Interim Management Statement

The European Investment Trust plc

Interim Management Statement

for the quarter ended 31 December 2010

The Board of The European Investment Trust plc ('the Company') announces its
Interim Management Statement for the period from 1 October 2010 to 31 December
2010. This statement is required by the UK Listing Authority's Disclosure and
Transparency Rules and should not be relied upon for any other purpose.

Objective

The objective of the Company is to achieve long-term growth through a
diversified portfolio of Continental European securities.

Financial Summary              31 December 2010     30 September   % Change
                                                            2010           
                                                                           
Net assets                              £284.09m        £277.85m      +2.2 
                                                                           
Net asset value ("NAV") per              670.01p         650.69p      +3.0 
share                                                                      
                                                                           
Share price                              559.00p         545.00p      +2.6 
                                                                           
Share price discount to net                16.6%           16.2%           
asset value                                                                

Manager's review

Performance

The NAV per share of the Company increased by 3.0% during the quarter ended 31
December 2010 to 670.01p. This compared with an increase of 5.1% in the FTSE
All-World Europe ex UK Index in sterling. The Company's share price increased
by 2.6% from 545p to 559p and as a consequence the share price discount to net
asset value marginally increased from 16.2% to 16.6%. During the quarter the
Company bought back and cancelled 300,000 shares at a cost of £1,736,000. 

Review of markets

Despite significant market uncertainty over continuing sovereign debt fears,
European equity markets made reasonable progress in the final quarter of 2010.
Following on from the financial crisis in Greece earlier in the year, it was
the turn of Ireland to face the markets' concerns. A joint European Union/IMF
financial bail out for Ireland was put in place; however the market then
focussed on other countries where concerns remain, namely Portugal and Spain.
It was noticeable that the sectors driving European markets were associated
with themes such as emerging market consumption and commodity cycle
beneficiaries. These underlying trends are driven by factors largely external
to Europe but are benefitting many European companies, particularly those in
the luxury goods, automotive, and capital goods sectors.

Portfolio strategy

The portfolio strategy continues to emphasise companies with qualities such as
strong balance sheets, decent dividend payouts, and the ability to enhance
returns by making sensible acquisitions. Exposure to companies with emerging
market and cyclical characteristics has been reduced as share prices rose and
valuations increased. The portfolio is increasingly taking on a defensive
emphasis with below average exposure to stocks which would be beneficiaries of
Chinese and emerging market consumption as well as the commodity cycle. Having
researched companies in these areas and considered valuations we are
comfortable with little exposure here. However the portfolio continues to
retain an exposure to financial stocks with operations in the periphery of
Europe through a Spanish, a French and an Italian bank as well as Axa in the
insurance sector.

Outlook

Although equity market valuations closed the calendar year in above average
territory, it is our assessment that the absolute returns expected still look
attractive relative to other asset classes and we will continue to maintain a
high equity exposure with a low level of cash balances.

Ten largest investmentsat 31 December 2010                                     
                                                                               
Ranking Company         Sector                   Country                   % of
                                                                               
                                                                     Net Assets
                                                                               
1       Amadeus         Industrials              Spain                      3.4
                                                                               
2       Nokia           Technology               Finland                    3.2
                                                                               
3       Teleperformance Consumer Services        France                     3.2
                                                                               
4       Adidas          Consumer Goods           Germany                    3.0
                                                                               
5       Gazprom         Oil & Gas                Russia                     3.0
                                                                               
6       Ahold           Consumer Services        Netherlands                3.0
                                                                               
7       Vivendi         Consumer Services        France                     3.0
                                                                               
8       Royal Dutch     Oil & Gas                Netherlands                2.9
        Shell                                                                  
                                                                               
9       Reed Elsevier   Consumer Services        Netherlands                2.8
                                                                               
10      Gerresheimer    Health Care              Germany                    2.8
                                                                               
                                                                           30.3
                                                                               

Sector distribution

                          31 December  
                                  2010 
                                       
                              % of Net 
                                Assets 
                                       
Consumer Services                 16.9 
                                       
Financials                        15.1 
                                       
Industrials                       14.2 
                                       
Oil & Gas                         11.0 
                                       
Health Care                        9.7 
                                       
Technology                         7.7 
                                       
Consumer Goods                     7.7 
                                       
Telecommunications                 6.7 
                                       
Basic Materials                    5.4 
                                       
Utilities                          2.2 
                                       
Cash and other net                 3.4 
assets                                 
                                       
                                 100.0 
                                       

Geographical distribution

                        31 December 2010 
                                       
                              % of Net 
                                Assets 
                                       
France                            19.7 
                                       
Germany                           17.5 
                                       
Netherlands                       13.4 
                                       
Switzerland                       11.8 
                                       
Italy                              8.9 
                                       
Ireland                            6.8 
                                       
Spain                              5.5 
                                       
Belgium                            4.8 
                                       
Finland                            3.2 
                                       
Russia                             3.0 
                                       
Sweden                             2.0 
                                       
Cash and other net                 3.4 
assets                                 
                                       
                                 100.0 
                                       

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:
www.theeuropeaninvestmenttrust.com and the Edinburgh Partners' website:
www.edinburghpartners.com.

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 2010 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.  

24 January 2011

Enquiries:

Dale Robertson

Kenneth Greig

Edinburgh Partners Limited, 12 Charlotte Square, Edinburgh EH2 4DJ

Tel: [phone]

Registered Office of the Company:

Beaufort House, 51 New North Road, Exeter EX4 4EP