Final Results

15 March 2005


                         EDINBURGH US TRACKER TRUST PLC
                   RESULTS FOR THE YEAR ENDED 31 JANUARY 2005

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 1.1% compared to a rise of 0.8% in the S&P Composite 500 Index

-    Total dividend increased by 4.1% to 5.05p



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 its objective of tracking the performance of  the
S&P  500  Composite Index. In the 12 months to 31 January 2005,  the  net  asset
value  per share (NAV) rose by 1.1% to 518.26p compared to an increase  of  0.8%
from the index (in sterling terms). The Company's share price was unchanged over
the year at 485p which represented a discount of 6.4% to the net asset value. At
the  start of the financial year, the share price was standing at a discount  of
5.4%.  The  Company  bought back 5,450,000 of its own  shares  for  cancellation
during the year enhancing the NAV for continuing shareholders by 2.07p.

US  economic growth and corporate profits were ahead of expectations  last  year
but  the  US equity market struggled to make any progress. In the first half  of
the  year, investors became increasingly cautious about the impact of higher oil
prices on economic activity although these concerns abated towards the year  end
as  oil prices retreated. A rally in share prices in the closing months of  2004
enabled  the  S&P  500 Index to record a modest gain in the company's  financial
year. The Federal Reserve Board has increased US interest rates on six occasions
since  the  middle of 2004 with the Fed Funds rate rising from 1.0% to  2.5%  as
monetary policy has been tightened to control inflation.

Over the financial year, the US dollar/sterling exchange rate fell from $1.82 to
$1.89  which translated the rise of 4.4% in the S&P 500 Composite Index in local
currency (US dollar) to only 0.8% in sterling terms.

Revenue
US  companies have continued to increase distributions to shareholders following
changes  in  US  taxation and this has been reflected in the  Company's  revenue
return  per  share  which  has increased from 4.94p  to  5.16p.  Your  board  is
recommending a final dividend of 3.05p which will take total dividends  for  the
year to 5.05p, an increase of 4.1% from last year.

Edinburgh  US  Tracker  Trust, in line with many other UK  and  European  listed
companies,  will  be  adopting  and preparing  its  financial  statements  under
International Financial Reporting Standards (IFRS) with effect from  1  February
2005.  The  Manager has taken the necessary steps to deal with this  change-over
and,  based  on the reports submitted to the Board, I believe that,  apart  from
changes  to the presentation of the financial statements, the adoption  of  IFRS
will not have any significant impact on either the Company's income statement or
its balance sheet.

Manager
Our  Manager,  Edinburgh  Fund  Managers plc, was  acquired  by  Aberdeen  Asset
Management  PLC  in  2003.  The management of index  tracker  funds  remains  an
important  part of the combined group and the trust continues to be  managed  by
the  same  team  that  has produced consistently reliable performance  over  the
years. The Board believes that the continuing appointment of the manager, on the
terms agreed, is in the interests of shareholders.

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  to  this initiative during  the  past  year.  Up  to  date
information  about  the  Company  is  available  on  the  company's  website  on
www.edinburghustracker.co.uk.

Annual General Meeting
I  have been Chairman of the company since 1997 and am due to retire by rotation
at the forthcoming Annual General Meeting. My colleagues have asked me to remain
on  the Board and, having accepted their invitation, I shall be standing for re-
election at the Annual General Meeting and annually thereafter. If re-elected  I
intend to retire as a director of the Company at the AGM in 2007.

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 11 May 2005. 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 0.63% per annum. The
Company's  net asset value has risen by 1.25% per annum for the period  31  July
1997  to  31 January 2005 whilst the index has risen by 0.97% per annum for  the
same period.  I believe that our investment performance, aided by low management
and  administration  costs, as evidenced by the total expense  ratio  of  0.29%,
underlines  the  attractions of the index tracking approach for 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 above the net asset value per share. Your Board also has the authority
to  purchase  the  Company's  shares  for  cancellation.   Depending  on  market
circumstances your Board has been willing to use these authorities and issue  or
buy in shares, in the interests of shareholders as a whole.  Special resolutions
proposing  an extension of these facilities will be put to shareholders  in  the
Annual General Meeting.

The  maximum aggregate of directors' remuneration was last determined at £50,000
per  annum in 1997 and a resolution will be proposed at the AGM to increase this
limit to £75,000.

Outlook
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 2005 (audited)
                                         Revenue   Capital      Total
                                            £000      £000       £000
Realised gains on investments                  -     7,119      7,119
Movement in unrealised appreciation            -    (3,399)    (3,399)
Foreign exchange movements                     -      (325)      (325)
                                         ________  ________   ________
Total capital gains on investments             -     3,395      3,395

Investment income                          7,573         -      7,573
Interest receivable                          116         -        116
Investment management fee                   (881)        -       (881)
Administrative expenses                     (414)        -       (414)
                                         ________  ________   ________
Net return before taxation                 6,394     3,395      9,789
Taxation                                  (1,918)     (398)    (2,316)
                                         ________  ________   ________
Return  on ordinary activities  after      4,476     2,997      7,473
taxation
Dividends in respect of equity shares     (4,263)        -     (4,263)
                                         ________  ________   ________
Transfer to reserves                         213     2,997      3,210
                                         ________  ________   ________
Return per ordinary share                  5.16p     3.46p      8.62p
                                         ________  ________   ________

Total dividend per ordinary share          5.05p
                                         ________




STATEMENT OF TOTAL RETURN
for the year ended 31 January 2004 (audited)
                                        Revenue   Capital      Total
                                           £000      £000       £000
Realised losses on investments                -      (131)      (131)
Movement in unrealised appreciation           -    73,447     73,447
Foreign exchange movements                    -      (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      4,363    73,065     77,428
taxation
Dividends   in  respect  of   equity     (4,286)        -     (4,286)
shares
                                        ________  ________   ________
Transfer to reserves                         77    73,065     73,142
                                        ________  ________   ________
Return per ordinary share                 4.94p    82.67p     87.61p
                                        ________  ________   ________

Total dividend per ordinary share         4.85p

BALANCE SHEET (audited)
as at 31 January
                                         2005             2004
                                       £000    £000    £000    £000
Fixed assets
Investments                                  427,653         453,048

Current assets
Debtors                                 353           1,933
Cash and short term deposits          5,318           2,669
                                     _______         ______
                                      5,671           4,602

Creditors:  amounts  falling   due    3,472           4,620
within one year
                                     _______         ______

Net current assets/(liabilities)               2,199             (18)
                                            ________         ________
                                             429,852         453,030

Provision   for  liabilities   and              (54)             (77)
charges
                                            ________         ________

Total assets less liabilities                429,798          452,953
                                            ________         ________

Capital and reserves
Called up share capital                       20,733           22,095

Share premium                                 32,643           32,643

Capital redemption reserve                     1,362                -
Capital reserve - realised                   323,606          343,575
Capital reserve - unrealised                  49,769           53,168

Revenue reserve                                1,685            1,472
                                             _______          _______
Total equity shareholders' funds             429,798          452,953
                                             _______          _______

Net asset value per equity share             518.26p          512.50p



CASHFLOW STATEMENT (audited)
for the year ended 31 January
                                        2005            2004
                                     £000    £000    £000      £000
Net cash inflow from operating              6,591             6,206
activities

Taxation
UK corporation tax paid              (745)            (725)
Overseas tax paid less recovered   (1,355)          (1,132)
                                  ________          _______
Total tax paid                             (2,100)           (1,857)

Financial Investment
Purchase of investments           (10,907)          (3,066)
Sale of investments                40,008            3,113
                                  ________          _______

Net cash inflow from financial             29,101                47
investment

Equity dividends paid                      (4,253)           (4,286)
                                           _______           _______

Net cash inflow before financing           29,339               110


Financing
Buyback of ordinary shares        (26,235)               -
Buyback expenses                     (130)               -
                                  ________          _______

Net cash outflow from financing            (26,365)              -
                                           ________           ______
Increase in cash                             2,974             110
                                           ________           ______


NOTES :
1.  The accounts are prepared under the same accounting policies used for the year
    to 31 January 2004.
2.  The proposed final dividend, subject to shareholder approval, will be paid on 13
    May  2005  to shareholders on the register at the close of business on 15  April
    2005. The ex-dividend date is 13 April 2005.
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
    2004 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 2005 are unqualified  and
    will  be delivered to the Registrar of Companies following the Company's  Annual
    General Meeting which will be held on 11 May 2005 at 11.00am.
4.  The Annual Report and Accounts will be posted to shareholders in March 2005
    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