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Management Arrangements

Released 07:00 28-Jan-2014

Management Arrangements

The Edinburgh Investment Trust plc

HEADLINE: Management Arrangements

Following the announcement of 15th October 2013 regarding the departure of the
Company's portfolio manager, Neil Woodford, from Invesco Asset Management
Limited, the Board of The Edinburgh Investment Trust plc (the "Company")
announces that after careful consideration of a number of options it has
reached agreement with Invesco Perpetual regarding the future management of the
Company.

The Board informed shareholders that it would take some time to consider the
options for the future management of the Company before making a decision. The
Board has spent time reviewing proposals for the ongoing management of the
Company from Invesco Perpetual. This has included careful consideration of
their investment style and strategy for the portfolio, having regard to the
Company's twin investment objectives of providing a rising income and long term
capital growth, and an assessment of their management resources. At the same
time, the Board conducted a review of the Company's management fees in light of
the changing market conditions with a view to achieving a simple, transparent
and competitive structure. The Directors have also spoken with a number of the
Company's largest shareholders to understand their views and expectations.

The Board is pleased to announce that Invesco Perpetual will continue as
Manager and that Mark Barnett will take lead responsibility for the management
of the Company's portfolio with effect from today.

The Board has agreed amendments to the Company's investment management
agreement including changes to the management fees which from 1st April 2014
will comprise a flat rate fee of 0.55% per annum of market capitalisation with
no performance fee. The Board has also agreed with the Manager a reduction of
up to £7.5 million in the amount of any performance fee in respect of the
current financial year ending 31 March 2014; this will mitigate the portfolio
transition costs.

Jim Pettigrew, Chairman, commented:

"Mark shares the same active, value-driven investment approach and long-term
focus as Neil Woodford and comes to us with an excellent track record built up
over many years of managing money. He has worked alongside Neil for 17 years as
part of the UK equities team at Invesco Perpetual, where he will take over as
Head of UK Equities when Neil leaves.

With Mark's expertise, management continuity and lower cost, we believe these
new management arrangements are an excellent outcome for the Company and
shareholders."

Mark Barnett, Edinburgh's newly appointed lead portfolio manager commented:

"I am delighted that the Board has chosen to appoint me and I am very much
looking forward to working with them."

Contact: Jim Pettigrew, Chairman

020 7065 3555

Graeme Proudfoot - Invesco Asset Management Limited

020 7065 3519


28 January 2014

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Management Arrangements - RNS