Interim Results

EDINBURGH US TRACKER TRUST PLC 7 September 1999 EDINBURGH US TRACKER TRUST PLC INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 1999 HIGHLIGHTS Net asset value per share rose by 5.5% to 669.07p compared to a rise of 5.3% in the S&P Composite Index Interim dividend of 2.0p per share (1998 - 2.0p) Share price up 8.2% to 624.5p For further information, please contact:- David McCraw, Director Edinburgh Fund Managers plc 0131 313 1000 Alex Gowans, Director Edinburgh Fund Managers plc 0131 313 1000 CHAIRMAN'S STATEMENT Performance I am pleased to report that the company has continued to meet the investment objective of tracking the performance of the S&P Composite Index. During the period the net asset value per share increased by 5.5% to 669.07p compared with a rise of 5.3% in the index. The company's share price increased by 8.2% to 624.5p, which is a discount of 6.7% to the net asset value. The strategy employed by the company to track the index is full replication of the index constituents. The directors have declared an interim dividend of 2.00p (1998 - 2.00p) per share for the year to 31 January 2000 payable on 15 October 1999 to shareholders on the register on 24 September 1999. Revenue return per share for the period was 2.31p. Continuation Vote Your board was encouraged by the high level of continued support for the company at the 1999 Annual General Meeting. Of the 23.4 million shares voted by proxy, 99.9% were cast in favour. Year 2000 Compliance The year 2000 compliance project is being implemented by Edinburgh Fund Managers plc, the company's manager, to ensure that its systems and services continue to operate over the millennium. Edinburgh Fund Managers plc completed the audit, testing and upgrade phases of the project during 1998. Contingency planning, supplier monitoring and critical systems re-testing will continue throughout 1999. All associated costs will be met by the manager. Investment Activity Activity within the portfolio reflected changes to the index constituents. The value of stocks purchased and sold were £11.1 million and £11.6 million respectively with the main changes being generated by takeover activity and corporate restructurings. 17 new stocks were added to the portfolio during the period and, as at 31 July 1999, the portfolio consisted of 502 stocks. Outlook Share prices have been pushed higher this year by better than expected corporate profits. The US economy continues to expand at a healthy pace although the monetary authorities have taken steps over the summer months to prevent a re-emergence of inflation. Short-term interest rates have been increased by 0.25% on two occasions and these moves have unsettled the financial markets. The valuations awarded to US equities are undoubtedly high although in a low inflation environment these ratings are justified. Provided inflation can be kept under control, US equities will remain attractive to investors. Edinburgh US Tracker Trust is the only UK investment trust to track the performance of the S&P Composite Index and provides shareholders with a diversified portfolio of the top 500 companies in the USA. Sir Angus Grossart, Chairman 7 September 1999 STATEMENT OF TOTAL RETURN for the six months to 31 July 1999 (unaudited) Revenue Capital Total £000 £000 £000 Gains on investments - 28,824 28,824 Income from investments 3,610 - 3,610 Interest receivable 27 - 27 Investment management fee (702) - (702) Administrative expenses (150) - (150) ----- ----- ----- Net Return before interest and 2,785 28,824 31,609 taxation Interest payable - - - ----- ----- ----- Return on ordinary activities 2,785 28,824 31,609 before taxation Taxation (839) - (839) ----- ----- ----- Return on ordinary activities 1,946 28,824 30,770 after taxation Dividends in respect of non- (18) - (18) equity shares ----- ----- ----- Return attributable to equity 1,928 28,824 30,752 shareholders ----- ----- ----- Return per ordinary share 2.31p 34.61p 39.92p ----- ----- ----- For the six months to 31 July 1998 (unaudited) Revenue Capital Total £000 £000 £000 Gains on investments - 58,600 58,600 Income from investments 3,379 - 3,379 Interest receivable 78 - 78 Investment management fee (578) - (578) Administrative expenses (163) - (163) ----- ----- ----- Net Return before interest and 2,716 58,600 61,316 taxation Interest payable - - - ----- ----- ----- Return on ordinary activities 2,716 58,600 61,316 before taxation Taxation (829) - (829) ----- ----- ----- Return on ordinary activities 1,887 58,600 60,487 after taxation Dividends in respect of non- (18) - (18) equity shares ----- ----- ----- Return attributable to equity 1,869 58,600 60,469 shareholders ----- ----- ----- Return per ordinary share 2.24p 70.37p 72.61p ----- ----- ----- for the year to 31 January 1999 (audited) Revenue Capital Total £000 £000 £000 Gains on investments - 123,271 123,271 Income from investments 6,660 - 6,660 Interest receivable 97 - 97 Investment management fee (1,192) - (1,192) Administrative expenses (294) - (294) ----- ----- ----- Net Return before interest and 5,271 123,271 128,542 taxation Interest payable (3) - (3) ----- ----- ----- Return on ordinary activities 5,268 123,271 128,539 before taxation Taxation (1,615) - (1,615) ----- ----- ----- Return on ordinary activities 3,653 123,271 126,924 after taxation Dividends in respect of non- (37) - (37) equity shares ----- ----- ----- Return attributable to equity 3,616 123,271 126,887 shareholders ----- ----- ----- Return per ordinary share 4.34p 148.04p 152.38p ----- ----- ----- BALANCE SHEET At 31 At 31 At 31 July 1999 January July 1998 1999 £000 £000 £000 Fixed assets Investments 557,501 529,240 464,757 Current assets Debtors 2,040 1,946 2,191 Cash and short term deposits 1,730 913 699 ---- ---- ---- 3,770 2,859 2,890 Creditors: amounts falling due 2,912 2,753 2,351 within one year Net current assets 858 106 539 ----- ----- ----- 558,359 529,346 465,296 Provision for liabilities (161) (227) (221) and charges ----- ----- ----- 558,198 529,119 465,075 ----- ----- ----- Capital and reserves Called up share capital 1,058 1,058 1,058 :non-equity ----- ----- ----- Called up share capital 20,816 20,816 20,816 :equity Other reserves 536,324 507,245 443,201 ----- ----- ----- Total equity shareholders' 557,140 528,061 464,017 funds ----- ----- ----- 558,198 529,119 465,075 ----- ----- ----- Net asset value per share 669.07p 634.15p 557.24p NOTES : 1. The accounts are prepared under the same accounting policies used for the year to 31 January 1999. 2. The interim dividend for the year ended 31 January 2000 will be paid on 15 October 1999 to shareholders on the register at the close of business on 24 September 1999. The ex-dividend date is 20 September 1999. 3. The statement of total return and the balance sheet set out above do not represent full accounts in accordance with Section 240 of the Companies Act 1985. The financial information for the year ended 31 January 1999 has been extracted from the Annual Report and Accounts of the Company which have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified. 4. The Interim Report will be posted to shareholders on 30 September 1999 and copies will be available from the investment manager. Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements. Investors may not get back the amount they originally invested. For Edinburgh US Tracker Trust plc Edinburgh Fund Managers plc, Secretary David Holland Assistant Secretary

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