Interim Results

The Edinburgh Investment Trust plc                       

                 Preliminary Announcement of Unaudited Results                 

                  for the six months ended 30 September 2004                   

The Edinburgh Investment Trust plc is one of the UK's largest investment trust
focussed entirely on the UK. The objectives of The Edinburgh Investment Trust
plc are the achievement of capital growth at a higher rate than the FTSE
All-Share Index and dividend growth above the rate of UK inflation.

                                  Highlights                                   

- Encouraging six month period of positive performance, exceeded the FTSE
All-Share Index by 0.9% on a capital only basis and 0.3% on a total return
basis

- Performance assisted by positive stock selection

- Share price rose on a capital only basis by 4.8% compared to a rise in the
FTSE All-Share Index of 3.4%.

- Interim dividend of 4.2p per share maintained.

For further information, please contact:
Fidelity Investments International
Anne Read
020 7961 4409

Chairman's Review

The recovery in the Company's performance has continued in the Interim period
to 30 September 2004. During the six months the net asset value increased by
4.3% outperforming the FTSE All-Share Index by 0.9 percentage points: good
stock selection was the major contributor to the performance. The share price
increased by 4.8%. The Interim Dividend, 4.2p per share, remains unchanged.

The UK Equity Market

The UK equity market traded in a very narrow range in the first five of the six
months under review. At about the beginning of September the optimists -
encouraged by an improving outlook for the UK economy and a revival in
corporate mergers - gained the upper hand and the market rose sharply in
September giving a month-end close at its highest level for two years. Over the
six months as a whole the FTSE-All-Share Index (capital only) rose by 3.4%.
Rising oil prices helped the Oil and Gas sector to show strong advance and
Utilities moved ahead on the back of rising power prices. On the other hand,
Financials and Banks were disappointing.

Performance

The Company's portfolio performed satisfactorily during this period. Net Asset
Value (NAV) rose by 4.3%, or 0.9% more than the benchmark FTSE-All-Share Index,
while the share price advanced by 4.8%. On a total return basis the NAV grew by
5.4%, also beating the benchmark. The portfolio's outperformance was due mainly
to stock selection, particularly in the Energy and Hotel sectors. Following the
policy outlined in my statement in last year's Report and Accounts, the level
of gearing - the amount of the Company's debenture loans invested in the equity
market - changed little during the period and had a broadly neutral effect on
total return. The buy-back in June of about 1.4% of the Company's equity
capital increased the NAV of the remaining shares by 1.1p (0.4%).

Balance Sheet

The Board has continued to review the position of the Company's two debenture
stocks. These are not due to be redeemed at par (£100m in each case) until 2014
and 2022; in the meantime, they bear interest at much higher rates than those
currently prevailing. These high interest payments can be eliminated by
redeeming the two debentures immediately, but by paying a market-related
premium (currently totalling about £90m for the two securities) over par value.

We have evaluated the pros and cons of immediate redemption by examining the
long-term impact on shareholder funds of a wide range of possible economic and
investment scenarios. This detailed analysis shows that an assumption of even
relatively modest - and in our view entirely realistic - growth in UK equities
warrants retention of the debentures and their investment in the equity market,
when the outlook justifies the resulting level of gearing. We have concluded
that immediate payment of the redemption premia would, by depleting the
existing asset pool, reduce the Company's potential for long-term growth by
more than the cumulative benefits obtained by ceasing to pay interest. Clearly,
market prices and hence redemption premia are subject to change and we will
continue regularly to test our conclusions in the light of any change in market
prices or investment scenarios.

Portfolio Structure

The portfolio is managed by Fidelity on a multi-manager basis - the total was
divided in 2002 almost equally amongst four managers, one with a `growth' bias,
one `income', and two with a general, more balanced approach. Experience has
shown that the performance of the two `balanced' managers has been highly
correlated and this structure as a whole, whilst successfully providing the
necessary initial stability, is probably too diverse to add significantly to
returns in future. The portfolio has therefore been divided into three
approximately equal amounts, with bias respectively to `growth', `income' and
`balanced' approaches. The directors believe that this provides more potential
for an increase in both the income and capital performance of the fund. In the
short term it has modestly increased the investment risk of the portfolio and
makes it easier further to alter these risk characteristics, should this in
future be considered desirable.

Dividend

In my previous statements I have explained the reasons for maintaining the
dividend at the present level rather than increasing it in line with the
Company's investment objectives. Although the Company's capital base has grown
satisfactorily over the last 18 months, the dividend is likely this year to
remain uncovered and the Board has decided to maintain the interim dividend at
last year's level. In doing so, we remain well aware of the importance of
dividend growth to many shareholders and are working to meet our objective in
this respect as soon as it is judged prudent to do so. The dividend of 4.2p per
share will be paid on 2 December 2004 to shareholders on the register on 12
November 2004. The ex dividend date will be 10 November 2004.

Prospects

UK equities have demonstrated impressive resilience in the face of renewed
strength in prices of oil and other commodities. Economic growth forecasts
remain on balance positive, and interest rates are perceived to be nearing
their cyclical peaks, with inflationary pressures weakening. On the negative
side concern remains about the level of future consumer demand in the UK, and
the outlook for corporate earnings in the US. Against this background, the
Manager has positioned the portfolio to take a relatively low-risk exposure to
the market but is ready to adopt a bolder stance when judged appropriate. The
Board believes that the Company is making solid progress under Fidelity's
management and that the Edinburgh Investment Trust will continue to provide an
attractive investment vehicle for long-term savings in the UK equity market.

Scott Dobbie
Chairman
2 November 2004


The Edinburgh Investment Trust plc

Statement of Total Return (incorporating the revenue account)

                 for the six months         for the six months        for the year ended     
                        ended                     ended                      ended           
                      30.09.04                   30.09.03                   31.03.04         
                      unaudited                 unaudited                   audited          
                                                                                             
               revenue capital    total  revenue  capital    total  revenue  capital    total
                 £'000   £'000    £'000    £'000    £'000    £'000    £'000    £'000    £'000
                                                                                             
Realised             -  19,298   19,298        - (13,348) (13,348)        -    3,550    3,550
gains/                                                                                       
(losses) on                                                                                  
investments                                                                                  
                                                                                             
Increase in          -  19,077   19,077        -  155,980  155,980        -  216,610  216,610
unrealised                                                                                   
appreciation                                                                                 
                                                                                             
Income from     15,817       -   15,817   17,654        -   17,654   34,081        -   34,081
investments                                                                                  
                                                                                             
Interest           175       -      175      175        -      175      265        -      265
receivable on                                                                                
short term                                                                                   
deposits                                                                                     
                                                                                             
Interest         1,855       -    1,855    1,479        -    1,479    3,022        -    3,022
receivable on                                                                                
other                                                                                        
securities                                                                                   
                                                                                             
Underwriting         1       -        1        -        -        -        5        -        5
commission                                                                                   
                                                                                             
Investment       (464) (1,083)  (1,547)    (415)    (968)  (1,383)    (870)  (2,030)  (2,900)
management                                                                                   
fee                                                                                          
                                                                                             
Other            (372)       -    (372)    (526)        -    (526)    (872)        -    (872)
expenses                                                                                     
                                                                                             
Exchange             -     (6)      (6)        -        -        -        -        -        -
losses                                                                                       
                                                                                             
Net return      17,012  37,286   54,298   18,367  141,664  160,031   35,631  218,130  253,761
before                                                                                       
finance costs                                                                                
and taxation                                                                                 
                                                                                             
Interest       (2,944) (6,870)  (9,814)  (2,944)  (6,870)  (9,814)  (5,850) (13,651) (19,501)
payable                                                                                      
                                                                                             
Return on       14,068  30,416   44,484   15,423  134,794  150,217   29,781  204,479  234,260
ordinary                                                                                     
activities                                                                                   
before                                                                                       
taxation                                                                                     
                                                                                             
Tax on            (29)       -     (29)     (14)        -     (14)     (10)        -     (10)
ordinary                                                                                     
activities                                                                                   
                                                                                             
Return on       14,039  30,416   44,455   15,409  134,794  150,203   29,771  204,479  234,250
ordinary                                                                                     
activities                                                                                   
after                                                                                        
taxation for                                                                                 
the period                                                                                   
attributable                                                                                 
to equity                                                                                    
shareholders                                                                                 
                                                                                             
Dividends     (10,057)       - (10,057) (10,197)        - (10,197) (31,927)        - (31,927)
                                                                                             
Transfer to/     3,982  30,416   34,398    5,212  134,794  140,006  (2,156)  204,479  202,323
(from)                                                                                       
reserves                                                                                     
                                                                                             
Return per       5.83p  12.64p   18.47p    6.35p   55.52p   61.87p   12.26p   84.22p   96.48p
ordinary                                                                                     
share                                                                                        
                                                                                             
Interim          4.20p                     4.20p                     13.15p                  
Dividend per                                                                                 
ordinary                                                                                     
share                                                                                        

These financial statements have been prepared in accordance with the AITC
Statement of Recommended Practice (SORP) issued in January 2003.

Balance Sheet

                          At 30.09.04 At 30.09.03 At 31.03.04
                            unaudited   unaudited     audited
                                £'000       £'000       £'000
                                                             
Fixed assets                                                 
                                                             
Investments                 1,004,895     931,340   1,015,783
                                                             
Current assets                                               
                                                             
Debtors                        14,342      10,711      12,170
                                                             
Fidelity Institutional         93,590      93,893      71,736
Cash Fund                                                    
                                                             
Cash at bank                   13,679           -       6,122
                                                             
Amounts held at futures             -       2,332       1,394
clearing houses and                                          
brokers                                                      
                                                             
                              121,611     106,936      91,422
                                                             
Creditors - amounts          (22,739)    (21,724)    (28,212)
falling due within one                                       
year                                                         
                                                             
Net current assets             98,872      85,212      63,210
                                                             
Total assets less current   1,103,767   1,016,552   1,078,993
liabilities                                                  
                                                             
Creditors - amounts         (195,479)   (195,228)   (195,352)
falling due after more                                       
than one year                                                
                                                             
Total net assets              908,288     821,324     883,641
                                                             
Capital and reserves                                         
                                                             
Called up share capital        59,862      60,699      60,699
                                                             
Other reserves                848,426     760,625     822,942
                                                             
Total equity                  908,288     821,324     883,641
shareholders' funds                                          
                                                             
Net asset value per           377.44p     336.31p     362.03p
ordinary share:                                              

The balance sheet as at 31 March 2004 has been extracted from the accounts for
the year ended 31 March 2004 which have been delivered to the Registrar of
Companies and on which the auditors gave an unqualified report.

The statement of total return and the balance sheet do not represent full
accounts in accordance with Section 240 of the Companies Act 1985.

The Edinburgh Investment Trust plc

Cash Flow Statement

                      For the six For the six     For the
                           months      months  year ended
                            ended       ended    31.03.04
                         30.09.04    30.09.03            
                                                         
                        unaudited   unaudited     audited
                            £'000       £'000       £'000
                                                         
Net revenue before         17,012      18,367      35,631
finance costs and                                        
taxation                                                 
                                                         
Decrease/(increase)         5,808       3,018     (1,194)
in debtors                                               
                                                         
(Decrease)/increase         (140)       2,038         307
in creditors                                             
                                                         
Expenses charged to       (1,083)       (968)     (2,030)
capital                                                  
                                                         
Net cash inflow from       21,597      22,455      32,714
operating activities                                     
                                                         
Net cash outflow from     (9,625)     (9,625)    (19,250)
servicing of finance                                     
                                                         
Overseas taxation            (52)        (14)        (10)
paid                                                     
                                                         
Net cash inflow from       47,578      21,917      14,503
financial investment                                     
                                                         
Equity dividends paid    (21,730)    (21,730)    (31,927)
                                                         
Net cash inflow/           37,768      13,003     (3,970)
(outflow) before use                                     
of liquid resources                                      
and financing                                            
                                                         
Net cash outflow from    (21,854)    (25,479)     (3,322)
management of liquid                                     
resources                                                
                                                         
Net cash outflow from     (9,751)           -           -
financing                                                
                                                         
Increase/(decrease)         6,163    (12,476)     (7,292)
in cash                                                  

Copies of the interim report will be posted to shareholders as soon as
practicable. Copies will also be available to the public at the Company's
registered office and from the Secretary at Beech Gate, Millfield Lane, Lower
Kingswood, Tadworth, Surrey KT20 6RP