Geographical Distribution

Brunner Investment Trust PLC
12 January 2004


THE BRUNNER INVESTMENT TRUST PLC
Geographical Distribution as at 31st December 2003


                                                 VALUE                  %

CASH                                             44,245,104           18.00

UNITED KINGDOM                                  114,651,502           46.65

NORTH AMERICA                                    45,197,288           18.39

EUROPE                                           23,179,282            9.43

PACIFIC EX JAPAN                                  9,571,859            3.90

ASIA                                              8,914,141            3.63

LATIN AMERICA                                             0            0.00

Other Intl                                                0            0.00

Total Assets less Current Liabilities           245,759,176          100.99




Europe
   Austria                                                0           0.00%
   Denmark                                        1,356,089           0.55%
   Eire                                                   0           0.00%
   France                                         4,134,600           1.68%
   Finland                                          911,219           0.37%
   Germany                                        6,338,971           2.58%
   Greece                                                 0           0.00%
   Italy                                          3,671,440           1.49%
   Netherlands                                    2,901,729           1.18%
   Portugal                                               0           0.00%
   Russia                                                 0           0.00%
   Spain                                                  0           0.00%
   Sweden                                                 0           0.00%
   Belgium                                                0           0.00%
   Switzerland                                    3,865,235           1.57%
                                                 23,179,282           9.42%



Other Pacific
   Australia                                      3,430,373           1.40%
   New Zealand                                      628,425           0.26%
   China                                                              0.00%
   Hong Kong                                      3,539,223           1.44%
   Malaysia - incl Govett Asian Smlr                                  0.00%
   Singapore                                                          0.00%
   Taiwan                                         1,356,697           0.55%
   Korea                                            617,141           0.25%
                                                  9,571,859           3.90%

Latin America
Latin America -  Brazil                                   0           0.00%
                                                          0           0.00%


United Kingdom
UK total per valuation                          139,781,502          56.88%
Less Fixed Interest                             -25,130,000         -10.23%

                                                114,651,502          46.65%

North America
USA                                              44,376,196          18.06%
Canada                                              821,092           0.33%
Mexico                                                    0           0.00%

                                                 45,197,288          18.39%

Asia
Japan                                             8,914,141           3.63%
India - DRCM India Fund                                   0           0.00%
                                                  8,914,141           3.63%

Other Int'l
Other Int'l                                               0           0.00%
                                                          0           0.00%

Enquiries:

Kirsten Salt
Company Secretary
Tel:  [phone]

12 January 2004




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