Final Results

10 March 2004


                     EDINBURGH US TRACKER TRUST PLC
               RESULTS FOR THE YEAR ENDED 31 JANUARY 2004

Edinburgh US Tracker Trust aims to achieve long term growth of capital
and income by tracking the performance of the S&P Composite 500 Index.


                               HIGHLIGHTS

·    NAV rose by 19.3% compared to a rise of 19.4% in the S&P Composite
     500 Index

·    Share price rose by 19.9% to 485.0p - representing a 5.4% discount
     to NAV

·    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 500 Composite Index. In the 12 months to 31 January 2004, the
net asset value per share (NAV) rose by 19.3% to 512.50p compared to  an
increase of 19.4% in the index (in sterling terms). The company's  share
price rose by 19.9% over the year to 485.0p which represented a discount
of  5.4% to the net asset value. At the start of the financial year, the
share price was standing at a discount of 5.9%.

In the first half of the year, a swift conclusion to the war in Iraq and
a  recovery  in  corporate profits pushed share prices  sharply  higher.
Stronger  economic data provided further support for equity  markets  in
the  second half although a key factor for UK investors was the weakness
of  the  US  dollar.  Over  the financial year, the  US  dollar/sterling
exchange rate fell from $1.64 to $1.82 so that the rise of 32.2% in  the
S&P 500 Composite Index in local currencies translated to only 19.4%  in
sterling terms.

Revenue
US  companies  have  started to increase distributions  to  shareholders
following changes in US taxation. The movement in the US dollar/sterling
exchange  rate  however  has militated against these  increases  flowing
through to shareholders and revenue per share fell from 4.98p to  4.94p.
Your  board  is recommending a final dividend of 2.85p which  will  take
total  dividends  for  the year to 4.85p, which is unchanged  from  last
year.  If  the US dollar weakens further in the year ahead, revenue  per
share may not be sufficient to cover fully the current level of dividend
distributions to shareholders. The company however has revenue  reserves
of  1.67p per share and your board is able to utilise these reserves, if
appropriate, to maintain dividends to shareholders.

Manager
Our  investment  manager, Edinburgh Fund Managers plc, was  acquired  by
Aberdeen  Asset  Management PLC during the financial  year.  Your  board
sought  and  received assurances from both companies that the management
of  index tracker funds will be an important part of the combined  group
strategy  and that the trust would continue to be managed  by  the  same
investment and secretarial team.

On  16  October  2003, the company announced that  it  had  agreed  with
Edinburgh Fund Managers to change the period of notice required in order
to terminate the Management and Secretarial Agreement from twelve months
to  three  months.  In addition, it was agreed that the  management  fee
payable  to Edinburgh Fund Managers be reduced from 0.25% per  annum  to
0.20%  per  annum.  No  compensation was payable  in  respect  of  these
amendments.   All  other  aspects  of  the  Management  and  Secretarial
Agreement remain unchanged.

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 £104,000 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.

Corporate Governance
In  July 2003, the Financial Reporting Council issued a revised Combined
Code which incorporates recommendations made by the Higgs Review and the
Smith  Report.  These  revisions come into effect  for  reporting  years
beginning  on  or  after 1 November 2003. The company has  reviewed  the
revised   Combined  Code  and  has  enhanced  its  corporate  governance
procedures accordingly.

Board of Directors
Archie Hunter was appointed to the board on 1 September 2003. Mr Hunter,
who  is  a  chartered  accountant, spent his career in  the  accountancy
profession  and  is  a  former President of the Institute  of  Chartered
Accountants  of  Scotland. He will be standing for  re-election  at  the
Annual General Meeting.

It  was with great sadness that we learnt of the death of Bill Wilson on
25  December 2003. He had been an invaluable director of the company and
we  gained much from his knowledge of business and the investment  trust
sector. We greatly miss his views and support.

Guy Crawford was appointed to the board on 8 March 2004.  Mr Crawford is
a   chartered  accountant  and  has  been  involved  in  the  investment
management  industry  for  over 30 years, until  recently  as  a  senior
investment manager at Caledonia Investments. He will be standing for re-
election at the Annual General Meeting.

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  12  May
2004.  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 0.3% per
annum.  The  annualised return for the company's net  asset  values  per
share for the period 31 July 1997 to 31 January 2004 was 1.27% per annum
compared  to  an annualised return of 0.99% 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  0.36%,
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 the 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  size  of the economy and stock market, the mobility of the nation's
labour  force and the country's entrepreneurial culture have  enabled  a
large  number  of  US  companies to emerge  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.


Sir Angus Grossart
Chairman


STATEMENT OF TOTAL RETURN
for the year ended 31 January 2004 (audited)
                                          Revenue    Capital      Total
                                             £000       £000       £000
Realised losses on investments                  -      (131)      (131)
Increase in unrealised appreciation             -     73,447     73,447
Foreign exchange losses                         -      (251)      (251)
                                          _______    _______    _______
Total capital gains on investments              -     73,065     73,065

Investment income                           7,687          -      7,687
Interest receivable                            22          -         22
Investment management fee                 (1,047)          -    (1,047)
Administrative expenses                     (435)          -      (435)
                                          _______    _______    _______

Net return before taxation                  6,227     73,065     79,292
Taxation                                  (1,864)          -    (1,864)
                                          _______    _______    _______
Return  on  ordinary activities
after taxation                              4,363     73,065     77,428

Dividends in respect of equity shares     (4,286)          -    (4,286)
                                          _______    _______    _______

Transfer to reserves                           77     73,065     73,142
                                          _______    _______    _______

Return per ordinary share                   4.94p     82.67p     87.61p
                                          _______    _______    _______


________________________________________________________________________

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)
Decrease 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 taxation                             4,404  (202,498)  (198,094)

Dividends in respect of equity shares    (4,290)          -    (4,290)
                                         _______    _______    _______

Transfer to reserves                         114  (202,498)  (202,384)
                                         _______    _______    _______

Return per ordinary share                  4.98p  (229.12p)  (224.14p)
                                         _______    _______    _______


BALANCE SHEET (audited)
as at 31 January
                                              2004               2003
                                            £000      £000      £000      £000
Fixed assets
Investments                                        453,048             379,765

Current assets
Debtors                                    1,933                 497
Cash and short term deposits               2,669               2,810
                                         _______             _______

                                           4,602               3,307

Creditors: amounts falling due
within one year                            4,620               3,187
                                         _______             _______

Net current assets                                    (18)                120
                                                   _______            _______

                                                   453,030            379,885



Provision forliabilities and charges                  (77)               (74)
                                                   _______            _______

                                                   452,953            379,811
                                                   _______            _______


Capital and reserves
Called up share capital                             22,095             22,095
Share premium                                       32,643             32,643
Capital reserve - realised                         343,575            343,957
Capital reserve - unrealised                        53,168           (20,279)

Revenue reserve                                      1,472              1,395
                                                   _______            _______

Total equity shareholders' funds                   452,953            379,811
                                                   _______            _______


Net asset value per equity share                   512.50p            429.74p





CASHFLOW STATEMENT (audited)
for the year ended 31 January
                                                  2004               2003
                                               £000      £000     £000      £000
Net cash inflow from operating activities               6,206              6,110

Taxation
UK corporation tax paid                       (725)              (723)
Overseas tax paid less recovered            (1,132)            (1,125)
                                            _______            _______

Total tax paid                                        (1,857)            (1,848)


Financial Investment
Purchase of investments                     (3,066)           (21,998)
Sale of investments                           3,113             19,570
                                            _______            _______

Net cash inflow from financial investment                  47            (2,428)

Equity dividends paid                                 (4,286)            (4,284)
                                                      _______            _______

Net cash inflow before financing                          110            (2,450)


Financing
Issue of ordinary shares net of
issue expenses                                   -               2,606
                                            _______            _______

Net cash inflow from financing                              -             2,606
                                                      _______           _______

Increase in cash                                          110               156
                                                      _______           _______



NOTES :
1.The accounts are prepared under the same accounting policies used  for
the year to 31 January 2003.
2. The proposed final dividend, subject to shareholder approval, will be
paid  on  14  May 2004 to shareholders on the register at the  close  of
business on 16 April 2004. The ex-dividend date is 14 April 2004.
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 2003 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 2004 are unqualified and will be
delivered  to the Registrar of Companies following the Company's  Annual
General Meeting which will be held on 12 May 2004 at 11.00am.
4.   The Annual Report and Accounts will be posted to shareholders on 26
March 2004 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