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: [phone]


or


Dresdner RCM Global Investors (UK) Limited

Simon White

Tel: [phone]



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