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Edinburgh Worldwide (EWI)

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Tuesday 02 September, 2003

Edinburgh Worldwide

Change of Investment Manager

Edinburgh Worldwide Inv Trust PLC
02 September 2003


Edinburgh Worldwide Investment Trust plc


Change of Investment Manager


The Board of The Edinburgh Worldwide Investment Trust plc (the 'Company')
announces that it intends to appoint Baillie Gifford & Co to manage the Company
in place of Edinburgh Fund Mangers plc with effect from 2nd December 2003.  The
investment management agreement with Edinburgh Fund Managers plc will be
terminated on that date.  In the interim period the Board will oversee all
investment decisions carefully.


Following the appointment of Bestinvest (Research) Ltd as advisers to the Board
a detailed review of the Company's investment management arrangements has been
undertaken with the objective of enhancing shareholder value through both
improved investment performance and a reduction in the discount to NAV at which
the Company's shares trade.


Accordingly the terms of the agreement with Baillie Gifford will provide for
management fees payable on the basis of the Company's market capitalisation
rather than the assets under management.  In addition there will be an incentive
element linked to out performance against the benchmark of the MSCI All World
index.


The Company's current investment objective of achieving long term capital growth
by investing worldwide will not be affected by the change in manager.


The Chairman, David Coltman, commented 'The whole Board wishes to thank the
staff of Edinburgh Fund Managers for their efforts and hard work in managing the
trust since its launch over what has recently been a very difficult period.
However, it is our judgement that going forward, after a very extensive review,
over several months, of the options open Baillie Gifford offers the best
potential for enhancement of shareholder value.  In addition to their expertise
in managing global equities, we are particularly impressed by their commitment
to the Investment Trust sector'.


Enquiries:


David Coltman, Chairman, Edinburgh Worldwide Investment Trust plc
Tel. 07799 413938



Mike Lord, Broadgate Marketing Limited (PR Advisers to Baillie Gifford)
Tel. 020 7726 6111



END






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