Final Results

Brunner Investment Trust PLC 1 February 2002 For immediate release 1st February 2002 THE BRUNNER INVESTMENT TRUST PLC ANNOUNCEMENT OF PRELIMINARY RESULTS For the year ended 30th November 2001 RESULTS The Board announces the results for the year ended 30th November 2001. The net asset value per Ordinary Share at 30th November 2001 was 424.3p compared with 540.2p at 30th November 2000, a decrease of 21.5%. Over the same period the benchmark index (60% FTSE All-Share Index, and 40% FT/S&P Actuaries World Index, ex UK in sterling) fell by 15.78%. Brunner's portfolio of investments under-performed the benchmark by 2% with the company's gearing largely accounting for the remainder of the difference. DIVIDEND A second interim dividend has been declared in lieu of a final dividend with a payment date in the current tax year. A distribution of 4.1p will be payable on 4th April 2002 to shareholders on the register at the close of business on 8th March 2002, making a total distribution of 7.3p per share for the year ended 30th November 2001, an increase of 2.8%. ANNUAL GENERAL MEETING The seventy-fourth Annual General Meeting of the Company will be held at 20 Fenchurch Street, London, EC3P 3DB on Tuesday 9th April 2002 at 12.00noon. SHARE BUY BACK The Board will recommend to shareholders that the Company take renewed powers to buy back its Ordinary Shares. Full details will be sent to shareholders with the forthcoming Annual Report and Accounts. By Order of the Board 10 Fenchurch Street K J Salt London, EC3M 3LB Company Secretary - 2 - Unaudited preliminary results for the year ended 30th November 2001 were approved for immediate release as undernoted: RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 2001 2001 (£000) (£000) (£000) Revenue Capital Total (Note 3) Net losses on investments - (66,433) (66,433) Investment Income 6,303 - 6,303 Other Income 1,192 - 1,192 Investment management fee (526) (1,228) (1,754) Expenses of administration (452) - (452) Net return before finance costs and taxation 6,517 (67,661) (61,144) Finance costs of borrowings (1,250) (2,906) (4,156) Return on ordinary activities before taxation 5,267 (70,567) (65,300) Taxation Overseas taxation (75) - (75) UK taxation (366) 366 - (441) 366 (75) Return on ordinary activities after taxation for the 4,826 (70,201) (65,375) financial year Dividends on Preference Stock (22) - (22) Total Return attributable to ordinary shareholders 4,804 (70,201) (65,397) Dividends on Ordinary Shares First Interim 3.2p (1,913) - (1,913) Second Proposed 4.1p (2,450) - (2,450) 7.3p (4,363) - (4,363) Transfer to (from) reserves 441 (70,201) (69,760) Return per Ordinary Share (Note 1) 8.00p (116.90p) (108.90p) NET ASSET STATEMENT as at 30th November 2001 2001 2001 (£000) (£000) Fixed asset investments 273,744 Net Current Assets 32,264 Total Assets less Current Liabilities 306,008 Amounts falling due after more than one year (51,953) Total Net Assets 254,055 Called up Share Capital - Ordinary 14,941 - Preference 450 15,391 Capital Redemption Reserve 1,059 Capital Reserves - Realised 237,221 - Unrealised (5,801) 231,420 Revenue Reserve 6,185 Shareholders' Funds 254,055 Net asset value per Ordinary Share (Note 2) 424.3p - 3 - RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 2000 2000 (£000) (£000) (£000) Revenue Capital Total (Note 3) Net losses on investments - (9,465) (9,465) Investment Income 6,615 - 6,615 Other Income 638 - 638 Investment management fee (505) (1,178) (1,683) Marketing and administration (252) - (252) Net return before finance costs and taxation 6,496 (10,643) (4,147) Finance costs of borrowings (1,263) (2,914) (4,177) Return on ordinary activities before taxation 5,233 (13,557) (8,324) Taxation Overseas taxation (119) - (119) UK taxation (235) 235 - (354) 235 (119) Return on ordinary activities after taxation for the 4,879 (13,322) (8,443) financial year Dividends on Preference Stock (22) - (22) Total Return attributable to Ordinary Shareholders 4,857 (13,322) (8,465) Dividends on Ordinary Shares Interim 3.1p (1,881) - (1,881) Final 4.0p (2,411) - (2,411) 7.1p (4,292) - (4,292) Transfer to (from) reserves 565 (13,322) (12,757) Return per Ordinary Share (Note 1) 8.01p (21.98p) (13.97p) NET ASSET STATEMENT as at 30th November 2000 2000 2000 (£000) (£000) Fixed asset investments 357,896 Net Current Assets 20,222 Total Assets less Current Liabilities 378,118 Amounts falling due after more than one year (52,016) Total Net Assets 326,102 Called up Share Capital - Ordinary 15,071 - Preference 450 15,521 Capital Redemption Reserve 929 Capital Reserves - Realised 273,003 - Unrealised 30,905 303,908 Revenue Reserve 5,744 Shareholders' Funds 326,102 Net asset value per Ordinary Share (Note 2) 540.2p - 4 - CASH FLOW STATEMENT For the two years ended 30th November 2001 and 2000 2001 2001 2000 (£000) (£000) (£000) Net cash inflow from operating activities 5,495 5,072 Servicing of Finance Interest paid (4,218) (4,405) Dividends paid on preference stock (23) (23) Net cash outflow on servicing of finance (4,241) (4,428) Taxation ACT repaid - 1 UK income tax repaid (251) 103 Net tax (paid) repaid (251) 104 Financial investment Purchase of fixed asset investments (227,858) (379,159) Sale of investments 249,284 394,677 Net cash inflow from financial investment 21,426 15,518 Equity dividends paid (4,324) (4,185) Net cash inflow before financing 18,105 12,081 Financing Purchase of Ordinary Shares for cancellation (2,286) (3,299) (Decrease) Increase in short term loan (418) 973 Net cash outflow from financing (2,704) (2,326) Increase in cash 15,401 9,755 - 5 - Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the year of 60,052,238 shares (2000 - 60,611,585). Note 2 The net asset value is based on 59,763,416 Ordinary Shares of 25p in issue at the year end (2000 - 60,283,416). Note 3 The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items derive from continuing operations. No operations were acquired or discontinued in the year. Note 4 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 30th November 2001 or 30th November 2000. The financial information for the year ended 30th November 2000 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors report on those accounts was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The statutory accounts for the year ended 30th November 2001 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. Note 5 The decrease in the Trust's benchmark index of 15.78% over the year to 30th November 2001 is composed as follows: 60% FTSE All-Share Index -14.63% 40% FT/S&P Actuaries Index, ex UK in Sterling -17.70% For further information, please contact: Dresdner RCM Global Investors (UK) Ltd Tessa Murray, Head of Corporate Communications Tel: 020 7475 8861 or Dresdner RCM Global Investors (UK) Limited Simon White Tel: 020 7475 2700 This information is provided by RNS The company news service from the London Stock Exchange

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