Result of AGM

RESULTS OF THE ANNUAL GENERAL MEETING HELD ON 12 MAY 2004

The board are pleased to announce that at the Annual General Meeting held on  12
May  2004,  all resolutions were passed by shareholders including the resolution
releasing directors from the obligation to liquidate the company this year.

The  proxy votes received in respect of the Annual General Meeting are shown  in
the following table:
(Note:  4 shares equates to one vote).

      Ordinary                    For  Against    Abstain             Total
     Resolutions
1     Adoption of  2004     3,414,986    2,572    219,728         3,637,286
     report        and
     financial
     statements
2     Approval       of     3,361,031    1,697    274,558         3,637,286
     Directors'
     Remuneration
     Report
3     Declaration    of     3,419,726      221    217,349         3,637,296
     final dividend
4     Re-election    of     3,416,350    3,589    217,348         3,637,287
     James Ferguson
5     Election       of     3,415,952    3,629    217,705         3,637,286
     Archie Hunter
6     Election  of  Guy     3,415,673    3,854    217,759         3,637,286
     Crawford
7     Re-appointment of     3,415,735    3,669    217,883         3,637,287
     KPMG as auditors
8     Authorisation  of     3,415,526    4,314    217,447         3,637,287
     directors to  fix
     the  remuneration
     of the auditors
      Special                     For  Against    Abstain             Total
     Resolutions
9     Release  of   the     3,508,417   49,734     59,985         3,618,136
     directors    from
     obligation     to
     convene an EGM in
     2004  at which  a
     resolution   will
     be passed to wind
     up the company
10    Limited               3,247,333   56,515    313,218         3,617,066
     disapplication of
     pre-emption
     rights
11    Share     buyback     3,353,803   43,881    219,132         3,616,816
     authority

PASSING OF RESOLUTIONS UNDER ORDINARY AND SPECIAL BUSINESS

A copy of the above document has been submitted to the UK Listing Authority, and
will  shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

For Edinburgh US Tracker Trust plc
Edinburgh Fund Managers plc
Secretary