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THE EUROPEAN INVESTMENT TRUST PLC: Half-yearly Report


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 web.queries@computershare.co.uk or website: www.investorcentre.co.uk. New Zealand shareholders should contact the Registrar on +64 9 488 8777 or email enquiry@computershare.co.nz 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, enquiries@theaic.co.uk 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

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