Interim Results - Replacement

Edinburgh US Tracker Trust PLC 5 September 2000 The issuer has advised that the Interim Results announcement released today at 07:30 under RNS No 3759Q, was issued under the incorrect Company name of Edinburgh UK Tracker Trust Plc. The announcement should have been released under the correct Company name of Edinburgh US Tracker Trust Plc. The full text shown below remains unchanged. EDINBURGH US TRACKER TRUST PLC Edinburgh US Tracker Trust aims to achieve long term growth of capital and income by tracking the performance of the S&P Composite Index. INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 2000 HIGHLIGHTS Net asset value per share(NAV') increased by 11.3% to 780.07p compared to a rise of 11.0% in the index (in sterling terms) The company's share price rose by 15.2% to 747.5p, representing a discount of 4.2% to NAV An interim dividend of 2.00p per share for the year to 31 January 2001 has been declared For further information, please contact:- David McCraw, Director Edinburgh Fund Managers plc 0131 313 1000 Alex Gowans, Director Edinburgh Fund Managers plc 0131 313 1000 CHAIRMAN'S STATEMENT I am pleased to report that the company continues to meet the objective of tracking the performance of the S&P Composite Index. The net asset value per share increased by 11.3% to 780.07p compared to a rise of 11.0% in the index (in sterling terms). The company's share price increased by 15.2% to 747.5p, which represents a discount of 4.2% to the net asset value. US share prices have struggled to make much progress so far this year following a series of increases in US interest rates. The S&P Composite Index rose by only 2.6% in local currency terms over the period to 31 July 2000. A large part of the 11.0% gain recorded by the index in sterling terms reflected a fall in the value of sterling in relation to the US dollar. Edinburgh US Tracker is the only UK investment trust to track the performance of the S&P Composite Index and provides shareholders with a broadly diversified portfolio which invests in the top 500 companies in the United States of America. The strategy employed by the company to track the index is full replication of the index constituents. This means that the company holds every stock making up the S&P Composite Index in an amount that equals the stock's weighting in the index. Revenue The revenue return per share for the period was 2.24p (1999: 2.31p) and the small reduction from the previous period reflects the increasing impact of fast growing but low yielding stocks within the index. The directors have declared an interim dividend of 2.00p (1999: 2.00p) per share for the year to 31 January 2001 payable on 13 October 2000 to shareholders on the register on 22 September 2000. Continuation Vote Your board was encouraged by the continued support for the company as expressed by the vote for continuation at the Annual General Meeting in May. Of the 43.8 million shares voted by proxy, 99.99% were cast in favour of continuation. Investment Activity Activity within the portfolio reflected changes to the constituents of the index. The values of stocks purchased and sold were £24.9 million and £26.8 million respectively and this higher level of activity was generated mainly by takeover activity and the introduction of some larger companies to the index. 19 new stocks were added to the portfolio during the period with the larger additions including Veritas Software, Broadcom, JDS Uniphase and Qwest Communications. Outlook The presidential election in November has so far generated little effect in the equity markets. Both presidential candidates' policies are focused on the middle ground of US politics with the main area for debate being the allocation of the government's financial surplus. Evidence is now beginning to emerge that higher interest rates have been effective in slowing down the pace of growth within the US economy and that the prospect for further interest rate increases is low. Corporate profits have continued to exceed market expectations and have provided support for equities in this period of rising interest rates. The peaking of interest rates, once confirmed, may further support US equity markets in the months ahead. Up-to-date information about the company is now available on the company's website on www.edinburghustracker.com. Sir Angus Grossart, Chairman 5 September 2000 STATEMENT OF TOTAL RETURN for the six months to 31 July 2000 (unaudited) Revenue Capital Total £000 £000 £000 Realised gains on investments - 10,860 10,860 Increase in unrealised - 54,564 54,564 appreciation on investments Foreign exchange gains - 171 171 Income from investments 3,643 - 3,643 Interest receivable 53 - 53 Other income 13 - 13 Investment management fee (803) - (803) Administrative expenses (238) (2) (240) ______ ______ ______ Return on ordinary activities 2,668 65,593 68,261 before taxation Taxation (801) - (801) ______ ______ ______ Return on ordinary activities 1,867 65,593 67,460 after taxation Dividends in respect of non- - - - equity shares ______ ______ ______ Return attributable to equity 1,867 65,593 67,460 shareholders ______ ______ ______ Return per ordinary share 2.24p 78.77p 81.01p ______ ______ ______ For the six months to 31 July Revenue Capital Total 1999 (unaudited) £000 £000 £000 Realised gains on investments - 5,341 5,341 Increase in unrealised - 23,427 23,427 appreciation on investments Foreign exchange gains - 56 56 Income from investments 3,610 - 3,610 Interest receivable 27 - 27 Other income - - - Investment management fee (702) - (702) Administrative expenses (150) - (150) ______ ______ ______ Return on ordinary activities 2,785 28,824 31,609 before taxation Taxation (839) - (839) ______ ______ ______ Return on ordinary activities 1,946 28,824 30,770 after taxation Dividends in respect of non- (18) - (18) equity shares ______ ______ ______ Return attributable to equity 1,928 28,824 30,752 shareholders ______ ______ ______ Return per ordinary share 2.31p 34.61p 39.92p ______ ______ ______ For the year to 31 January 2000 (audited) Revenue Capital Total £000 £000 £000 Realised gains on investments - 10,898 10,898 Increase in unrealised - 45,227 45,227 appreciation on investments Foreign exchange losses - (7) (7) Premium on redemption of preference stock and associated - (70) (70) costs Income from investments 7,134 - 7,134 Interest receivable 67 - 67 Other income - - - Investment management fee (1,422) - (1,422) Administrative expenses (403) - (403) ______ ______ ______ Return on ordinary activities 5,376 56,048 61,424 before taxation Taxation (1,630) - (1,630) ______ ______ ______ Return on ordinary activities 3,746 56,048 59,794 after taxation Dividends in respect of non- (39) - (39) equity shares ______ ______ ______ Return attributable to equity 3,707 56,048 59,755 shareholders ______ ______ ______ Return per ordinary share 4.45p 67.31p 71.76p ______ ______ ______ BALANCE SHEET At 31 At 31 At 31 July 2000 January July 1999 2000 £000 £000 £000 Fixed assets Investments 647,757 584,263 557,501 Current assets Debtors 6,001 1,936 2,040 Cash and short term deposits 3,599 3,001 1,730 ------- ------- ------ --- --- ---- 9,600 4,937 3,770 Creditors: amounts falling due 7,644 5,285 2,912 within one year Net current 1,956 (348) 858 assets/(liabilities) ______ ______ ______ 649,713 583,915 558,359 Provision for liabilities (141) (138) (161) and charges ______ ______ ______ 649,572 583,777 558,198 ______ ______ ______ Capital and reserves Called up share capital - - 1,058 :non-equity ______ ______ ______ Called up share capital 20,816 20,816 20,816 :equity Other reserves 628,756 562,961 536,324 ______ ______ ______ Total equity shareholders' 649,572 583,777 557,140 funds ______ ______ ______ 649,572 583,777 558,198 ______ ______ ______ Net asset value per equity 780.07p 701.06p 669.07p share CASHFLOW STATEMENT 6 months 6 months 12 months to to to 31 July 31 July 31 January 2000 1999 2000 £000 £000 £000 Net cash inflow from 2,616 3,056 5,771 operating activities Net cash outflow from - (19) (39) servicing of finance Total tax paid (843) (614) (412) Net cash inflow from 1,029 710 1,942 financial investment Equity dividends paid (2,373) (2,373) (4,039) ______ ______ ______ Net cash inflow before 429 760 3,223 financing Net cash outflow from (2) - (1,128) financing ______ ______ ______ INCREASE IN CASH AND CASH EQUIVALENTS 427 760 2,095 ______ ______ ______ NOTES : 1. The accounts are prepared under the same accounting policies used for the year to 31 January 2000. 2. The interim dividend for the year ended 31 January 2001 will be paid on 13 October 2000 to shareholders on the register at the close of business on 22 September 2000. The ex-dividend date is 18 September 2000. 3. The statement of total return and the balance sheet 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 2000 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. 4. The Interim Report will be posted to shareholders on 21 September 2000 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 David Holland, Assistant Company Secretary

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