THE EDINBURGH INVESTMENT TRUST PLC

LEI: 549300HV0VXCRONER808

1 April 2022

Change of Alternative Investment Fund Manager ("AIFM") & Portfolio Update

The Directors of Edinburgh Investment Trust (the "Company") announce that the Company's AIFM changes today from Majedie Asset Management Limited ("Majedie") to Liontrust Fund Partners LLP following the completion of the acquisition of Majedie by Liontrust Asset Management PLC ("Liontrust"). In addition, the Company provides a portfolio update from the portfolio manager.

The Company today also launches a new website at edinburghinvestmenttrust.com and which is additionally available at Liontrust's new website. The website contains key regulatory documents, performance, holdings, regular updates and announcements, along with other information about the Company. Shareholders and other interested parties may also register through the website to receive notifications on a range of Company announcements.

AIFM

Liontrust announced on 7 December 2021 that it would acquire Majedie. This acquisition has now completed and today Liontrust Fund Partners LLP becomes the Company's AIFM, with Liontrust Investment Partners LLP the investment manager. The Company's portfolio management team, with James de Uphaugh as the portfolio manager and Chris Field as the deputy manager, remains unchanged. James and Chris, along with the rest of the Majedie investment team and other colleagues, are now part of the Liontrust Group. The investment team will continue to be led by James and will operate as the Liontrust Global Fundamental team. The team's investment process, including the integration of ESG factors, remains the same.

James de Uphaugh, portfolio manager of the Company, said:

"This is the beginning of an exciting new chapter for me and my investment colleagues in Liontrust's Global Fundamental team. The primary qualities that Majedie has embodied since our earliest days - a laser focus on performance, a commitment to responsible capitalism, the highest levels of client service, and alignment of interests with our clients through equity ownership and co-investment - will endure as we join Liontrust. The cultural fit of our two organisations is nicely matched and we are looking forward to the opportunity to focus on generating further attractive long-term returns for Edinburgh Investment Trust's shareholders.

"Markets have seen increased volatility this year and there has been a shift in the characteristics of stocks that the market has rewarded. In this environment we have found some compelling new opportunities to complement the portfolio's existing holdings."

Glen Suarez, Chairman of the Company, commented:

"Since we appointed Majedie as the manager of Edinburgh we have been encouraged by the rigour of the investment process and the evolving track record. The transition of our investment management team to Liontrust will not result in any changes to the proven investment process, and the Company stands to benefit from Liontrust's wealth of experience in the promotion of savings vehicles to retail investors."

Portfolio Update

In the two years since James and the investment team were appointed, both the NAV and share price (31 March 2020 to 30 March 2022 - the most recent date available) have outperformed the FTSE All Share Index by 4.5% per annum and 7.8% per annum respectively. The positioning of the portfolio for a post-pandemic economic recovery has been an important factor, with notable positive contributors to the investment track record coming from holdings including Anglo American, Ashtead, NatWest, Weir and Wm Morrison.

Edinburgh Investment Trust, total returns, Sterling, from 31 March 2020 to 30 March 2022

Source: Liontrust Fund Partners LLP. Net Asset Value is shown with debt at market value.

The portfolio's current positioning remains well diversified. This remains an important feature of the investment approach, particularly given the prevailing uncertainties arising from the war in Ukraine, rising inflation and the energy crisis. At present, there is a bias towards stocks in sectors such as Food Retail, Defence and Mining: some of the portfolio's biggest positions include Tesco, BAE Systems and Newmont. Despite the current geopolitical uncertainty, the UK market continues to offer a rich seam of opportunities for investors in the portfolio manager's view. These should drive attractive long-term returns through a combination of operational progress and attractive starting valuations. Material recent purchases include GlaxoSmithKline, Unilever, Centrica and Marks & Spencer.

At 30 March 2022, the Company's net gearing (borrowings less cash and cash equivalents, with debt at market value) was 4.3% of net assets, supporting the manager's contention that the portfolio should deliver attractive long-term returns to shareholders.

The Company expects to announce full year results, to 31 March 2022, on 26 May 2022.

Enquiries

Edinburgh Investment Trust plc

Glen Suarez (Chairman)                                via Montfort below

Liontrust Fund Partners LLP

James Mowat                                    +44 20 3908 8822

Investec Bank plc

Tom Skinner                                       +44 20 7579 4000

Sanne Fund Services (UK) Limited (Company Secretary)

David Rice                                           +44 20 3327 9720

Montfort Communications

Gay Collins                                          +44 7798 626282

Shireen Farhana                               +44 7757 299250

Ella Henderson                                  +44 7762 245122

[email protected]

Notes

The Company's twin objectives are (1) an increase of the Net Asset Value per share in excess of the growth of the FTSE All-Share index and (2) growth in dividends per share in excess of the rate of inflation. To achieve this, the portfolio manager constructs a high-conviction, differentiated and diversified portfolio of listed equities. The investment approach is flexible and 'total return', i.e. shareholder returns should come through a combination of income and capital growth over the long term. Stocks that might be labelled 'growth', 'value' and 'recovery' may all be held. At least 80% of assets are invested in UK-listed shares.

Top ten holdings, as a percentage of total assets, at 30 March 2022

Shell                                                      6.8%

Tesco                                                    5.0%

Anglo American                                                4.7%

AstraZeneca                                       4.2%

BAE Systems                                      4.2%

Unilever                                               4.1%

NatWest                                              3.5%

Ashtead                                               3.4%

Weir                                                      2.9%

Electrocomponents                        2.8%

Source: Liontrust Fund Partners LLP.