Final Results

5 March 2003

EDINBURGH US TRACKER TRUST PLC
RESULTS FOR THE YEAR ENDED
31 JANUARY 2003
                                    
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 34.8% compared to a fall of 34.9% in the S&P Composite
     Index

·    Revenue per share rose from 4.88p to 4.98p per share

·    Total dividend remains unchanged at 4.85p



For further information, please contact:

David McCraw
Edinburgh Fund Managers plc                       0131 313 1000

Ian Massie
Edinburgh Fund Managers plc                       0131 313 1000



EDINBURGH US TRACKER TRUST PLC

Chairman's Statement

The  company continues to meet the objective of tracking the performance
of  the  S&P Composite Index.  In the 12 months to 31 January 2003,  the
net  asset value per share (NAV) fell by 34.8% to 429.74p compared to  a
fall  of  34.9%  in the index (in sterling terms).  The company's  share
price  fell  by  38.7%  over  the year to 404.50p  which  represented  a
discount  of 5.9% to the net asset value.  At the start of the financial
year,  the share price was standing at a premium to the net asset  value
of 0.2%.

The  sharp fall in US share prices was the result of a number of factors
rather  than a  single  event.   Accounting  irregularities,  corporate
failures, profit warnings and the prospect of military intervention  in
Iraq  created a steady flow of negative news that pushed the  US  equity
market  to  its  lowest level since 1997.  Low levels of  inflation  and
falling  bond yields provided little support for equities.  For sterling
based  investors, the poor returns from US equities were  compounded  by
the weakness of the US dollar against sterling, which fell from $1.41 to
$1.64.

Revenue
Revenue  per share rose slightly from 4.88p to 4.98p and 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.   If
the  US dollar remains weak, against sterling, revenue per share in  the
year  ahead  may not be sufficient to cover fully the current  level  of
dividend distributions to shareholders.  The company however has revenue
reserves  of 1.58p per share and your board will utilize these  reserves
if required to maintain dividends to shareholders in the year ahead.

Marketing
Your  board  continues  to  promote the company  through  the  manager's
marketing initiative which provides a series of savings schemes  through
which savers can invest in Edinburgh US Tracker Trust in a low cost  and
convenient  manner.  The company contributed £126,000 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 Wednesday  28  May
2003.   If this resolution is not passed, a resolution to liquidate  the
company will be proposed 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.

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.   The  annualised returns for the company's net asset values  for
the  period  31  July  1997 to 31 January 2003  were  -1.68%  per  annum
compared  to an annualised return of -2.08% per annum for the index.   I
believe  that  our investment performance, aided by low  management  and
administration costs, as evidenced by the total expense ratio of  0.32%,
underlines  the attractions of the index tracking approach to investors.
Your  board  therefore strongly recommends all shareholders to  vote  in
favour of the resolution.

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  has  authority  to  purchase  the  company's  shares   for
cancellation  were the shares to trade persistently  on  a  discount  in
excess  of  the  levels  reached in recent years.   Special  resolutions
proposing  an  extension of these facilities will be put to shareholders
in the Annual General Meeting.

The  economic attractions of the US are based on 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 listed companies  in  the
United States of America.


Sir Angus Grossart
Chairman

STATEMENT OF TOTAL RETURN
for the year ended 31 January 2003 (audited)


                                        Revenue      Capital       Total
                                           £000         £000        £000
Realised losses on investments                -      (6,571)     (6,571)
Increase in unrealised appreciation           -    (195,604)   (195,604)
Foreign exchange losses                       -        (323)       (323)
                                        _______      _______     _______

Total capital losses on investments           -    (202,498)   (202,498)
                                                                        
Investment income                         7,746            -       7,746
Interest receivable                          37            -          37
Investment management fee               (1,104)            -     (1,104)
Administrative expenses                   (419)            -       (419)
                                        _______       ______      ______
                   
Net return before taxation                6,260    (202,498)   (196,238)
Taxation                                (1,856)            -     (1,856)
                                        _______      _______     _______
                                                                        
Return on ordinary activities  after      4,404    (202,498)   (198,094)
taxation
Dividends   in  respect  of   equity    (4,290)            -     (4,290)
shares                                  _______      _______     _______
                                                                        
Transfer to reserves                        114    (202,498)   (202,384)
                                        _______      _______     _______
                               
Return per ordinary share                 4.98p    (229.12p)   (224.14p)
                                        _______     _______      _______

STATEMENT OF TOTAL RETURN
for the year ended 31 January 2002 (audited)


                                      Revenue        Capital       Total
                                         £000           £000        £000

Realised losses on investments              -            288         288
Decrease       in       unrealised          -       (90,394)    (90,394)
appreciation
Foreign exchange losses                     -            224         224
                                      _______        _______     _______
Total     capital    losses     on          -       (89,882)    (89,882)
investments
                                                                        
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      4,163       (89,882)    (85,719)
after taxation
Dividends  in  respect  of  equity    (4,219)              -     (4,219)
shares                                _______        _______     _______
                                                                        
Transfer to reserves                     (56)       (89,882)    (89,938)
                                      _______        _______     _______
                                                                        
Return per ordinary share               4.88p      (105.27p)   (100.39p)
                                      _______        _______     _______

BALANCE SHEET (audited)
as at 31 January 2003

                                        2003                2002

                                     £000       £000      £000      £000
                                                                        
Fixed assets                                                            
Investments                                  379,765             580,194
                                                                        
Current assets                                                          
Debtors                               571                2,069          
Cash and short term deposits        2,810                2,977 
                                  _______              _______
         
                                    3,381                5,046          
                                                                        
Creditors:  amounts falling  due    3,187                4,174
within one year                   _______              _______          

                                                                        
Net current assets                               194                 872
                                             _______             _______
 
                                             379,959             581,066
                                                                        
Provision  for  liabilities  and               (148)               (154)
charges                                      _______             _______ 

                                             379,811             580,912
                                             _______             _______                                                
                         
Capital and reserves                                                    
Called up share capital                       22,095              22,045
Share premium                                 32,463              31,410
Capital reserve - realised                   343,957             350,851
Capital reserve - unrealised                (20,279)             175,325
Revenue reserve                                1,395               1,281
                                             _______             _______ 
                          
Total equity shareholders' funds             379,811             580,912
                                             _______             _______                                                
                       
                                                                      
Net asset value per equity share             429.74p             658.77p




CASHFLOW STATEMENT (audited)
for the year ended 31 January 2003

                                     2003                  2002

                                 £000         £000       £000       £000

Net cash inflow from                         6,110                 5,857
operating activities
                                                                        
Taxation                                                                
UK corporation tax paid         (723)                   (628)           
Overseas tax paid less        (1,125)                 (1,136)    
                             _______                  _______       
recovered
Total tax paid                             (1,848)               (1,764)
                                                                        
Financial Investment                                                    
Purchase of investments      (21,998)                (39,520)           
Sale of investments            19,570                   7,692           
                              _______                  _______                                                          
             

Net cash outflow from                      (2,428)              (31,828)
financial investment
                                                                        
Equity dividends paid                      (4,284)               (4,079)
                                           _______               _______                                                
          

Net cash outflow before                    (2,450)              (31,814)
financing
                                                                        
Financing                                                               
Issue of ordinary shares        2,606                  31,319           
net of issue expenses         _______                 _______ 
                                                                        
Net cash inflow from                         2,606                31,319
financing                                  _______               _______
                                                                     
Increase in cash                               156                 (495)
                                           _______               _______


NOTES :

1.The accounts are prepared under the same accounting policies used  for
  the year to 31 January 2002.
2.The proposed final dividend, subject to shareholder approval, will be
  paid  on  29  May 2003 to shareholders on the register at the  close  of
  business on 2 May 2003. The ex-dividend date is 30 April 2003.
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 2002 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 2003 are unqualified and will be
  delivered  to the Registrar of Companies following the Company's  Annual
  General Meeting which will be held on 28 May 2003 at 11.00am.
4.The Annual Report and Accounts will be posted to shareholders on 20
  March 2003 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