Interim Management Statement

THE INVESTMENT COMPANY PLC

Interim Management Statement - Four Months to 30 April

The Investment Company plc (the "Company") presents its interim management
statement for the period 1 January 2014 to 30 April 2014. This constitutes the
Company's second interim management statement for the financial year ending
30 June 2014, as required by the UK Listing Authority's Disclosure and
Transparency Rule 4.3.


Investment Objective

The Company's investment objective is to provide Shareholders with an
attractive level of dividends coupled with capital growth over the long term,
through investment in a portfolio of equities, preference shares, loan stocks,
debentures and convertibles.


Review of the Period

Over the last four months, equity markets have been volatile. Although the UK
economy has enjoyed some acceleration of growth in the first quarter, world
economic trends are very modest and many larger companies are struggling to
record significant turnover growth. We continue to find individual companies
that are able to generate organic growth and income at attractive valuations.

In the period, there has been a gradual improvement in the Trust's NAV
reflecting the strong contributions from the equity holdings in Plus 500,
Safestyle and Gable Holdings. The Trust's major holdings in Lloyds ECNs have
been reduced following the attractive tender offer recently.  The Trust is
currently trading at a modest premium to the underlying net assets. 

We are continuing to find a promising mix of investments including equities,
preference shares and bonds that can sustain a high level of growing income
along with opportunities for capital gain.


                                          30 April    31 December      % change
                                              2014           2013             
                                        (unaudited)    (unaudited)            
                                                                               
Equity shareholders' funds             £19,013,317    £18,754,012          1.38%
                                                                               
Number of ordinary shares in issue       4,772,049      4,772,049              
                                                                               
Net asset value per ordinary share          401.16p        395.69p         1.38%
                                                                               
Ordinary share price (mid)                  404.50p        380.00p         6.45%
                                                                               
Premium / (discount) to net asset             0.83%         (3.97)%            
value                                                                          

There were no ordinary shares bought back during the period.


Twenty Largest Investments

                                      Security           % of total assets      
Name                                    type            as at 30 April 2014    
                                                                               
Phoenix Life 7.25% SB Perp Notes        Bond                    5.7            
                                                                               
Safestyle UK                          Equities                  3.8            
                                                                               
Natwest 9% SR `A' Non Cum Prf        Pref share                 3.4            
                                                                               
Charles Taylor                        Equities                  3.1            
                                                                               
Randall & Quilter                     Equities                  3.0            
                                                                               
William Sinclair Holdings 8% CLN    Convertibles                2.9            
                                                                               
Manx Telecom                          Equities                  2.9            
                                                                               
DX (Group)                            Equities                  2.8            
                                                                               
Conygar Investments                   Equities                  2.7            
                                                                               
Friends Life                          Equities                  2.7            
                                                                               
Lancashire Holdings                   Equities                  2.7            
                                                                               
Esure                                 Equities                  2.7            
                                                                               
LBG Capital 7.625% var sub perp         Bond                    2.6            
                                                                               
Bagir Group Ltd (ILS)                 Equities                  2.6            
                                                                               
Gable Holdings                        Equities                  2.6            
                                                                               
Royal Mail                            Equities                  2.5            
                                                                               
Fishguard & Rosslare 3.5% GTD        Pref share                 2.5            
Prf Stk                                                                        
                                                                               
Brit plc                              Equities                  2.5            
                                                                               
Fairpoint plc                         Equities                  2.4            
                                                                               
Bank of Scotland 7.281% Var Perp        Bond                    2.3            
                                                                               
Total                                                          58.4           


A third interim dividend of 5p per ordinary share has been declared to ordinary
shareholders on the register on 2 May 2014, and will be paid on 23 May 2014.

This is an interim management statement. Full details of the Company, including
the current share prices and NAVs, are available at www.mitongroup.com/tic.

Except as reported above, the Board is not aware of any material events or
transactions occurring between 30 April 2014 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.

19 May 2014

Neither the contents of the Investment Company plc website nor the contents of
any website accessible from hyperlinks on the website (or any other website) is
incorporated into, or forms part of, this announcement.