Final Results

Edinburgh US Tracker Trust PLC
13 March 2002



13 March 2002





                         EDINBURGH US TRACKER TRUST PLC
                           RESULTS FOR THE YEAR ENDED
                                31 JANUARY 2002



Edinburgh US Tracker Trust aims to achieve long term growth of capital and
income by tracking the performance of the S&P Composite Index.



HIGHLIGHTS



  • NAV fell by 14.0% compared to a fall in the S&P Composite of 14.5%

  • Share price fell by 11.7% to 660p - representing a 0.2% premium to NAV

  • Revenue per share rose from 4.74p to 4.88p per share

  • Total dividend remains unchanged at 4.85p



For further information, please contact:

David McCraw, Director
Edinburgh Fund Managers plc                 0131 313 1000

Ian Massie, Director
Edinburgh Fund Managers plc                 0131 313 1000


                         EDINBURGH US TRACKER TRUST PLC


Chairman's Statement - 31 January 2002

I am pleased to report that the company continues to meet the objective of
tracking the performance of the S&P Composite Index.  In the 12 months to 31
January 2002, the net asset value per share (NAV) fell by 14.0% to 658.77p
compared to a fall of 14.5% in the index (in sterling terms).  The difference in
the returns was attributable to the timing of the sales of non index stocks
received through spin-offs from constituents of the index and the benefit from
issuing new shares at a premium to net asset value.

Since the investment objective of the company was revised in June 1997, the
capital performance has matched that of the index to within 0.5% per annum.
This close tracking of the index confirms the reliability of the tracking
methodology employed by the company.

The company's share price fell by 11.7% over the year to 660p.  At 31 January
2002 that price represented a premium of 0.2% to the net asset value of 658.77p.
At the start of the financial year, the share price had been trading at a
discount to the net asset value of 2.5%.  The company's shares traded at a
premium to the net asset value for most of last year and a total of 4,910,000
new shares were issued at small premia to meet investor demand.


Revenue

Revenue per share rose from 4.74p to 4.88p per share.  The increase was
attributable mainly to the favourable movement in the value of sterling.  Your
board is recommending a final dividend of 2.85p which will take the total
dividends for the year to 4.85p, which is unchanged from last year.



Marketing

Last year the Association of Investment Trust Companies (AITC) decided that a
financial contribution to promotional activities would be a compulsory part of
an investment trust's continuing membership.  The issues which the AITC's
marketing campaign seeks to address are less relevant to a trust which is a
tracker fund and whose shares are trading at a premium to net asset value.  Your
board decided that it was inappropriate to commit shareholders' funds to this
marketing effort and we have withdrawn from the AITC.

Your board continues to promote the company through the manager's marketing
initiative.  This provides a series of savings schemes by which savers can
invest in Edinburgh US Tracker Trust in a low cost and convenient manner.  The
company contributed £90,000 to this initiative during the past year.  Up to date
information about the company is available on the company's website on
www.edinburghustracker.com.



Annual General Meeting

The company's Articles of Association require shareholders to vote on the
continuation of the company at every Annual General Meeting.  Accordingly, a
resolution to this effect will be proposed as Special Business at the Annual
General Meeting to be held on 13 May 2002.  If this resolution is not passed,
the company will be liquidated later this year.  Liquidation would result in a
disposal of the company's shares for taxation purposes and therefore
shareholders should consider carefully whether they wish the company to be wound
up.  There will be another opportunity to consider the future of the company at
the same time next year.

The economic strength of the US lies in the size of the market place, the
mobility of labour and an entrepreneurial culture.  These factors have combined
to create an environment where a large number of US companies have emerged as
world leaders in many industries.  Edinburgh US Tracker Trust provides
shareholders with a broadly diversified portfolio which covers the top 500
companies in the Unites States of America.

I believe that our investment performance, aided by low management and
administration costs, as evidenced by the total expense ratio of 0.3%,
underlines the attractions of the index tracking approach to investors.  Your
board therefore strongly recommends all shareholders to vote in favour of the
resolution.

Also under Special Business, an ordinary resolution proposing an increase in the
authorised share capital of the company will be put before shareholders.  The
increase in the authorised share capital is required to facilitate the potential
issue of new shares in the company.  In conjunction with this, an ordinary
resolution is also proposed granting the directors authority to allot relevant
securities up to an aggregate nominal amount of £7,365,097.  That figure equates
to one-third of the company's existing issued ordinary share capital and is in
accordance with institutional guidelines.

The directors are also seeking shareholder approval to renew the authority to
issue new shares for cash to meet investor demand provided the subscription
price is not below the net asset value per share.  Your board also currently has
authority to purchase the company's shares for cancellation.  This authority
would only be exercised were the shares persistently to trade at a discount in
excess of the levels reached in recent years.  Special resolutions proposing an
extension of these facilities will be put to shareholders at the Annual General
Meeting.


Board of Directors

The Earl of Mansfield, having passed the age of 70, will not be seeking
re-election at the forthcoming Annual General Meeting.  Lord Mansfield joined
the board in 1985 and on behalf of shareholders and the board I should like to
take this opportunity of thanking him for his valuable contribution to the
affairs of the company over many years.

James Ferguson, who has many years of investment experience and is a former
Chairman of Stewart Ivory, was appointed to the board on 12 March 2002 and will
stand for re-election at the Annual General Meeting.



Sir Angus Grossart

Chairman         13 March 2002


STATEMENT OF TOTAL RETURN

for the year ended 31 January 2002 (audited)
                                                                 Revenue           Capital              Total
                                                                    £000               £000               £000
Realised gains on investments                                          -                288                288
Decrease in unrealised appreciation                                    -           (90,394)           (90,394)
Foreign exchange gains                                                 -                224                224
Total capital losses on investments                                    -           (89,882)           (89,882)


Investment income                                                  7,696                  -              7,696
Interest receivable                                                  105                  -                105
Investment management fee                                        (1,433)                  -            (1,433)
Administrative expenses                                            (439)                  -              (439)


Net return before taxation                                         5,929           (89,882)           (83,953)

Taxation                                                         (1,766)                  -            (1,766)

Return on ordinary activities after taxation                       4,163           (89,882)           (85,719)
Dividends in respect of equity shares                            (4,219)                  -            (4,219)

Transfer from reserves                                              (56)           (89,882)           (89,938)

Return per ordinary share                                          4.88p          (105.27p)          (100.39p)



STATEMENT OF TOTAL RETURN
for the year ended 31 January 2001 (audited)
                                                                  Revenue           Capital              Total
                                                                     £000              £000               £000
Realised gains on investments                                          -             15,692             15,692
Increase in unrealised appreciation                                    -             38,562             38,562
Foreign exchange gains                                                 -                273                273
Total capital losses on investments                                    -             54,527             54,527


Investment income                                                  7,507                  -              7,507
Interest receivable                                                  161                  -                161
Investment management fee                                        (1,623)                  -            (1,623)
Administrative expenses                                            (463)                  -              (463)


Net return before taxation                                         5,582             54,527             60,109

Taxation                                                         (1,636)                  -            (1,636)

Return on ordinary activities after taxation                       3,946             54,527             58,473
Dividends in respect of equity shares                            (4,039)                  -            (4,039)

Transfer from reserves                                              (93)             54,527             54,434

Return per ordinary share                                          4.74p             65.48p             70.22p


BALANCE SHEET (audited)
as at 31 January 2002


                                                                                2002                        2001
                                                                £000           £000           £000         £000

Fixed assets
Investments                                                                  580,194                     637,898

Current assets
Debtors                                                         2,069                           829
Cash and short term deposits                                    2,977                         3,248
                                                                5,046                         4,077

Creditors: amounts falling due within one year                  4,174                         3,609

Net current assets                                                               872                         468
                                                                             581,066                     638,366

Provision for liabilities and charges                                          (154)                       (155)
                                                                             580,912                     638,211

Capital and reserves
Called up share capital                                                       22,045                      20,816
Share premium                                                                 31,410                           -
Capital reserve - realised                                                   350,851                     350,339
Capital reserve - unrealised                                                 175,325                     265,719
Revenue reserve                                                                1,281                       1,337

Total equity shareholders' funds                                             580,912                     638,211


Net asset value per equity share                                             658.77p                     766.43p



CASHFLOW STATEMENT (audited)
for the year ended 31 January 2002
                                                                           2002                            2001
                                                           £000            £000            £000            £000
Net cash inflow from operating activities                                 5,857                           5,568


Taxation
UK corporation tax paid                                   (628)                           (656)
Overseas tax paid less recovered                        (1,136)                         (1,092)
Total tax paid                                                          (1,764)                         (1,748)


Financial Investment
Purchase of investments                                (39,520)                        (42,636)
Sale of investments                                       7,692                          42,829


Net cash outflow from financial investment                             (31,828)                             193

Equity dividends paid                                                   (4,079)                         (4,039)

Net cash outflow before financing                                      (31,814)                            (26)

Financing
Issue of ordinary shares                                 31,319                               -


Net cash outflow from financing                                          31,319                               -


Decrease in cash                                                          (495)                            (26)



NOTES :

1.     The accounts are prepared under the same accounting policies used for the
       year to 31 January 2001.

2.     The proposed final dividend, subject to shareholder approval, will be
       paid on 14 May 2002 to shareholders on the register at the close of 
       business on 19 April 2002. The ex-dividend date is 17 April 2002.

3.     The statement of total return, the balance sheet and the cashflow
       statement set out above do not represent full accounts in accordance with
       Section 240 of the Companies Act 1985. The financial information for the 
       year ended 31 January 2001 has been extracted from the Annual Report and 
       Accounts of the Company which have been filed with the Registrar of 
       Companies. The auditors' report on those accounts was unqualified. The 
       statutory accounts for 2002 are unqualified and will be delivered to the 
       Registrar of Companies following the Company's Annual General Meeting 
       which will be held on 13 May 2002 at 11.00am.

4.     The Annual Report and Accounts will be posted to shareholders on 2
       April 2002 and copies will be available from the investment manager.



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 US Tracker Trust plc

Edinburgh Fund Managers plc, Secretary


END


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