Final Results

Rights and Issues Inv Trust PLC
10 February 2005


Chairman's Statement


After last year's vintage performance, 2004 has proved to be a year of solid
growth for smaller companies. The FTSE All-Share index recorded a 9.2% rise. The
FTSE Small Cap index increased by 11.4% and the FTSE Fledgling index grew by
20.0%.


Your Trust enjoyed a productive year with the net asset value of the capital
shares rising from 2194.5p to a new record of 2573.1p and that of the income
shares from 542.9p to 633.3p. These increases of 17.3% and 16.7% outperformed
The FTSE All-Share by 8% in both cases. One feature of the last seven years is
that while the UK stock market has made absolutely no progress your Trust has
seen a rise in shareholders funds from under £25m to £58m.


Your Directors have decided to raise the dividend to 36.5p per income share and
1.825p per capital share. The 6% increase reflects a modest improvement in the
pattern of dividend announcements. The supplementary capital dividend of
49.0976p per capital share was paid on 2nd January 2005 and, barring unforeseen
circumstances, the supplementary capital dividend for the current year will be
56.0732p per capital share payable on 2nd January 2006. After last year's pause
a 14% increase is encouraging and is a reflection of the recent capital
performance.


The development of our wholly-owned subsidiary, Discretionary Unit Fund
Managers, now warrants mentioning. It produced record pre-tax profits of over
£300,000 with funds under management of £45m at 31st December. Its profits now
exceeds the annual cost of managing the Trust and is a major factor in the 12%
rise in the Trust's revenues.


Your Directors will again be reviewing during the current year the future life
of the Trust and will report their recommendations to shareholders next year.


Our success of recent years was recognised with the Trust winning the 2004
Investment Week Investment Trust of Year award for Split Capitals. Now our task
is to repeat this performance this year and beyond.



                                                                   S.H.J.A.Knott
                                                                        Chairman




Unaudited Balance Sheets               Company                     Group
To 31st December                2004          2003          2004          2003
                                   £             £             £             £
Fixed Assets
Intangible assets                  0             0        55,876        65,191
Investments               50,581,738    47,941,937    50,150,266    47,510,465

Current assets
Debtors                      590,953       782,490       356,282       283,985
Investments                        0             0       212,284       452,872
Cash at bank and in        7,596,905     1,572,757     8,141,900     1,993,130
hand                         ---------     ---------     ---------     ---------
                           8,187,858     2,355,247     8,710,466     2,729,987
Creditors: amounts           661,348       631,688       938,771       761,243
falling due within one       ---------     ---------     ---------     ---------
year

Net current liabilities/   7,526,510     1,723,559     7,771,695     1,968,744
assets
                             ---------     ---------     ---------     ---------
Total assets less         58,108,248    49,665,496    57,977,837    49,544,400
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           33,665,251    29,501,228    33,665,251    29,501,228
Other reserves
Revaluation reserve       21,788,085    17,678,956    21,788,085    17,678,956
Dividend equalisation      1,204,586     1,034,986     1,074,175       913,890
reserve
                             ---------     ---------     ---------     ---------
Total shareholders        58,108,248    49,665,496    57,977,837    49,554,400
funds                        =========     =========     =========     =========

Net asset value per
share
Income shares                                              633.3p        542.9p
Capital shares                                            2573.1p       2194.5p
                                                         =========     =========




                                      Twelve months ended 31st Dec 2004
Unaudited Cons Statement              Revenue         Capital         Total
of Total Return                             £               £             £

Gains/(losses) on                     121,359       8,273,152     8,394,511
investments

Income                              2,322,094               0     2,322,094
Investment management fee                   0               0             0
Other expenses                        465,397               0       465,397
                                  -------------     -----------    ----------
Net return before finance           1,978,056       8,273,152    10,251,208
costs and taxation

Interest payable and similar                0               0             0
charges                           -------------     -----------    ----------
Return on ordinary activites        1,978,056       8,273,152    10,251,208
before tax

Tax on ordinary activites              73,740               0        73,740
                                  -------------     -----------    ----------
Return on ordinary activites        1,904,316       8,273,152    10,177,468
after tax for the financial
year

Dividends and other                    11,000               0        11,000
appropriations in respect of      -------------     -----------    ----------
non-equity shares
Return attributable to              1,893,316       8,273,152    10,166,468
equity shareholders

Dividends in respect of             1,733,031               0     1,733,031
equity shares                     -------------     -----------    ----------
Transfer to reserves after            160,285       8,273,152     8,433,437
aggregate dividends paid and      =============     ===========    ==========
payable of £1,744,031 (2003:
£1,693,191)

Return per income share (p)              42.8            84.1         126.9

Return per capital share (p)             51.2           378.4         429.6

                                  =============     ===========    ==========



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
Investment management fee                        0             0             0
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            ===========   ===========  ============
£1,744,031. (2003: £1,693,191)

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


The final dividends are payable on 31st March 2005  to shareholders on the
register as at 25th February 2005.


Income Shares                      25.00p            (2003: 23.75p)
Capital Shares                      1.825p            (2003:1.725p)


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



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