AGM Statement

EDINBURGH FUND MANAGERS GROUP PLC Statement by John Wright, Chairman at the AGM on 17 May 2002 This is my first AGM as Chairman and it comes after some challenging months for Edinburgh Fund Managers ('EFM'), during which time our largest shareholder, Hermes entered into talks with us with a view to buying EFM. These talks did not result in a bid being made. After this period of uncertainty, EFM is moving forward. The first three months of the financial year have seen continued stockmarket volatility, although certain indicators suggest there may be a recovery. Looking specifically at one of our key growth areas, the funds of funds market, I am pleased to report that this area of our business has had encouraging inflows of new business in our first quarter. I am also delighted to welcome Anne Richards as Chief Investment Officer. Anne's appointment strengthens our management team and will help us enhance the performance of our funds and our service to clients. The Board itself is being strengthened by the appointment of Rod MacRae as an executive director of Edinburgh Fund Managers Group, as Chief Operating Officer with effect from 20 May. Rod has been a Director of Edinburgh Fund Managers plc, the Group's main subsidiary, for five years. Once Anne Richards joins us later this year, she will also be appointed to the Board. Finally, we are well advanced in our search to find a new non-executive Director, to replace Angus MacDonald. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/17/20020517BIT00850/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/17/20020517BIT00850/wkr0002.pdf