THE EUROPEAN INVESTMENT TRUST PLC HALF-YEARLY FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 MARCH 2013 The Directors announce the unaudited Half-Yearly Financial Report for the half-year ended 31 March 2013 as follows:- Copies of the Half-Yearly Report can be obtained from the following websites: www.theeuropeaninvestmenttrust.com and www.edinburghpartners.com. FINANCIAL SUMMARY 31 March 30 September 2013 2012 Change Capital Net assets £287.68m £256.72m 12.1% Net asset value per share 683.83p 610.24p 12.1% ("NAV") Share price 588.00p 508.00p 15.7% Share price discount to NAV 14.0% 16.8% Six months to Year to 31 March 30 September 2013 2012 Total return per ordinary share* Capital 86.21p 50.62p Revenue 3.39p 15.38p Total 89.60p 66.00p * Based on the weighted average number of shares in issue during the period. PERFORMANCE Six months to Year to 31 March 30 September 2013 2012 NAV Total Return 14.8% 12.1% FTSE All-World Europe ex UK Index Total Return* 18.4% 12.5% * In sterling. The NAV Total Returns are sourced from Edinburgh Partners and include dividends reinvested. The index performance figures are sourced from Thomson Reuters Datastream. Past performance is not a guide to future performance. OBJECTIVE AND INVESTMENT POLICY Objective The objective of The European Investment Trust plc is to achieve long-term capital growth through a diversified portfolio of Continental European securities. Investment Policy The Board believes that investment in the diverse and increasingly accessible markets of this region provides opportunities for capital growth over the long term. At the same time it considers the structure of the Company as a UK listed investment trust, with a fixed capital and an independent Board of Directors, to be well suited to investors seeking longer-term returns. The Board recognises that investment in some European countries can be riskier than in others. Investment risks are diversified through holding a wide range of securities in different countries and industrial sectors. No more than 10% of the value of the portfolio in aggregate may be held in securities in those countries which are not included in the FTSE All-World European indices. The Board has the authority to hedge the Company's exposure to movements in the rate of exchange of currencies, principally the Euro, in which the Company's investments are denominated, against sterling, its reporting currency. However, it is not generally the Board's practice to do this and the portfolio is not currently hedged. No investments in unquoted stocks can be made without the prior approval of the Board. The level of gearing within the portfolio is agreed by the Board and should not exceed 20% in normal market conditions. No more than 10% of the total assets of the Company may be invested in other listed investment companies (including investment trusts) except in such other investment companies which themselves have stated that they will invest no more than 15% of their total assets in other listed investment companies, in which case the limit is 15%. The Investment Manager's compliance with the limits set out in the investment policy is monitored by the Board. INVESTMENT MANAGER'S REVIEW Results The net asset value per share ("NAV") at 31 March 2013, the Company's half-year end, was 683.83p, an increase of 12.1% on the NAV at 30 September 2012 of 610.24p. After including the special and final dividends totalling 16.0p per share which were paid in January 2013, the total return per share was 14.8% for the six month period. The total return from the FTSE All-World Europe ex UK Index in sterling was 18.4%. Share price and discount During the six months to 31 March 2013, the Company's share price increased by 15.7% from 508p to 588p, whilst the share price discount to NAV narrowed from 16.8% to 14.0%. Revenue The net revenue return per share in the period was 3.39p, an increase on the net revenue return per share of 1.03p in the six months to 31 March 2012. This was partly due to a substantial rise in dividend income, with a number of portfolio companies raising their dividends; however, the principal reason for the increase was a special dividend payment received from Ryanair, one of the Company's largest investments. In the year to 30 September 2012, the net revenue return per share was 15.38p. Shareholders should be aware that the revenue return for the half-year is not indicative of the full year return, as many European companies pay their dividends between April and September while the expenses of running the Company are incurred on a more even basis throughout the financial year. Economic and market overview Since the global financial crisis in 2008, investment sentiment has been dominated by fear, with a focus almost exclusively on risk. Accordingly, there has been a flight by investors to any kind of investment where there appear to be the fewest unknowns. This is most obvious in the unprecedented bond bull market, which has been boosted by quantitative easing; however, we have also seen a similar impact in equity markets. Your portfolio has held a number of companies with more predictable profit streams. However, over the last 12 to 18 months we have gradually reduced this exposure. Examples of disposals of this kind include Unilever, Syngenta, Pernod-Ricard, Amadeus and Sanofi. We have reduced this exposure for two related reasons. Firstly, the valuation gap between companies with safe and predictable earnings and companies with more volatile earnings has expanded to extreme levels. Secondly, although some countries throughout the world are struggling to repair their fiscal indebtedness after the crisis, the global economy as a whole is displaying a fair degree of resilience. When signs of renewed stability in the global economy are appreciated, we anticipate that this will be met with a significant change in investor perception. From a European perspective, we believe that, whilst progress has not been, nor will be, in a straight line, Europe is moving in the right direction and the possibility of a financial crisis has reduced. Your portfolio has been building positions in out-of-favour areas such as telecoms, financials and the peripheral economies of Europe where valuations in many cases are at extremely low levels, even allowing for the greater volatility in corporate earnings. Whilst it is pleasing to report a 14.8% increase in the NAV total return in the six months to 31 March 2013, it is nevertheless disappointing that we lag the index, which returned 18.4% during the period. Timing a move away from the mainstream consensus is never easy and it is clear that so far we have been too early in making our portfolio moves. Taking a contrary view is something many investors find difficult; however, having made this move, we believe that we have both valuation and investment history on our side. Outlook Equity markets have risen over the period under review and valuations can no longer be described as cheap. However, we continue to believe that the long-term outlook for European equity markets remains positive, particularly when compared to what we consider to be overvalued bond markets given the possibility of the longer-term risk of inflation. As a consequence, we believe a fully invested but ungeared portfolio is appropriate. Dale Robertson Edinburgh Partners Limited 28 May 2013 PORTFOLIO OF INVESTMENTS as at 31 March 2013 Valuation % of Net Rank Company Sector Country £'000 Assets 1 (3) Gerresheimer Health Care Germany 10,034 3.5 (3.2) 2 (7) DCC Industrials Ireland 9,615 3.3 (2.9) 3 (14) Kabel Consumer Services Germany 9,271 3.2 (2.7) Deutschland 4 (10) Wirecard Industrials Germany 9,245 3.2 (2.8) 5 (19) Mediaset España Consumer Services Spain 9,224 3.2 (2.6) 6 (-) Ziggo Telecommunications Netherlands 8,473 2.9 (- ) 7 (36) A.P. Industrials Denmark 8,140 2.8 (1.9) Moller-Maersk 8 (1) Ryanair Consumer Services Ireland 7,753 2.7 (3.5) 9 (26) Ahold Consumer Services Netherlands 7,706 2.7 (2.3) 10 (-) Danske Bank Financials Denmark 7,660 2.7 (- ) 11 (11) Swatch Consumer Goods Switzerland 7,542 2.6 (2.8) 12 (23) ABB Industrials Switzerland 7,434 2.6 (2.4) 13 (8) D'Ieteren Consumer Services Belgium 7,414 2.6 (2.9) 14 (25) Safran Industrials France 7,412 2.6 (2.3) 15 (24) Prysmian Industrials Italy 7,407 2.6 (2.4) 16 (15) ENI Oil & Gas Italy 7,328 2.5 (2.7) 17 (-) Nutreco Consumer Goods Netherlands 7,281 2.5 (- ) 18 (32) Heineken Consumer Goods Netherlands 7,088 2.5 (2.0) 19 (29) Novartis Health Care Switzerland 6,991 2.4 (2.2) 20 (6) Swedbank Financials Sweden 6,965 2.4 (2.9) 21 (35) Piaggio Consumer Goods Italy 6,929 2.4 (1.9) 22 (5) Vivendi Consumer Services France 6,923 2.4 (3.0) 23 (-) Indra Sistemas Technology Spain 6,876 2.4 (- ) 24 (4) Belgacom Telecommunications Belgium 6,857 2.4 (3.1) 25 (-) France Telecom Telecommunications France 6,770 2.4 (- ) 26 (28) Ipos Consumer Services France 6,701 2.3 (2.2) 27 (20) Orkla Industrials Norway 6,699 2.3 (2.5) 28 (17) Intesa Sanpaolo Financials Italy 6,663 2.3 (2.6) 29 (18) Michelin Consumer Goods France 6,569 2.3 (2.6) 30 (31) BBVA Financials Spain 6,536 2.3 (2.2) 31 (-) BNP Paribas Financials France 6,362 2.2 (- ) 32 (16) Gazprom Oil & Gas Russia 6,324 2.2 (2.7) 33 (33) Metro Consumer Services Germany 6,180 2.2 (2.0) 34 (12) SAP Technology Germany 6,103 2.1 (2.8) 35 (22) Total Oil & Gas France 5,894 2.1 (2.4) 36 (9) CAF Industrials Spain 5,786 2.0 (2.8) 37 (13) GEA Industrials Germany 5,779 2.0 (2.8) 38 (-) Azimut Financials Italy 4,494 1.6 (- ) 39 (-) Kuka Industrials Germany 2,690 0.9 (- ) Prior year investments sold during the period (15.3) Total equity investments 277,118 96.3 (95.4) Cash and other net assets 10,566 3.7 (4.6) Net assets 287,684 100.0 (100.0) The figures in brackets represent the position as at 30 September 2012. The geographical distribution is based on each investment's principal stock exchange listing, except in instances where this would not give a proper indication of where its activities predominate. DISTRIBUTION OF INVESTMENTS as at 31 March 2013 (% of net assets) Sector distribution Sector % Industrials 24.3% Consumer Services 21.3% Financials 13.5% Consumer Goods 12.3% Telecommunications 7.7% Oil & Gas 6.8% Health Care 5.9% Technology 4.5% Cash and other net assets 3.7% 100.0% Geographical distribution Country % Germany 17.1% France 16.3% Italy 11.4% Netherlands 10.6% Spain 9.9% Switzerland 7.6% Ireland 6.0% Denmark 5.5% Belgium 5.0% Sweden 2.4% Norway 2.3% Russia 2.2% Cash and other net assets 3.7% 100.0% The geographical distribution is based on each investment's principal stock exchange listing, except in instances where this would not give a proper indication of where its activities predominate. DIRECTORS' STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES The important events that have occurred during the period under review and the key factors influencing the Financial Statements are set out in the Investment Manager's Review above. The principal factors that could impact the remaining six months of the financial year are also detailed in the Investment Manager's Review. Additional Risk Factors are set out below. The Board considers that the following are the principal risks associated with investing in the Company: investment and strategy risk, discount volatility risk, market risk (comprising interest rate risk, currency risk and other price risk), liquidity risk, credit risk, gearing risk, regulatory risk, operational risk and financial risk. These risks, and the way in which they are managed, are described in more detail under the heading "Principal risks and uncertainties" within the Directors' Report and Business Review in the Company's Annual Report and Financial Statements for the year ended 30 September 2012. The Company's principal risks and uncertainties have not changed materially since the date of that report. DIRECTORS' STATEMENT OF RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The Directors confirm that to the best of their knowledge: • The condensed set of Financial Statements has been prepared in accordance with the statement on Half-Yearly Financial Reports issued by the UK Accounting Standards Board and gives a true and fair view of the assets, liabilities, financial position and profit of the Company. • This Half-Yearly Financial Report includes a fair review of the information required by: a) 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and b) 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so. The Half-Yearly Financial Report was approved by the Board of Directors on 28 May 2013 and the above responsibility statement was signed on its behalf by Douglas McDougall, Chairman. INCOME STATEMENT (UNAUDITED) for the six months to 31 March 2013 Six months to Six months to Year to 31 March 31 March 30 September 2013 2012 2012 Revenue Capital Total Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on - 36,206 36,206 - 27,459 27,459 - 21,758 21,758 investments Foreign 42 60 102 (22) (125) (147) (67) (410) (477) exchange gains/ (losses) Income 2 2,450 - 2,450 1,479 - 1,479 9,045 - 9,045 Investment (644) - (644) (591) - (591) (1,157) - (1,157) management fee Other (202) - (202) (212) - (212) (396) - (396) expenses Net return 1,646 36,266 37,912 654 27,334 27,988 7,425 21,348 28,773 before finance costs and taxation Finance (63) - (63) (63) - (63) (124) - (124) costs Net return 1,583 36,266 37,849 591 27,334 27,925 7,301 21,348 28,649 on ordinary activities before taxation Taxation on 3 (158) - (158) (157) - (157) (814) - (814) ordinary activities Net return 1,425 36,266 37,691 434 27,334 27,768 6,487 21,348 27,835 after taxation pence pence pence pence pence pence pence pence pence Return per 3.39 86.21 89.60 1.03 64.66 65.69 15.38 50.62 66.00 ordinary share* The total column of the statement is the Profit and Loss Account of the Company. The revenue return and capital return columns are supplementary to this and are prepared in accordance with guidance issued by the Association of Investment Companies ("AIC"). All revenue and capital items in the above statement derive from continuing operations. A separate Statement of Recognised Gains and Losses has not been prepared as all such gains and losses are included in the Income Statement. * The return per share for the six months to 31 March 2013 is based on the net revenue return after taxation of £1,425,000 (six months to 31 March 2012: £ 434,000; year to 30 September 2012: £6,487,000) and the net capital return after taxation of £36,266,000 (six months to 31 March 2012: £27,334,000; year to 30 September 2012: £21,348,000) and on 42,069,371 (six months to 31 March 2012: 42,276,153; year to 30 September 2012: 42,172,762) shares, being the weighted average number of shares in issue during the period. BALANCE SHEET (UNAUDITED) as at 31 March 2013 31 March 31 March 30 September 2013 2012 2012 Note £'000 £'000 £'000 Fixed assetinvestments Investments at fair value through 277,118 253,691 244,923 profit or loss Current assets Debtors 343 722 96 Taxation recoverable 492 277 569 Cash at bank 10,196 2,462 12,651 11,031 3,461 13,316 Creditors:amounts falling due 465 494 1,515 within one year Net current assets 10,566 2,967 11,801 Net assets 287,684 256,658 256,724 Capital and reserves Called-up share capital 4 10,517 10,517 10,517 Share premium account 123,749 123,749 123,749 Capital redemption reserve 8,294 8,294 8,294 Capital reserve 139,363 109,084 103,097 Revenue reserve 5,761 5,014 11,067 Total equity shareholders' funds 287,684 256,658 256,724 pence pence pence Net asset value per ordinary share 6 683.83 610.08 610.24 CASH FLOW STATEMENT (UNAUDITED) for the six months to 31 March 2013 Six months Six months Year to to to 31 March 31 March 30 September 2013 2012 2012 Note £'000 £'000 £'000 Operating activities Investment income received 2,492 1,149 8,979 Investment management fees (602) (589) (1,166) paid Other cash payments (299) (235) (422) Net cash inflow from operating 7 1,591 325 7,391 activities Servicing of finance Bank charges (31) (63) (124) Taxation (81) 67 (882) Capital expenditure and financial investment Purchases of investments (61,787) (42,725) (93,093) Sales of investments 64,524 48,149 102,936 Exchange gains/(losses) on 26 (80) (225) settlement Net cash inflow from capital 2,763 5,344 9,618 expenditure and financial investment Equity dividends paid 5 (6,731) (6,784) (6,784) Net cash(outflow)/inflow (2,489) (1,111) 9,219 before financing Financing Own shares purchased and - (1,676) (1,677) cancelled Net cash outflow from - (1,676) (1,677) financing (Decrease)/increase in cash 8 (2,489) (2,787) 7,542 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED) for the six months to 31 March 2013 Six months to Six months to Year to 31 March 31 March 30 September 2013 2012 2012 £'000 £'000 £'000 Opening equity shareholders' 256,724 237,350 237,350 funds Net return after taxation for 37,691 27,768 27,835 the period Dividends paid (6,731) (6,784) (6,784) Shares purchased and cancelled - (1,676) (1,677) Closing equity shareholders' 287,684 256,658 256,724 funds NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) for the six months to 31 March 2013 1. Accounting policies These Financial Statements have been prepared on the basis of the accounting policies set out in the Company's Annual Report and Financial Statements for the year ended 30 September 2012. These accounting policies are expected to be followed throughout the year ending 30 September 2013. 2. Income Six months to Six months to Year to 31 March 31 March 30 September 2013 2012 2012 £'000 £'000 £'000 Income from investments Overseas dividends 2,450 1,479 9,045 Total income 2,450 1,479 9,045 3. Taxation The taxation charge for the six months to 31 March 2013 is £158,000 (six months to 31 March 2012: £157,000; year to 30 September 2012: £814,000). The taxation charge comprises a corporation tax charge for the six months to 31 March 2013 of £nil (six months to 31 March 2012: £nil; year to 30 September 2012: £nil) and irrecoverable withholding tax suffered of £158,000 (six months to 31 March 2012: £157,000; year to 30 September 2012: £814,000). 4. Share capital Allotted, called up and fully paid Equity share capital Number of shares £'000 Ordinary shares of 25p each Balance at 30 September 2012 42,069,371 10,517 Shares cancelled - - Balance at 31 March 2013 42,069,371 10,517 During the six months to 31 March 2013 no ordinary shares were purchased and cancelled (six months to 31 March 2012 and year to 30 September 2012: 331,377 ordinary shares were purchased and cancelled). 5. Dividends Six months Six months Year to to to 31 March 31 March 30 September Payment 2013 2012 2012 date £'000 £'000 £'000 Final dividend for the year 31 January ended 30 September 2012 2013 of 12.0p 5,048 - - Special dividend for the year 31 January ended 30 September 2012 2013 of 4.0p 1,683 - - Final dividend for the year 31 January ended 30 September 2011 2012 of 12.0p - 5,088 5,088 Special dividend for the year 31 January ended 30 September 2011 2012 of 4.0p - 1,696 1,696 6,731 6,784 6,784 6. Net asset value per ordinary share 31 March 31 March 30 September 2013 2012 2012 Net assets attributable at the £287,684,000 £256,658,000 £256,724,000 period end Number of ordinary shares in 42,069,371 42,069,371 42,069,371 issue at the period end Net asset value per ordinary 683.83p 610.08p 610.24p share 7. Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities Six months to Six months to Year to 31 March 31 March 30 September 2013 2012 2012 £'000 £'000 £'000 Net return before finance costs 37,912 27,988 28,773 and taxation Adjustment for returns from non-operating activities: - Gains on investments (36,206) (27,459) (21,758) - Foreign exchange (gains)/ (60) 125 410 losses of a capital nature Return from operating 1,646 654 7,425 activities Adjustment for non-cash flow items: - Increase in debtors and (6) (308) (1) accrued income - Decrease in creditors (49) (21) (33) Net cash inflow from operating 1,591 325 7,391 activities 8. Reconciliation of net cash flow to net cash Six months to Six months to Year to 31 March 31 March 30 September 2013 2012 2012 £'000 £'000 £'000 (Decrease)/increase in cash in (2,489) (2,787) 7,542 the period Movement in net cash resulting (2,489) (2,787) 7,542 from cash flows Foreign exchange movement 34 (45) (185) Movement in net cash (2,455) (2,832) 7,357 Net cash brought forward 12,651 5,294 5,294 Net cash carried forward 10,196 2,462 12,651 9. Exchange rates Detailed below are the exchange rates against sterling used in the preparation of the Financial Statements. 31 March 31 March 30 September 2013 2012 2012 Euro 1.1825 1.1998 1.2552 Swiss franc 1.4379 1.4442 1.5176 Swedish krona 9.8730 10.6016 10.5876 US dollar 1.5185 1.5978 1.6148 Danish krone 8.8154 8.9259 9.3571 Norwegian krone 8.8563 9.1137 9.2444 NZ dollar 1.8120 1.9498 1.9439 10. Financial information The financial information for the six months to 31 March 2013 and for the six months to 31 March 2012 has not been audited or reviewed by the Company's Auditors pursuant to the Auditing Practices Board guidance on such reviews. The financial information contained in this report does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The latest published audited Financial Statements which have been delivered to the Registrar of Companies are for the year ended 30 September 2012; the report of the independent auditors thereon was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. The information for the year ended 30 September 2012 is an extract from those financial statements. 11. Status of the Company It is the intention of the Directors to conduct the affairs of the Company so that it continues to satisfy the conditions for approval as an investment trust company as set out in Sections 1158 and 1159 of the Corporation Tax Act 2010. 12. Going concern The Company's business activities, together with factors likely to affect its future development, performance and financial performance, are set out in the Investment Manager's Review and Directors' Statements contained in the Half-Yearly Financial Report. The Company's principal risks are investment and strategy risk, discount volatility risk, market risk (comprising interest rate risk, currency risk and other price risk), liquidity risk, credit risk, gearing risk, regulatory risk, operational risk and financial risk. The Company's assets consist principally of a diversified portfolio of listed European equity shares, which in most circumstances are realisable within a short period of time and exceed its liabilities by a significant amount. The Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the Financial Statements. 13. Related party transactions There were no related party transactions during the period. Under the AIC Statement of Recommended Practice issued in January 2009, the Investment Manager is not considered to be a related party of the Company. SHAREHOLDER INFORMATION Investing in the Company The Company's ordinary shares are traded on the London Stock Exchange and the New Zealand Stock Exchange and can be bought or sold through a stockbroker or financial adviser. The ordinary shares are eligible for inclusion in ISAs, Junior ISAs and SIPPs. These are available through Alliance Trust Savings, who also offer the opportunity to invest in the Company through a Dealing Account. Further information is available on the Company's website: www.theeuropeaninvestmenttrust.com or by telephone on 01382 573737. Frequency of net asset value publication The Company's net asset value per ordinary share is released daily to the London Stock Exchange and the New Zealand Stock Exchange and published on the Company's website: www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website: www.edinburghpartners.com. Share price and sources of other information The Company's ordinary share price is quoted daily in the Financial Times, the Daily Telegraph and The Times under "Investment Companies". Investors in New Zealand can obtain share prices from leading newspapers in that country. Previous day closing price, daily net asset value and other portfolio information is published on the Company's website: www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website: www.edinburghpartners.com. Other useful information on investment trusts, such as prices, net asset values and company announcements, can be found on the websites of the London Stock Exchange: www.londonstockexchange.com and the Association of Investment Companies: www.theaic.co.uk. Share register enquiries The register for the ordinary shares is maintained by Computershare Investor Services PLC. In the event of queries regarding your holding, please contact the Registrar on 0870 889 4086 or email firstname.lastname@example.org or website: www.investorcentre.co.uk. New Zealand shareholders should contact the Registrar on +64 9 488 8777 or email email@example.com or website: www.investorcentre.com/nz. Changes of name and/or address must be notified in writing to the Registrar, at the relevant address detailed below. Key dates Company's year end 30 September Annual results announced November Annual General Meeting January Annual dividend paid January Company's half-year end 31 March Half-yearly results May announced Interim Management Statements In accordance with the Disclosure and Transparency Rules of the UK Listing Authority, the Company will be releasing Interim Management Statements for the quarters ending 31 December and 30 June. These will be released to the London Stock Exchange and the New Zealand Stock Exchange and may be viewed on the Company's website: www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website: www.edinburghpartners.com. Association of Investment Companies The European Investment Trust plc is a member of the AIC, which publishes monthly statistical information in respect of member companies. For further details, please contact the AIC on 020 7282 5555, firstname.lastname@example.org or visit the website: www.theaic.co.uk. RISK FACTORS This document is not a recommendation, offer or invitation to buy, sell or hold shares of the Company. If you wish to deal in shares of the Company, you may wish to contact an authorised professional investment adviser. An investment in the Company should be regarded as long term and is only suitable for investors who are capable of evaluating the risks and merits of such investment and who have sufficient resources to bear any loss which might result from such investment. The market value of, and the income derived from, the ordinary shares can fluctuate. The Company's share price may go down as well as up. Past performance is not a guide to future performance. There is no guarantee that the market price of the ordinary shares will fully reflect their underlying net asset value. Fluctuations in exchange rates will affect the value of overseas investments (and any income received) held by the Company. Investors may not get back the full value of their investment. There can be no guarantee that the investment objective of the Company will be met. The levels of, and reliefs from, taxation may change. This Half-Yearly Financial Report contains "forward looking statements" with respect to the Company's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward looking statements involve risk and uncertainty because they relate to future events that are beyond the Company's control. As a result, the Company's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Company's forward looking statements. The Company undertakes no obligation to update the forward looking statements contained within this Half-Yearly Financial Report or any other forward looking statements it makes. The Company is a public company. It is registered in England and its shares are listed on the London Stock Exchange and the New Zealand Stock Exchange. The Company is not regulated or authorised by the Financial Conduct Authority. Employees of Edinburgh Partners Limited may (subject to applicable laws and regulations) hold shares in the Company and may buy, sell or offer to deal in the Company's shares from time to time. DIRECTORS, INVESTMENT MANAGER AND ADVISERS Directors (all non-executive) Douglas C P McDougall OBE (Chairman) William D Eason Ralph Kanza Michael B Moule Secretary and Registered Office Kenneth J Greig Beaufort House 51 New North Road Exeter EX4 4EP Investment Manager Edinburgh Partners Limited 27-31 Melville Street Edinburgh EH3 7JF Auditors PricewaterhouseCoopers LLP Erskine House 68-73 Queen Street Edinburgh EH2 4NH Registrar - UK Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ Registrar - New Zealand Computershare Investor Services Limited Private Bag 92119, Victoria Street West Auckland 1142, New Zealand Level 2,159 Hurstmere Road, Takapuna Auckland 0622, New Zealand Solicitors Dickson Minto W.S. 16 Charlotte Square Edinburgh EH2 4DF Bankers and Custodian JPMorgan Chase Bank, NA Chaseside Bournemouth BH7 7DA Registered in England and Wales No. 1055384 An investment company as defined under Section 833 of the Companies Act 2006 The Company is a member of the Association of Investment Companies Enquiries Dale Robertson 0131 270 3800 Kenneth J Greig 0131 270 3800 Edinburgh Partners Limited 27-31 Melville Street Edinburgh EH3 7JF 28 May 2013 ENDS Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement. END -0- May/29/2013 06:00 GMT
THE EUROPEAN INVESTMENT TRUST PLC: Half-yearly Report
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