The European Investment Trust plc 
Interim Management Statement
for the quarter ended 31 December 2012 
The Board of The European Investment Trust plc (`the Company') announces its
Interim Management Statement for the period from 1 October 2012 to 31 December
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. 
The objective of the Company is to achieve long-term capital growth through a
diversified portfolio of Continental European securities. 
Financial Summary                        31 December   30 September         % 
                                            2012           2012    Change 
Net assets                                   £273.24m       £256.72m      6.4 
Net asset value ("NAV") per share             649.51p        610.24p      6.4 
Share price                                   549.00p        508.00p      8.1 
Share price discount to net asset value         15.5%          16.8%         
Investment Manager's review 
During the quarter ended 31 December 2012, the net asset value ("NAV") per
share of the Company increased from 610.24p to 649.51p, resulting in a total
return of 6.4%. This compares with a total return of 7.9% in the FTSE All-World
Europe ex UK Index in sterling. The Company's share price increased by 8.1%
from 508p to 549p in the three month period and as a consequence, the share
price discount to NAV narrowed from 16.8% to 15.5%. 
Review of markets 
In the final quarter of 2012, European equity markets delivered good returns,
benefiting from the progress made by European governments in dealing with
fiscal imbalances and the encouraging statements made by the European Central
Bank which provided reassurance to investors. There was also optimism that the
two other key macroeconomic concerns, namely Chinese growth and the US fiscal
position, would prove to be less troublesome than initially feared. 
Portfolio strategy 
Although not occurring in a uniform manner, it is our belief that, by
frontloading the economic medicine needed, the peripheral economies of Europe,
including Italy, Spain and Ireland, are slowly but surely putting their
economies back on a sounder footing. Accordingly, we have continued to increase
the portfolio weighting in these countries and, as at 31 December 2012, almost
30% of the portfolio was listed on the stock exchanges of Italy, Spain and
Ireland. On a three to five year time horizon we consider many of these
investments to be amongst the most mispriced in Europe, with correspondingly
the greatest potential upside. 
We believe that the three primary economic fears of investors in 2011 and 2012,
namely, the future of the Euro, Chinese growth and the US fiscal cliff, will
recede in 2013. Whilst these economic issues have improved, they have not been
fully resolved and there may be periodic bouts of fear. Nevertheless, we
believe that the probability of an event which would destabilise the world
economy may have lessened. A more `normal' investment environment should
accompany this and European equities look to be offering reasonable value,
especially when compared to other international markets. 
Portfolio of investments as at 31 December 2012 
Ranking   Company                Sector             Country             % of 
                                                              Net Assets 
1         Ryanair                Consumer Services  Ireland              3.5 
2         Sanofi                 Health Care        France               3.3 
3         Swatch                 Consumer Goods     Switzerland          3.2 
4         DCC                    Industrials        Ireland              3.1 
5         Mediaset Espana        Consumer Services  Spain                3.0 
6         Gerresheimer           Health Care        Germany              3.0 
7         SAP                    Technology         Germany              2.9 
8         ENI                    Oil & gas          Italy                2.8 
9         Wirecard               Industrials        Germany              2.8 
10        Intesa Sanpaolo        Financials         Italy                2.8 
11        Belgacom               Telecommunications Belgium              2.8 
12        Orkla                  Industrials        Norway               2.7 
13        A.P. Moller-Maersk     Industrials        Denmark              2.7 
14        Kabel Deutschland      Consumer Services  Germany              2.7 
15        Michelin               Consumer Goods     France               2.6 
16        Safran                 Industrials        France               2.6 
17        CAF                    Industrials        Spain                2.5 
18        Saipem                 Oil & gas          Italy                2.5 
19        France Telecom         Telecommunications France               2.5 
20        Danske Bank            Financials         Denmark              2.5 
21        Piaggio                Consumer Goods     Italy                2.5 
22        Indra Sistemas         Technology         Spain                2.4 
23        Prysmian               Industrials        Italy                2.4 
24        ABB                    Industrials        Switzerland          2.4 
25        Ipsos                  Consumer Services  France               2.4 
26        Gazprom                Oil & Gas          Russia               2.4 
27        BBVA                   Financials         Spain                2.4 
28        Vivendi                Consumer Services  France               2.3 
29        Total                  Oil & Gas          France               2.3 
30        Ahold                  Consumer Services  Netherlands          2.3 
31        Ziggo                  Telecommunications Netherlands          2.3 
32        D'leteren              Consumer Services  Belgium              2.2 
33        Heineken               Consumer Goods     Netherlands          2.1 
34        Novartis               Health Care        Switzerland          2.1 
35        Nutreco                Consumer Goods     Netherlands          2.1 
36        Metro                  Consumer Services  Germany              2.1 
37        Swedbank               Financials         Sweden               2.0 
38        Imtech                 Industrials        Netherlands          2.0 
39        GEA                    Industrials        Germany              1.9 
40        Kuka                   Industrials        Germany              0.4 

          Total equity investments                                      99.5
          Cash and other net assets                                      0.5

Sector distribution
                           31 December 2012
                            % of Net Assets

Industrials                            25.5 
Consumer Services                      20.5 
Consumer Goods                         12.5 
Oil & Gas                              10.0 
Financials                              9.7 
Health Care                             8.4 
Telecommunications                      7.6 
Technology                              5.3 
Cash and other net                      0.5


Geographical distribution
                           31 December 2012
                            % of Net Assets

France                                 18.0 
Germany                                15.8 
Italy                                  13.0 
Netherlands                            10.8 
Spain                                  10.3 
Switzerland                             7.7 
Ireland                                 6.6 
Denmark                                 5.2 
Belgium                                 5.0 
Norway                                  2.7 
Russia                                  2.4 
Sweden                                  2.0 
Cash and other net                      0.5
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: and the Edinburgh Partners' website: 
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 31 December 2012 and the date of
publication of this statement which would have a material impact on the
financial position of the Company. 
22 January 2013 
Dale Robertson
Kenneth Greig
Edinburgh Partners Limited, 27-31 Melville Street, Edinburgh EH3 7JF
Tel: 0131 270 3800 
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. 
-0- Jan/22/2013 14:36 GMT
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