Interim Management Statement

The European Investment Trust plc

Interim Management Statement
for the quarter ended 30 June 2014

The Board of The European Investment Trust plc ("the Company") announces its
Interim Management Statement for the period from 1 April 2014 to 30 June 2014.
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 2014   31 March 2014   Change
                                                                               
Net assets                                     £354.31m        £360.28m    -1.7
                                                                               
Net asset value ("NAV") per share               842.20p         856.40p    -1.7
                                                                               
Share price                                     781.00p         773.00p     1.0
                                                                               
Share price discount to net asset                  7.3%            9.7%         
value                                                                          

Investment Manager's review

Performance

During the quarter ended 30 June 2014, the NAV per share of the Company
decreased from 856.40p to 842.20p, resulting in a total return of -1.7%. This
compares with a total return of 0.3% in the FTSE All-World Europe ex UK Index
in sterling. The Company's share price increased by 1.0% from 773.00p to
781.00p in the three month period and, as a consequence, the share price
discount to NAV decreased from 9.7% to 7.3%.

Review of markets

Following significant rises in recent years, European stock markets stalled
over the three months to 30 June 2014. This pause coincided with inconsistent
economic news which, when combined with persistently low inflation, has led the
European Central Bank to maintain a very accommodative monetary policy stance.

Portfolio strategy

There was a substantial increase in exposure to the health care sector. There
are two reasons for this; the first is sector specific and the second, a
rebalancing of the investment portfolio. We have become more positive on the
underlying outlook for the sector. Following a long lean period in terms of
productivity, the research and development departments of the pharmaceutical
and biotech industry appear to be turning technological developments into
healthy product pipelines again. When combined with increasing trends to
specialisation in patient populations and disease categories, both industries
could deliver healthy sales and profit growth over the next five to ten years.

As at 30 June 2014 total exposure to the health care sector was 15.8%, a sharp
increase from the 8.0% held at the start of the quarter. Recent purchases
included Sanofi and Roche, in addition to which we increased the Company's
existing holding in BB Biotech. BB Biotech is a Swiss based investment company
which provides diversified exposure to the biotech industry, where stock
specific risk can be very high. The company trades at a significant discount to
its net asset value.

The second reason for increasing health care exposure relates to a portfolio
rebalancing. As stock markets have risen over the past few years many valuation
imbalances have largely corrected and it is appropriate to start considering
reducing exposure to companies with more cyclical or recovery characteristics,
where shares are now viewed as being almost fully valued. Accordingly,
investing in the health care sector, which we believe offers good long term
value, makes sense from this perspective.

Sources of funding for this increase in health care exposure have included the
disposals of Swatch, the Swiss watch manufacturer and distributor, and Gazprom,
the Russian energy group. Swatch has been a strong performer since purchase
resulting, in our view, the shares becoming fully valued. Gazprom has been a
disappointing investment since purchase and, after a reappraisal of its long
term prospects, following a share price rally, the shares were sold.

Outlook

Although markets are currently trading at more demanding valuation levels, the
accommodative stance from monetary authorities is likely to continue. We remain
vigilant with regard to the valuation of individual companies within the
portfolio, particularly their risk/reward profiles; however, at present, there
is no reason to change from our fully invested stance.

Gearing

The Company announced, on 1 July 2014, that the Euro 30,000,000 secured
multicurrency revolving loan facility agreement with Scotiabank Europe PLC
would be cancelled with effect from 3 July 2014.

Alternative Investment Fund Manager's Directive

In order to comply with the Alternative Investment Fund Managers' Directive, on
18 July 2014, the Company appointed Edinburgh Partners AIFM Limited to act as
its Alternative Investment Fund Manager ("AIFM"), and Northern Trust Global
Services Limited to act as its Depositary. Custody services, which were
previously supplied by JPMorgan Chase Bank, NA, are now being provided by The
Northern Trust Company. The AIFM has delegated the function of managing the
Company's investment portfolio to Edinburgh Partners Limited, the manager of
the Company's assets since 1 February 2010.


Portfolio of investments as at 30 June 2014

                                                                           % of
Ranking   Company                 Sector              Country        Net Assets
                                                                               
1         Aryzta                  Consumer Goods      Switzerland           3.1
                                                                               
2         PostNL                  Industrials         Netherlands           3.0
                                                                               
3         Danske Bank             Financials          Denmark               3.0
                                                                               
4         Gerresheimer            Health Care         Germany               3.0
                                                                               
5         ENI                     Oil & Gas           Italy                 3.0
                                                                               
6         Volkswagen*             Consumer Goods      Germany               3.0
                                                                               
7         Valeo                   Consumer Goods      France                3.0
                                                                               
8         Prysmian                Industrials         Italy                 2.9
                                                                               
9         Roche                   Health Care         Switzerland           2.9
                                                                               
10        Indra Sistemas          Technology          Spain                 2.9
                                                                               
11        Piaggio                 Consumer Goods      Italy                 2.9
                                                                               
12        Belgacom                Telecommunications  Belgium               2.9
                                                                               
13        Royal Dutch Shell**     Oil & Gas           Netherlands           2.8
                                                                               
14        Novartis                Health Care         Switzerland           2.7
                                                                               
15        GAM                     Financials          Switzerland           2.6
                                                                               
16        Delta Lloyd             Financials          Netherlands           2.5
                                                                               
17        BBVA                    Financials          Spain                 2.5
                                                                               
18        BB Biotech              Health Care         Switzerland           2.5
                                                                               
19        Sanofi                  Health Care         France                2.5
                                                                               
20        GEA                     Industrials         Germany               2.4
                                                                               
21        Ryanair                 Consumer Services   Ireland               2.4
                                                                               
22        KPN                     Telecommunications  Netherlands           2.4
                                                                               
23        Portugal Telecom        Telecommunications  Portugal              2.3
                                                                               
24        Orange                  Telecommunications  France                2.3
                                                                               
25        Total                   Oil & Gas           France                2.2
                                                                               
26        TDC                     Telecommunications  Denmark               2.2
                                                                               
27        Vivendi                 Consumer Services   France                2.2
                                                                               
28        Ahold                   Consumer Services   Netherlands           2.2
                                                                               
29        Fresenius Medical Care  Health Care         Germany               2.2
                                                                               
30        Unipol Gruppo           Financials          Italy                 2.1
                                                                               
31        BNP Paribas             Financials          France                2.1
                                                                               
32        Heineken                Consumer Goods      Netherlands           2.1
                                                                               
33        Pirelli                 Consumer Goods      Italy                 2.1
                                                                               
34        Swedbank                Financials          Sweden                2.0
                                                                               
35        SAP                     Technology          Germany               2.0
                                                                               
36        Nutreco                 Consumer Goods      Netherlands           2.0
                                                                               
37        Ipsos                   Consumer Services   France                1.9
                                                                               
38        ABB                     Industrials         Switzerland           1.9
                                                                               
39        Outotec                 Industrials         Finland               1.9
                                                                               
40        Feintool International  Industrials         Switzerland           1.6
                                                                               
          Total equity investments                                         98.2
                                                                               
          Cash and other net assets                                         1.8
                                                                               
                                                                          100.0

* The investment is in non-voting preference shares.

** The investment is in Class A ordinary shares.


Sector distribution

                                 30 June 2014
                              % of Net Assets
                                             
Consumer Goods                           18.2
                                             
Financials                               16.8
                                             
Health Care                              15.8
                                             
Industrials                              13.7
                                             
Telecommunications                       12.1
                                             
Consumer Services                         8.7
                                             
Oil & Gas                                 8.0
                                             
Technology                                4.9
                                             
Cash and other net                        1.8
assets                                       
                                             
                                        100.0


Geographical distribution

                                 30 June 2014
                              % of Net Assets
                                             
Switzerland                              17.3
                                             
Netherlands                              17.0
                                             
France                                   16.2
                                             
Italy                                    13.0
                                             
Germany                                  12.6
                                             
Spain                                     5.4
                                             
Denmark                                   5.2
                                             
Belgium                                   2.9
                                             
Ireland                                   2.4
                                             
Portugal                                  2.3
                                             
Sweden                                    2.0
                                             
Finland                                   1.9
                                             
Cash and other net                        1.8
assets                                       
                                             
                                        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 2014 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.

13 August 2014

Enquiries:
Dale Robertson
Kenneth Greig
Tel: [phone]

Alternative Investment Fund Manager:

Edinburgh Partners AIFM Limited, 27-31 Melville Street, Edinburgh EH3 7JF

Investment Manager:

Edinburgh Partners Limited, 27-31 Melville Street, Edinburgh EH3 7JF

Registered Office of the Company:

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

Neither the contents of The European Investment Trust plc's website 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.