Final Results

Rights and Issues Inv Trust PLC
18 February 2003

Chairman's Statement

The UK equity market fell for the third successive year in 2002. There was no
shelter from the raging bear market with all indices registering significant
declines. The FTSE All-Share index lost 25.0% while the FTSE Small Cap index
decreased by 28.7% and FTSE Fledgling index declined by 17.8%.

This severe fall has triggered a major shift in investor psychology to wholesale
pessimism. The Trust's value-based strategy again provided some but not complete
protection from the full ravages of the equity market. The net asset value of
the capital shares fell from 1858.4p to 1640.6p and that of the income shares
from 465.8p to 417.1p. These falls of 11.7% and 10.5% respectively comfortably
outperformed the FTSE All-Share index by over 13%.

Your Directors have decided to increase the dividend to 33.0p per income share
and 1.65p per capital share for 2002. The 8% rise again exceeds the prevailing
rate of inflation and was achieved against a steadily deteriorating income
background. Indeed, during the latter half of the year income growth has gone
into reverse and there has been an overall fall in the level of UK equity
distributions. For this reason, future increases in the income dividend are
likely to far more modest. Fortunately, the Trust has robust dividend reserves
and is therefore far better placed than most of its peers.

The supplementary capital dividend of 46.9512p per capital share was paid on 2nd
January 2003 and, barring unforeseen circumstances, the supplementary capital
dividend for the current year will be 49.0976p per capital share payable on 2nd
January 2004. This 5% increase reflects the medium-term capital progress of the
Trust.

The conduct of a number of Split-Level Investment Trusts has justifiably
received enormous public criticism and brought disrepute to the whole of the
Investment Trust sector. The effective meltdown of so many Trusts resembles the
proverbial snake consuming its own tail. The lessons are clear: Investment
strategies should not be governed by capital structures and gearing, whether
overt or covert, is a sword which cuts both ways. Your Trust has always had a
clear and coherent investment strategy and the success of this can be judged
over the last two decades.

During the year, David Bramwell joined the Board and his industrial experience
is a valuable addition.

The opening weeks of the new year has seen a further setback in the UK equity
market with international uncertainties again undermining confidence. Experience
would however suggest that we are fast approaching the nadir of the current
stock market cycle. In any event, difficult equity markets always produce value
opportunities which your Trust will continue to explore.

                                                                   S.H.J.A.Knott
                                                                        Chairman



       Unaudited Balance Sheets                                   Company                      Group                    
       To 31st December                                          2002          2001           2002          2001 

                                                                    £             £              £             £ 
       Fixed Assets                                                                                              
       Intangible assets                                            0             0         74,506        83,821 
       Investments                                         39,335,766    37,958,087     38,904,294    37,526,615 

       Current assets                                                                                            
       Debtors                                                334,363       193,875        236,114       100,516 
       Investments                                                  0             0        141,923        73,007 
       Cash at bank and in hand                                     0     4,692,029        367,832     5,027,070 
                                                              334,363     4,885,904        745,869     5,200,593 

       Creditors: amounts falling due within one year       2,192,210       605,176      2,358,531       674,680 

       Net current liabilities/assets                     (1,857,847)     4,280,728    (1,612,662)     4,525,913 

       Total assets less current liabilities               37,477,919    42,238,815     37,366,138    42,136,349 

       Capital and reserves                                                                                      
       Called up share capital                              1,225,000     1,225,000      1,225,000     1,225,000 
       Share premium account                                  225,326       225,326        225,326       225,326 
       Capital reserve                                     29,518,993    28,158,252     29,518,993    28,158,252 
       Other reserves                                                                                            
       Revaluation reserve                                  5,553,858    11,675,999      5,553,858    11,675,999 
       Dividend equalisation reserve                          954,742       954,238        842,961       851,772 

       Total shareholders funds                            37,477,919    42,238,815     37,366,138    42,136,349 

       Net asset value per share                                                                                 
       Income shares                                                                        417.1p        465.8p 
       Capital shares                                                                      1640.6p       1858.4p 
                                                                                                                      


  Unaudited Cons Statement                                                     Twelve months ended 31st December 2002   
  of Total Return                                                              Revenue         Capital          Total 
                                                                                     £               £              £ 
  Gains/(losses) on investments                                                57,739      (4,761,400)    (4,703,661) 

  Income                                                                    1,968,846                0      1,968,846 

  Other expenses                                                              402,428                0        402,428 

  Net return before finance costs and                                       1,624,157     (4,761,400)     (3,137,243) 
  taxation                                                                                                            

  Interest payable and similar charges                                         16,248                0         16,248 

  Return on ordinary activities before tax                                  1,607,909      (4,761,400)    (3,153,491) 

  Tax on ordinary activities                                                  (3,140)                0        (3,140) 

  Return on ordinary activities after tax for                               1,611,049      (4,761,400)    (3,150,351) 
  the financial year                                                                                                  

  Dividends and other appropriations in                                        11,000                0         11,000 
  respect of non-equity shares                                                                                        

  Return attributable to equity shareholders                                1,600,049      (4,761,400)    (3,161,351) 

  Dividends in respect of equity shares                                     1,608,860                0      1,608,860 

  Transfer to reserves after aggregate                                        (8,811)      (4,761,400)    (4,770,211) 
  dividends paid and payable of £1,619,860.                                                                           
  (2001: £1,437,510)                                                                                                  

  Return per income share (p)                                                    32.7           (48.4)        (15.7)  
  Return per capital share (p)                                                   48.6          (217.8)       (169.2)  
                                                                                                                      

  Unaudited Cons Statement                                                       Twelve months ended 31st December 2001 
  of Total Return                                                                 Revenue         Capital      Total    
                                                                                        £               £          £    
     
  Gains/(losses) on investments                                                      5,793     (815,704)    (809,911) 

  Income                                                                         1,956,282             0    1,956,282 

  Other expenses                                                                   340,386             0      340,386 

  Net return before finance costs and taxation                                   1,621,689     (815,704)      805,985 

  Interest payable and similar charges                                                   0             0            0 

  Return on ordinary activities before tax                                       1,621,689     (815,704)      805,985 

  Tax on ordinary activities                                                        26,725             0       26,725 

  Return on ordinary activities after tax for the                                1,594,964     (815,704)      779,260 
  financial year                                                                                                      

  Dividends and other appropriations in respect                                     11,000             0       11,000 
  of non-equity shares                                                                                                

  Return attributable to equity shareholders                                     1,583,964     (815,704)      768,260 

  Dividends in respect of equity shares                                          1,426,510             0    1,426,510 

  Transfer to reserves after aggregate dividends                                   157,454     (815,704)    (658,250) 
  paid and payable of £1,619,860. (2001:                                                                              
  £1,437,510)                                                                                                         

  Return per income share (p)                                                         36.7         (8.3)        28.4  
  Return per capital share (p)                                                        41.5        (37.3)         4.2  


The final dividends are payable on 31st March 2003  to shareholders on the
register as at 28th February 2003.

Income Shares                      23.0p              (2001: 22.5p)
Capital Shares                    1.650p              (2001:1.525p)

The above release and full audited accounts will be available at the Registered
office.


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