Interim Results

Rights and Issues Inv Trust PLC
17 July 2001

                                                                             
  BALANCE SHEETS                           Company                      Group 
  As at 30th June 2001                                                        
  And 31st December 2000                                                        
               
                               2001          2000          2001         2000 
                                  £             £             £            £ 
  Fixed Assets                                                                
  Intangible assets               -             -        88,479       93,136  
  Investments            37,689,567    40,158,671    37,258,095   39,727,199
                                                                              
  Current assets                                                              
  Debtors                   240,293       175,298        98,996       79,855  
  Investments                     -             -       129,899      259,041  
  Cash at bank and in     6,554,040     3,074,709     6,913,263    3,314,238  
  hand                                                                        
                          6,794,333     3,250,007     7,142,158    3,653,134  
  
  Creditors: amounts        586,029       520,928       688,669      678,870  
  falling due within                                                          
  one year                                                                    
 
  Net current             6,208,304     2,729,079     6,453,489    2,974,264  
  liabilities/assets                                                          
 
  Total assets less      43,897,871    42,887,750    43,800,063   42,794,599
  current liabilities                                                         
  
  Capital and reserves                                                        
  Called up share         1,225,000     1,225,000     1,225,000    1,225,000  
  capital                                                                     
  Share premium             225,326       225,326       225,326      225,326  
  account                                                                     
  Capital reserve        27,837,350    23,842,673    27,837,350   23,842,673
  Other reserves                                                              
  Revaluation reserve    13,618,862    16,807,282    13,618,862   16,807,282
  Dividend                  991,333       787,469       893,525      694,318  
  equalisation reserve                                                        
 
  Total shareholders     43,897,871    42,887,750    43,800,063   42,794,599
  funds                                                                       
 
  Net asset value per                                                         
  share                                                                       
  Income shares                                           483.7p       467.9p 
  Capital shares                                         1933.1p      1895.4p 
                                                                           

   
  Consolidated                               Six months ended 30th June 2001 
  statement of total                                                          
  return                                                                      
                                           Revenue     Capital         Total 
                                                 £           £             £ 
  Gains/(losses) on                          2,801     806,257       809,058  
  investments                                                                 
  Income                                   897,500           0       897,500  
                                                 0           0             0  
  Other expenses                           158,529           0       158,529  
 
  Net return before finance costs and      741,772     806,257     1,548,029  
  taxation                                                                    
  Interest payable and                           0           0             0  
  similar charges                                                             
  Return on ordinary                       741,772     806,257     1,548,029  
  activities before tax                                                       
  Tax on ordinary                           14,664           0        14,664  
  activities                                                                  
  Return on ordinary activities after       727,108    806,257     1,533,365  
  tax for the financial year                                                  

  Dividends and other                        5,500           0         5,500  
  appropriations in                                                           
  respect of non-equity                                                       
  shares                                                                      
  Return attributable                      721,608     806,257     1,527,865  
  to equity                                                                   
  shareholders                                                                
  
  Dividends in respect                     522,401           0       522,401  
  of equity shares                                                            
  Transfer to reserves after aggregate      199,207    806,257     1,005,464  
  dividends paid and payable of                                               
  £522,401. (2000: £418,600)                                                  
  
  Return per income                           15.6         8.1          23.7  
  share (p)                                                                   
  Return per capital                          20.6        36.9          57.5  
  share (p)                                                                   
                                                                          

    
  Consolidated                               Six months ended 30th June 2000 
  statement of total                                                          
  return                                                                      
                                           Revenue     Capital         Total 
                                                 £           £             £ 
  Gains/(losses) on                          3,853     890,350       894,203  
  investments                                                                 
  Income                                   804,203           0       804,203  
  Other expenses                           138,446           0       138,446  
  Net return before                        669,610     890,350     1,559,960  
  finance costs and                                                           
  taxation                                                                    
  Interest payable and                           0           0             0  
  similar charges                                                             
  Return on ordinary                       669,610     890,350     1,559,960  
  activities before tax                                                       
  Tax on ordinary                           11,922           0        11,922  
  activities                                                                  
  Return on ordinary                        657,688    890,350     1,548,038  
  activities after tax                                                        
  for the financial                                                           
  year                                                                        
  Dividends and other                        5,500           0         5,500  
  appropriations in                                                           
  respect of non-equity                                                       
  shares                                                                      
  Return attributable                      652,188     890,350     1,542,538  
  to equity                                                                   
  shareholders                                                                
  Dividends in respect                     418,600           0       418,600  
  of equity shares                                                            
  Transfer to reserves after aggregate      233,588    890,350     1,123,938  
  dividends paid and payable of                                               
  £522,401. (2000: £418,600)                                                  
 
  Return per income                           16.0         9.0          25.0  
  share (p)                                                                   
  Return per capital                          15.8        40.7          56.5  
  share (p)                                                                   
 

                                                                              
  Consolidated statement of total     Twelve months ended 31st December 2000 
  return                                                                      
                                         Revenue       Capital         Total 
                                               £             £             £ 
  Gains/(losses) on investments           37,772     6,654,608     6,692,380  
  Income                               1,549,583             0     1,549,583  
                                               0             0             0  
  Other expenses                         310,467             0       310,467  
  Net return before                    1,276,888     6,654,608     7,931,496  
  finance costs and                                                           
  taxation                                                                    
  Interest payable and similar                 0             0             0  
  charges                                                                     
  Return on ordinary activities        1,276,888     6,654,608     7,931,496  
  before tax                                                                  
  Tax on ordinary activities              23,226             0        23,226  
  Return on ordinary activities        1,253,662     6,654,608     7,908,270  
  after tax for the financial                                                 
  year                                                                        
  Dividends and other                     11,000             0        11,000  
  appropriations in respect of                                                
  non-equity shares                                                           
  Return attributable to equity        1,242,662     6,654,608     7,897,270  
  shareholders                                                                
  Dividends in respect of equity       1,141,010             0     1,141,010  
  shares                                                                      
  Transfer to reserves after              101,652    6,654,608     6,756,260  
  aggregate dividends paid and                                                
  payable of £522,401. (2000:                                                 
  £418,600)                                                                   
  
  Return per income                         29.5          67.6          97.1  
  share (p)                                                                   
  Return per capital                        31.5         304.3         335.8  
  share (p)                               


Notes to the consolidated statement of total return.


The interim dividend of 8.00p net (2000:7.00p net) per income share and
amounting to £196,800 (2000: £172,200) is payable on 30th September 2001 to
shareholders on the register as at 17th August 2001. 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 2000. 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 2000, 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.



CHAIRMAN'S STATEMENT

The UK equity market has experienced further weakness in the first six months
of 2001 with the FTSE All-Share Index declining by 8.6%. The Trust has again
demonstrated the inherent strength of its portfolio with a rise in the net
asset value of the Capital shares of 2.0% to 1933.1p.

The interim dividend has been increased to 8.0p net per income share and the
Board expects, barring unforeseen circumstances, to pay a final dividend of
not less than 20.0p per Income share.

Simon Knott

Chairman

17th July 2001