Edinburgh Fund Managers Group plc

Edinburgh Fund Managers Group plc ("EFM") The Board of EFM is disappointed to announce that it has received notification from The Edinburgh Investment Trust (EIT) that EIT intends to put its investment management contract, presently with EFM, out to tender. EFM, already invited by the EIT Board to re-tender, has been working closely with the EIT Board over the past 6 months and is confident that it can present an extremely strong case for its re-appointment. With the appointment of Robert Waugh as manager for EIT in October 2001, EFM agreed a number of key investment objectives with the Board, all of which have since been achieved by EFM. EFM believes that it can continue to meet the EIT Board's objectives, the most important of which is the delivery of consistent investment performance. The Trust outperformed its benchmark in both the years to 31 March 2000 and 31 March 2001 and following a 6 month period of under- performance for the period to 30 September 2001, EFM took a number of measures which resulted in the Trust again out-performing its benchmark in the six months to 31 March 2002. In addition, EFM has strengthened the UK investment team in terms of quality in the past 18 months with the appointment of Robert Waugh from PDFM, David Binnie from Scottish Life, and Chris Hegarty from Scottish Widows. Anne Richards is also due to join EFM as Chief Investment Officer later this year to further strengthen the investment division. Press enquiries Edinburgh Fund Managers plc Iain Watt, Chief Executive 0131 313 1000 Noble Grossart Limited Guy Stenhouse 0131 226 7011 Polhill Communications Julian Polhill 0207 655 0500 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/21/20020521BIT01410/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/21/20020521BIT01410/wkr0002.pdf