Interim Management Statement

The European Investment Trust plc

Interim Management Statement

for the quarter ended 30 June 2012

The Board of The European Investment Trust plc ("the Company") announces its
Interim Management Statement for the period from 1 April 2012 to 30 June 2012.
This statement is required by the UK Listing Authority's Disclosure and
Transparency Rules and should not be relied upon for any other purpose.

Objective

The objective of the Company is to achieve long-term capital growth through a
diversified portfolio of Continental European securities.

Financial Summary                      30 June 2012   31 March 2012    % Change
                                                                               
Net assets                                £241.43m        £256.66m         -5.9
                                                                               
Net asset value ("NAV") per share          573.88p         610.08p         -5.9
                                                                               
Share price                                481.00p         527.00p         -8.7
                                                                               
Share price discount to net asset            16.2%           13.6%            
value                                                                          

Manager's review

Performance

The NAV per share of the Company reduced from 610.08p to 573.88p during the
quarter ended 30 June 2012, resulting in a total return of -5.9%. This compares
with a total return of -7.2% in the FTSE All-World Europe ex UK Index in
sterling. The Company's share price decreased by 8.7% from 527p to 481p in the
three month period and as a consequence the share price discount to net asset
value widened from 13.6% to 16.2%.

Review of markets

Much of the recovery in markets that was witnessed in the first quarter ebbed
away in the second quarter. In large part this was due to the lack of movement
towards any clear resolution of the problems within Europe and a refocusing by
investors on the Greek election as well as the danger that Spain and Italy
might leave the euro. These concerns caused a fairly savage reaction in markets
which only began to reverse in the latter part of the quarter. Recent history
suggests that we should be cautious about initial reactions to measures arising
from European summits.

Portfolio strategy

Since Edinburgh Partners was appointed as Investment Manager in February 2010
it has believed that a balanced portfolio strategy was appropriate. The
portfolio consists of investments which have a degree of visibility and
security in their profit growth, as well as a smaller number of investments
where the visibility is lower but valuations, even on cautious assumptions,
appear to be extremely low. It has primarily been stocks in this latter, out of
favour, category, which have performed less well over the last few years as the
market has continued to reward visibility of earnings.

In the quarter under review a number of new investments were made including
Safran, Ipsos and Wirecard, all companies which have visible long-term growth
characteristics on reasonable valuations. Two holdings, Adidas and Banque
Cantonale Vaudoise, were sold as a result of strong performance and valuation
targets being achieved. The Telecom Italia and Nokia positions were also sold
as it became apparent that our initial investment case was not going to be
fulfilled.

Outlook

The reality that it will take a long period to resolve the structural and
cyclical problems in Europe is becoming increasingly obvious. Nevertheless,
many of our investments should continue to achieve market share gains in their
own sectors and be able to deliver profit growth. Eventually the combination of
profit growth and the current generally low valuations will lead to positive
equity market returns. Forecasting the timing of this is not something we would
be comfortable with and therefore we are left to conclude, as before, that
having a fully invested European portfolio and displaying patience will be
rewarded. The gearing facility has not yet been drawn down, as we await
appropriate investment opportunities.

Ten largest investments at 30 June 2012                                      
                                                                            
Ranking  Company          Sector              Country                   % of
                                                                  Net Assets
                                                                            
1        Sanofi           Health Care         France                     3.1
                                                                            
2        Vivendi          Consumer Services   France                     3.1
                                                                            
3        Gerresheimer     Health Care         Germany                    3.1
                                                                            
4        ENI              Oil & Gas           Italy                      2.9
                                                                            
5        Ryanair          Consumer Services   Ireland                    2.9
                                                                            
6        Prysmian         Industrials         Italy                      2.8
                                                                            
7        D'Ieteren        Consumer Services   Belgium                    2.7
                                                                            
8        Swedbank         Financials          Sweden                     2.7
                                                                            
9        Belgacom         Telecommunications  Belgium                    2.7
                                                                            
10       Intesa Sanpaolo  Financials          Italy                      2.7
                                                                            
                                                                        28.7

Sector distribution

                                30 June  
                                   2012  
                                         
                               % of Net  
                                 Assets  
                                         
Industrials                        26.5  
                                         
Consumer Services                  20.1  
                                         
Consumer Goods                     12.4  
                                         
Financials                         10.0  
                                         
Health Care                         8.4  
                                         
Oil & Gas                           7.7  
                                         
Basic Materials                     4.9  
                                         
Telecommunications                  2.7  
                                         
Technology                          2.5  
                                         
Utilities                           2.2  
                                         
Cash and other net assets           2.6  
                                         
                                  100.0  
                                         

Geographical distribution

                                30 June  
                                   2012  
                                         
                               % of Net  
                                 Assets  
                                         
France                             20.1  
                                         
Germany                            15.6  
                                         
Switzerland                        11.9  
                                         
Netherlands                        11.0  
                                         
Spain                               9.6  
                                         
Italy                               8.4  
                                         
Ireland                             5.5  
                                         
Belgium                             5.4  
                                         
Sweden                              2.7  
                                         
Norway                              2.6  
                                         
Russia                              2.4  
                                         
Finland                             2.2  
                                         
Cash and other net assets           2.6  
                                         
                                  100.0  
                                         

Further Information

Further information, including monthly factsheets and daily net asset values
published since the end of the quarter, can be found on the Company's website:
www.theeuropeaninvestmenttrust.com and the Edinburgh Partners' website: 
www.edinburghpartners.com.

Past performance is not a guide to future performance.

Other than as detailed above, the Board is not aware of any significant events
or transactions that have occurred between 30 June 2012 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.  

19 July 2012

Enquiries:

Dale Robertson

Kenneth Greig

Edinburgh Partners Limited, 12 Charlotte Square, Edinburgh EH2 4DJ

Tel: [phone]

Registered Office of the Company:

Beaufort House, 51 New North Road, Exeter EX4 4EP

Neither the contents of The European Investment Trustplc'swebsite nor the
contents of any website accessible from hyperlinks on the website (or any other
website) is incorporated into, or forms part of, this announcement.