Final Results

Rights and Issues Inv Trust PLC
17 February 2004


Chairman's Statement


2003 has proved to be a vintage year for smaller companies. A modest recovery
amongst major stocks after the three-year bear market was entirely eclipsed by
the rebound experienced by smaller company share prices. So while the FTSE
All-Share index rose by 16.6%, the FTSE Small Cap index increased by 36.0% and
FTSE Fledgling index stormed ahead by 57.4%. A note of caution though should
registered in that the largest recoveries were seen amongst the stocks that
previously performed worst over the preceding three years.


Your Trust fully participated in the small company bonanza with the net asset
value of the capital shares rising from 1640.6p to a record 2194.5p and that of
the income shares from 417.1p to 542.9p. These increases of 33.8% and 30.2%
comfortably outperformed the FTSE All-Share index by over 17% and 13%
respectively.


Your Directors have decided to raise the dividend to 34.5p per income share and
1.725p per capital share for 2003. This 5% increase confirms the prediction of
last year that future dividend growth would be more modest and reflects the
general difficult dividend background. The rise again exceeds the prevailing
rate of inflation.The supplementary capital dividend of 49.0976p per capital
share was paid on 2nd January 2004 and, barring unforeseen circumstances, the
supplementary capital dividend for the current year will be maintained at
49.0976p per capital share payable on 2nd January 2005. The pause in growth it
is perhaps not surprising after the recent bear market.


John Robertshaw is retiring at the forthcoming annual general meeting after
serving as a director for four decades. On behalf of your Board, I would like to
record our deep appreciation for the counsel and help that John Robertshaw has
provided over the years and to wish him a happy retirement.


Before looking forward it is appropriate to consider the progress achieved by
the Trust since it changed direction about twenty years ago. Shareholders Funds
have increased from £3m to nearly £50m. The net asset value of the capital
shares has increased by 1789% and that of the income shares by 1019% while the
FTSE All-Share index has risen by only 272%. This capital performance has been
matched in income performance with the dividend of the income shares rising by
807%.


The formula your Trust has followed of investing in sound companies has not
changed over the years though it has adapted to meet changing circumstances.
This has proved successful and there is no reason why this should not continue
in the current year and beyond.


S.H.J.A.Knott
Chairman


Unaudited Balance                  Company                     Group
Sheets                  
To 31st December                2003          2002          2003          2002

                                   £             £             £             £
Fixed Assets

Intangible assets                  0             0        65,191        74,506
Investments               47,941,937    39,335,766    47,510,465    38,904,294

Current assets

Debtors                      782,490       334,363       283,985       236,114
Investments                        0             0       452,872       141,923
Cash at bank and in        1,572,757             0     1,993,130       367,832
hand                         ---------     ---------     ---------     ---------
                           2,355,247       334,363     2,729,987       745,869
Creditors: amounts           631,688     2,192,210       761,243     2,358,531
falling due within one       ---------     ---------     ---------     ---------
year

Net current liabilities/   1,732,559    (1,857,847)    1,968,744    (1,612,662)
assets
                             ---------     ---------     ---------     ---------
Total assets less         49,665,496    37,477,919    49,544,400    37,366,138
current liabilities          =========     =========     =========     =========

Capital and reserves
Called up share            1,225,000     1,225,000     1,225,000     1,225,000
capital
Share premium account        225,326       225,326       225,326       225,326
Capital reserve           29,501,228    29,518,993    29,501,228    29,518,993
Other reserves
Revaluation reserve       17,678,956     5,553,858    17,678,956     5,553,858
Dividend equalisation      1,034,986       954,742       913,890       842,961
reserve
                             ---------     ---------     ---------     ---------
Total shareholders        49,665,496    37,477,919    49,554,400    37,366,138
funds                        =========     =========     =========     =========

Net asset value per
share
Income shares                                              542.9p        417.1p
Capital shares                                            2194.5p       1640.6p
                                                         =========     =========



Unaudited Cons Statement                Twelve months ended 31st December 2003
of Total Return                         Revenue      Capital             Total
                                                 £             £             £

Gains/(losses) on investments              135,517    12,107,333    12,242,850

Income                                   2,112,818             0     2,112,818

Other expenses                             446,553             0       446,553
                                         -----------   -----------  ------------
Net return before finance costs and      1,801,782    12,107,333    13,909,115
taxation

Interest payable and similar charges        37,662             0        37,662
                                         -----------   -----------  ------------
Return on ordinary activities before     1,764,120    12,107,333    13,871,453
tax

Tax on ordinary activities                       0             0             0
                                         -----------   -----------  ------------
Return on ordinary activities  after     1,764,120    12,107,333    13,871,453
tax for the financial year

Dividends and other appropriations in       11,000             0        11,000
respect of non-equity shares             -----------   -----------  ------------
Return attributable to equity            1,753,120    12,107,333    13,860,453
shareholders

Dividends in respect of equity shares    1,682,191             0     1,682,191
                                         -----------   -----------  ------------
Transfer to reserves after aggregate        70,929    12,107,333    12,178,262
dividends paid and payable of            ===========   ===========  ============
£1,693,191. (2002: £1,619,860)

Return per income share (p)                   37.3         123.0         160.3
Return per capital share (p)                  51.0         553.7         604.7
                                         ===========   ===========  ============



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     1,607,909    (4,761,400)   (3,153,491)
tax

Tax on ordinary activities                  (3,140)            0        (3,140)
                                         -----------   -----------  ------------
Return on ordinary activities  after     1,611,049    (4,761,400)   (3,150,351)
tax for the financial year

Dividends and other appropriations in       11,000             0        11,000
respect of non-equity shares             -----------   -----------  ------------
Return attributable to equity            1,600,049    (4,761,400)   (3,161,351)
shareholders

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            ===========   ===========  ============
£1,693,191. (2002: £1,619,860)

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


The final dividends are payable on 31st March 2004  to shareholders on the
register as at 27th February 2004.


Income Shares                       23.75p           (2002: 23.00p)

Capital Shares                      1.725p            (2002:1.650p)


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

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