Interim Results

RIGHTS AND ISSUES INVESTMENT TRUST PLC
15 July 1999


INTERIM RESULTS

Chairman's Statement

There has been a modest improvement in sentiment so far in 1999 for smaller
companies after the difficult conditions of recent years.

The FT All-Share Index rose by 10.2% with smaller company indices
recording rises of around 28%. The Trust has performed satisfactorily with a
rise in the net asset value of the Capital shares of 20.5% to 1445.3p.

The interim dividend has been increased to 6.25p net per Income share and the
Board expects, barring unforeseen circumstances, to pay a final dividend of
not less than 15.0p net per Income share.

Simon Knott
Chairman


Rights and Issues Investment Trust Plc    For the period ended 30th June 1999
Unaudited Balance Sheets                  (Comparative: 31st December 1998)

                                     Company                     Group
                                 1999        1998          1999         1998
                                  £           £              £            £ 
Fixed Assets 
Intangible assets                  -            -       107,108      111,766
Investments               31,363,514   23,775,307    30,932,042   23,343,835
 
Current assets
Debtors                      390,891      188,988       279,413      114,959
Investments                        -            -        74,376       74,272
Cash at bank and in hand   2,323,377    3,920,177     2,673,055    4,215,802
                           ---------   ----------     ---------    --------- 
                           2,714,268    4,109,165     3,026,844    4,405,033
    
Creditors:amounts falling 
due within one year          985,939      445,183     1,053,330      495,866
                           ---------    ---------    ----------     --------
Net current liabilities/   1,728,329    3,663,982     1,973,514    3,909,167
assets                     ---------    ---------     ---------    ---------

Total assets              33,091,843   27,439,289    33,012,664   27,364,768
less current liabilities  ==========   ==========    ==========   ==========
 
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           17,501,868   16,714,602    17,501,868   16,714,602 
Other reserves 
Revaluation reserve       13,296,780    8,737,790    13,296,780    8,737,790 
Dividend equalisation        842,869      536,571       763,690      462,050 
reserve                    ---------    ---------    ----------    ---------

Total shareholders
funds                     33,091,843    27,439,289    33,012,664   27,364,768 
                          ==========    ==========    ==========   ========== 

Net asset value per share 
Income shares                                            370.3p      304.3p
Capital shares                                          1445.3p     1199.9p 

Consolidated statement of total return

                              Six months ended 30th June 1999
                                Revenue       Capital         Total
                                   £             £              £

Gains/(losses) on              6,381        5,346,256        5,352,637      
investments

Income                       925,462                0          925,462
Other  expenses              128,277                0          128,277
                            --------       ----------        ---------
Net return before 
finance costs and taxation   803,566        5,346,256        6,149,822

Interest payable and 
similar charges                    0                0                0
                            --------        ---------        ---------
Return on ordinary 
activities before tax        803,566        5,346,256        6,149,822

Tax on ordinary activities   116,076                0          116,076
                            --------        ---------        ---------
Return on ordinary 
activities after             687,490        5,346,256        6,033,746
tax for the financial year

Dividends and other
appropriations in respect
of non equity shares           5,500                0            5,500
                           ---------        ---------        ---------
Return attributable 
to equity shareholders       681,990        5,346,256        6,028,246

Dividends in respect of 
equity shares                380,350                0          380,350
                           ---------        ---------        ---------
Transfer to reserves after 
aggregate dividends paid 
and payable of £380,350.
(1998: £313,949)             301,640       5,346,256         5,647,896
                           =========       =========         =========

Return per income share (p)   17.9            54.3                72.2

Return per capital share (p)  14.7           244.5               159.2



Consolidated statement of total return

                                      Six months ended 30th June 1998
                                      Revenue        Capital        Total
                                        £               £             £

Gains/(losses) on investments          4,758          3,557,408   3,562,166

Income                               748,442                  0     748,442
Other expenses                       121,340                  0     121,340
                                     -------          ---------   ---------
Net return before finance
costs and taxation                   631,860         3,557,408    4,189,268 

Interest payable and similar             234                 0          234 
charges                              -------         ---------    ---------

Return on ordinary activities        631,626         3,557,408    4,189,034
before tax 

Tax on ordinary activities           142,073                 0      142,073
                                    --------         ---------    ---------   
Return on ordinary activities 
after tax for the financial year     489,553         3,557,408    4,046,961 

Dividends and other appropriations 
in respect of non equity shares        5,500                 0        5,500
                                    --------         ---------    ---------
Return attributable to equity        484,053         3,557,408    4,041,461
shareholders

Dividends in respect of equity       313,949                 0      313,949
shares                              --------         ---------    ---------
 
Transfer to reserves after aggregate 
dividends paid and payable of
£380,350. (1998: £313,949)           170,104         3,557,408    3,727,512 
                                    ========         =========    =========
Return
per income share (p)                   11.8           36.1          47.9 
Return per capital
share (p)                              11.9          162.7         174.6 


Consolidated statement of total return

                                   Twelve months ended 31st December 1998
                                    Revenue         Capital          Total
                                      £                 £              £

Gains/(losses) on investments        -4,920       2,737,925       2,733,005

Income                            1,382,736               0       1,382,736
Other expenses                      236,460               0         236,460
                                  ---------       ----------      ---------
     
Net return before finance
costs and taxation                1,141,356       2,737,925       3,879,281

Interest payable and similar
charges                               1,273               0           1,273
                                  ---------        --------       ----------
Return on ordinary activities 
before tax                        1,140,083        2,737,925      3,878,008 

Tax on ordinary activities          229,999                0        229,999 
                                  ---------        ---------      --------- 

Return on
ordinary activities after tax 
for the financial year              910,084        2,737,925      3,648,009 

Dividends and other appropriations 
in respect of non equity
shares                               11,000                0         11,000
                                    -------        ---------      ---------
Return attributable to equity
shareholders                        899,084        2,737,925      3,637,009

Dividends in respect of equity
shares                              858,934                0        858,934
                                   --------        ---------      --------- 
Transfer to reserves after
aggregate dividends paid and
payable of £380,350.
 (1998:£313,949)                     40,150       2,737,925       2,778,075
                                  =========       =========       =========

Return per income share (p)         20.8             27.8             48.6
Return per capital share (p)        23.6            125.2            148.8


The interim dividend of 6.25p net (1998: 5.25p net) per income share and
amounting to £153,750 (1998: £129,150) is payable on 30th September 1999 to
shareholders on the register as at 20th August 1999. The sum accruing by way of
dividend to the Capital shareholders will, in view of the small sum involved be
included in the final dividend.

The unaudited interim results have been prepared on the basis of the accounting
policies set out in the statutory accounts of the Company for the year ended 
31st December 1998. The above statement of total return is presented as
recommended by the Statement of Recommended Practice for Financial Statements of
Investment Trust Companies.

These are not full statutory accounts in terms of Section 240 of the Companies
Act 1985. The full audited accounts for the year to 31st December 1998, which
were unqualified, have been filed with the Registrar of Companies.

The interim accounts are to be posted to shareholders and are available at the
registered office of the Company, 40 Clifton Street, London EC2A 4AY.