Final Results

Brunner Investment Trust PLC 29 January 2004 For immediate release 29th January 2004 THE BRUNNER INVESTMENT TRUST PLC ANNOUNCEMENT OF PRELIMINARY RESULTS For the year ended 30th November 2003 RESULTS The Board announces the results for the year ended 30th November 2003. The net asset value per Ordinary Share at 30th November 2003 was 343.1p compared with 329.0p at 30th November 2002, an increase of 4.3%. Over the same period the benchmark index (60% FTSE All-Share Index, and 40% FT/S&P World Index, ex UK in sterling) increased by 7.0%. DIVIDEND The Board recommends a final distribution of 4.40p to be payable on 26th March 2004 to shareholders on the register at the close of business on 27th February 2004, making a total distribution of 7.80p per share for the year ended 30th November 2003, an increase of 4.0%. ANNUAL GENERAL MEETING The seventy-sixth Annual General Meeting of the Company will be held on Thursday 25th March 2004 at 12.00noon. SHARE BUY BACKS 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 K J Salt Company Secretary 155 Bishopsgate London, EC2M 3AD - 2 - Unaudited preliminary results for the year ended 30th November 2003 were approved for immediate release as undernoted: RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 2003 2003 £'000s £'000s £'000s Revenue Capital Total (Note 3) Net gains on investments - 9,142 9,142 Investment income 6,495 - 6,495 Other income 831 - 831 Investment management fee (369) (861) (1,230) Expenses of administration (171) - (171) Net return before finance costs and taxation 6,786 8,281 15,067 Finance costs of borrowings (1,348) (3,139) (4,487) Return on ordinary activities before taxation 5,438 5,142 10,580 Taxation Overseas taxation (146) - (146) UK taxation (376) 376 - (522) 376 (146) Return on ordinary activities after taxation for the financial year 4,916 5,518 10,434 Dividends on Preference Stock (22) - (22) Total Return attributable to ordinary shareholders 4,894 5,518 10,412 Dividends on Ordinary Shares Prior year over accrual 1 - 1 First Interim paid 3.4p (1,925) - (1,925) Final proposed 4.4p (2,426) - (2,426) 7.8p (4,350) - (4,350) Transfer to reserves 544 5,518 6,062 Return per Ordinary Share (Note 1) 8.65p 9.75p 18.40p NET ASSET STATEMENT as at 30th November 2003 2003 2003 £'000s £'000s Fixed Asset Investments 219,638 Net Current Assets 21,844 Total Assets less Current Liabilities 241,482 Amounts falling due after more than one year (51,826) Total Net Assets 189,656 Called up Share Capital - Ordinary 13,785 - Preference 450 14,235 Capital Redemption Reserve 2,215 Capital Reserves - Realised 174,946 - Unrealised (8,946) Revenue Reserve 166,000 Shareholders' Funds 7,206 189,656 Net asset value per Ordinary Share (Note 2) 343.1p - 3 - STATEMENT OF TOTAL RETURN for the year ended 30th November 2002 2002 £'000s £'000s £'000s Revenue Capital Total (Note 3) Net losses on investments - (53,686) (53,686) Investment income 5,931 - 5,931 Other income 1,301 - 1,301 Investment management fee (424) (988) (1,412) Expenses of administration (193) - (193) Net return before finance costs and taxation 6,615 (54,674) (48,059) Finance costs of borrowings (1,330) (3,102) (4,432) Return on ordinary activities before taxation 5,285 (57,776) (52,491) Taxation Overseas taxation (113) - (113) UK taxation (381) 381 - (494) 381 (113) Return on ordinary activities after taxation for the financial year 4,791 (57,395) (52,604) Dividends on Preference Stock (22) - (22) Total Return attributable to ordinary shareholders 4,769 (57,395) (52,626) Dividends on Ordinary Shares First Interim 3.3p (1,879) - (1,879) Final 4.2p (2,412) - (2,412) 7.5p (4,291) - (4,291) Transfer to (from) reserves 478 (57,395) (56,917) Return per Ordinary Share (Note 1) 8.16p (98.17)p (90.01)p NET ASSET STATEMENT as at 30th November 2002 2002 2002 £'000s £'000s Fixed Asset Investments 218,572 Net Current Assets 22,693 Total Assets less Current Liabilities 241,265 Amounts falling due after more than one year (51,890) Total Net Assets 189,375 Called up Share Capital - Ordinary 14,358 - Preference 450 14,808 Capital Redemption Reserve 1,642 Capital Reserves - Realised 189,927 - Unrealised (23,665) Revenue Reserve 166,262 Shareholders' Funds 6,663 189,375 Net asset value per Ordinary Share (Note 2) 329.0p - 4 - CASH FLOW STATEMENT For the years ended 30th November 2002 to 30th November 2003 2003 2003 2002 £'000s £'000s £'000s Net cash inflow from operating activities 5,741 4,723 Servicing of Finance Interest paid (4,383) - (4,495) Dividends paid on preference stock (23) (23) Net cash outflow on servicing of finance (4,406) (4,518) Taxation UK income tax repaid 4 Financial Investment Purchase of fixed asset investments (152,141) (203,072) Sale of fixed asset investments 160,387 202,035 Net cash inflow (outflow) inflow from financial investment 8,246 (1,037) Equity dividends paid (4,336) (4,329) Net cash inflow (outflow) before financing 5,245 (5,157) Financing Purchase of Ordinary Shares for cancellation (5,780) (7,763) (Decrease) increase in short term loan (907) 321 Net cash outflow from financing (6,687) (7,442) Decrease in cash (1,442) (12,599) - 5 - Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the year of 56,578,783 shares (2002 - 58,466,041). Note 2 The net asset value is based on 55,140,146 Ordinary Shares of 25p in issue at the year end (2002 - 57,432,416). 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 2003 or 30th November 2002. The financial information for the year ended 30th November 2002 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 2003 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 increase in the Company's benchmark index of 7% over the year to 30th November 2003 is composed as follows: 60% FTSE All-Share Index 7.2% 40% FT/S&P World Index, ex UK in Sterling 6.5% For further information, please contact: Allianz Dresdner Asset Management (UK) Limited Simon White Tel: 020 7065 1539 This information is provided by RNS The company news service from the London Stock Exchange

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