the net asset value was attributable largely to excellent stock selection and it is encouraging to report that all geographic segments of the portfolio produced returns ahead of the relevant index. The share price rose by 27.9% to 214.25p and represented a discount of 20.9% to net asset value at 31 October 1999. Revenue The revenue return for the year amounted to 2.80p and the Board is recommending a final dividend of 1.70p which will be paid on 1 February 2000 to shareholders on the register on 6 January 2000. When combined with the interim dividend of 0.50p, the total dividend paid for the year will amount to 2.20p. Share Buy Backs The company received approval from shareholders at last year's Annual General Meeting to purchase its own shares and subsequently applied to the Court of Session to cancel a proportion of its share premium account. Approval from the Court was received in April 1999 and a new special reserve was established to fund purchases of the company's shares. The board intends to purchase shares for cancellation when there is an imbalance between the supply of and demand for the company's shares and a buyback would enhance the net asset value per share for continuing shareholders. The company did not repurchase any of its shares in the period to 31 October 1999. Marketing The Association of Investment Trust Companies (AITC) has recently embarked on a campaign to improve the awareness of potential investors to the attractions of investment trusts. The company, as a member of the AITC, has agreed to contribute £53,000 per annum over the next three years to this campaign which will hopefully lead to a reduction in the discount to net assets. In addition, the board will continue to promote the company more specifically through the manager's 'investment trust initiative' whereby Edinburgh Worldwide participates in the retail products operated by Edinburgh Fund Managers. These products currently comprise of a savings scheme, personal equity plans, individual savings accounts and pension plans and enable investors to make monthly savings or lump sum investments in the company's shares in a low cost and convenient manner. The company's contribution to this initiative was £44,000 for the year. Outlook Faster economic growth is generating a healthy environment for corporate profits and analysts' forecasts have been increased repeatedly in recent months. While further small increases in interest rates may be required to keep inflation under control, the pre-emptive actions by central banks in the UK, Europe and the USA have been welcomed by investors as signals that previously damaging boom to bust cycles will be avoided. A continuation of growth and low inflation should be rewarding for investors in global equities in the year ahead. David Coltman, Chairman STATEMENT OF TOTAL RETURN for the year ended 31 October 1999 (audited) Revenue Capital Total £000 £000 £000 Realised gains on investments - 7,914 7,914 Unrealised gains on investments - 27,714 27,714 Currency losses - (12) (12) Investment income 1,745 - 1,745 Interest receivable 1,227 - 1,227 Other income 26 - 26 Investment management fee (271) (814) (1,085) Administrative expenses (303) - (303) Net return before finance costs 2,424 34,802 37,226 and taxation Interest payable and similar (568) (1,679) 2,247) charges Return on ordinary activities 1,856 33,123 34,979 before taxation Taxation (485) 274 (211) Return attributable to equity 1,371 33,397 34,768 shareholders Dividend in respect of equity (1,078) - (1,078) shares 293 33,397 33,690 Return per ordinary share 2.80p 68.15p 70.95p Total dividend per ordinary 2.20p share ______________________________________________________________________________ STATEMENT OF TOTAL RETURN for the period ended 31 October 1998 (audited) Revenue Capital Total £000 £000 £000 Realised losses on investments - (9,043) (9,043) Unrealised losses on investments - (10,032) (10,032) Currency losses - (1,155) (1,155) Investment income 466 - 466 Interest receivable 235 - 235 Other income 8 - 8 Investment management fee (70) (210) (280) Administrative expenses (126) (36) (162) Net return before finance costs 513 (20,476) (19,963) and taxation Interest payable (174) (515) (689) Return on ordinary activities 339 (20,991) (20,652) before taxation Taxation (150) 65 (85) Return attributable to equity 189 (20,926) (20,737) shareholders Dividend in respect of equity (122) - (122) shares 67 (20,926) (20,859) Return per ordinary share 0.39p (42.70p) (42.31p) Total dividend per ordinary 0.25p share BALANCE SHEET (audited) At 31 At 31 October October 1999 1998 £000 £000 Fixed assets Investments 145,717 103,324 Investment property 180 180 145,897 103,504 Current assets 29,332 36,524 Current liabilities (2,839) (1,665) Net current assets 26,493 34,859 Total assets less current 172,390 138,363 liabilities Creditors: falling due after (39,673) (39,336) more than one year 132,717 99,027 Capital and reserves Called up share capital - 2,450 2,450 equity Reserves 130,267 96,577 Total equity shareholders' 132,717 99,027 funds Net asset value per ordinary 270.83p 202.08p share NOTES : 1. The financial statements have been prepared under the same accounting policies used for the period to 31 October 1998. 2. The directors propose that a dividend of 1.70p be paid to shareholders on the register at the close of business on 6 January 2000. The ex-dividend date is 29 December 1999 and, subject to shareholder approval, the dividend will be paid on 1 February 2000. 3. The financial information for the period ended 31 October 1998 has been extracted from the 1998 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 and the balance sheet set out above do not represent full statutory accounts in accordance with Section 240 of the Companies Act 1985. The statutory accounts for 1999 contain an unqualified auditors' report and will be delivered to the Registrar of Companies following the company's Annual General Meeting which will be held at Donaldson House, 97 Haymarket Terrace, Edinburgh on Friday, 28 January 2000 at 12.00 noon. 4. The Annual Report will be posted to shareholders on 29 December 1999 and copies will be available from the registered office. 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

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