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EDINBURGH INVESTMENT TRUST PLC - Interim Management Statement

July 18, 2014



The Edinburgh Investment Trust plc Interim Management Statement for the ThreeMonths ended 30 June 2014 Material Events On 24 June 2014, the Company entered into a 100m 364 day credit facility with the Bank of New York Mellon. On 30 June 2014, the Company redeemed the 100m 11.5% debenture stock 2014 funded from the new bank facility. Dividends During the period the Company declared a third interim dividend in respect of the year ended 31 March 2014 of 5 pence per ordinary share. This was paid on 30 May 2014 to shareholders on the Company's register on 9 May 2014. The Company's proposed final dividend of 8.5 pence per share was approved by shareholders today. The dividend will be paid on 31 July 2014 to shareholders on the Company's register on 13 June 2014. Performance - Total Return 3 Months 1 Year 3 Years 5 Years Share Price 4.1% 11.4% 45.9% 148.1% Net Asset Value 5.2% 15.7% 51.4% 141.5% FTSE All-Share Index 2.2% 13.1% 29.2% 96.7% Source: Thomson Reuters Datastream Share Price and Discount For the Three Months Ended 30 Jun 2014 As at High Low Average 30 Jun 2014 Share price (pence) 605.00 617.50 584.50 602.34 Discount (debt at par) 5.3% Discount (debt at fair 3.0% value) Source: Thomson Reuters Datastream Assets and Gearing 30 Jun 2014 Total Gross Assets (m) 1,444.4 of which cash funds and 3.2 cash (m) Borrowings at par (m) 197.9 Cum income net asset 638.8 Value - debt at par (pence) Gross Gearing 16.0% Net Gearing 15.8% Gross Gearing reflects the amount of gross borrowings in use by a company and takes no account of any cash balances. It is based on gross borrowings as a percentage of shareholders' funds. Net Gearing reflects the amount of net borrowings invested, ie borrowings less cash and investments in money market funds. It is based on net borrowings as a percentage of shareholders' funds. The Company's debt has changed and is now provided by 100,000,000 7.75% debenture stock 2022 and a 364 day credit facility up to 100,000,000 with the Bank of New York Mellon. IndustryBreakdown of Portfolio(excluding cash) The following breakdown is in accordance with the FTSE Industry Classification Benchmark. 30 Jun 2014 Consumer Goods 21.7% Health Care 21.3% Financials 18.8% Industrials 17.4% Utilities 6.3% Consumer Services 6.2% Telecommunications 5.7% Oil & Gas 2.6% Top Ten Holdings Investments % of Portfolio 1 British American Tobacco 5.2% 2 Imperial Tobacco 5.0% 3 AstraZeneca 4.9% 4 Roche - Swiss common stock 4.9% 5 BT Group 4.8% 6 Reynolds American - US common 4.5% stock 7 GlaxoSmithKline 4.3% 8 BAE Systems 4.1% 9 Reckitt Benckiser 3.4% 10 Rolls-Royce 3.0% All ordinary shares unless otherwise stated Changes to Share Capital Ordinary shares of 25p each Issued Treasury At 31 March 2014 195,116,734 0 Shares bought back 0 0 Shares issued 0 0 At 30 June 2014 195,116,734 0 The Company has authority to buy back shares within specified limits. The Company expects to renew this authority each year. Price and Performance The Company's ordinary shares are listed on the London Stock Exchange and the price is published in the Financial Times and the Times under `Investment Companies', in the Daily Telegraph under `Investment Trusts' and in The Scotsman. The Company's net asset value is calculated on a daily basis and can be viewed on the London Stock Exchange website at www.londonstockexchange.com. Further information can be obtained from Invesco Perpetual as follows: Free Investor Helpline: 0800 085 8677 Internet address: www.invescoperpetual.co.uk/investmenttrusts The information provided in this statement should not be considered as a financial promotion. Interim management statements are expected to be published in January and July each year. For and on behalf of Invesco Asset Management Limited 18 July 2014 Registered Office: Administrative Office: Quartermile One 6th Floor 15 Lauriston Place 125 London Wall Edinburgh EH3 9EP London EC2Y 5AS Registered in Scotland No 1836 Telephone: 020 3753 1000 An Investment Company under Section 833 of the Facsimile: 020 3753 0123 Companies Act 2006




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Source: PR Newswire (UK Disclosure)


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