Interim Results

Rights and Issues Inv Trust PLC
13 July 2004


BALANCE SHEETS

As at 30th June 2004 (Unaudited)

And 31st December 2003
                                                      Company                        Group
                                                      2004           2003         2004           2003
                                                         £              £            £              £
Fixed Assets

Intangible assets                                        -              -       60,534         65,191
                                                         
Investments                                     46,139,538     47,941,937   45,708,066     47,510,465
                                                                            

Current assets

Debtors                                            703,466        782,490      431,418        283,985            
                                                   
Investments                                              -              -      166,706        452,972                   
                 
                                                         
Cash at bank and in hand                         4,756,074      1,572,757    5,308,765      1,993,130
                                                                
                                                 5,459,540      2,355,247    5,906,889      2,729,987
                                                                
Creditors:amounts falling due within one                                       
year                                               721,827        631,688      923,991        761,243               

Net current liabilites/assets                    4,737,713      1,732,559    4,982,898      1,968,744
                                                                             

Total assets less current liabilites            50,877,251     49,665,496   50,751,498     49,544,400

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                                 30,530,098     29,501,228   30,530,098     29,501,228
                                                                            
Other reserves

Revaluation reserve                             17,597,688     17,678,956   17,597,688     17,678,956
                                                               
Dividend equalisation reserve                    1,299,139      1,034,986    1,173,386        913,890                   
          
Total shareholders funds                        50,877,251     49,665,496   50,751,498     49,544,400

Net asset value per share
Income shares                                                                   562.4p         542.9p
Capital shares                                                                 2238.9p        2194.5p




Unaudited Consolidated

statement of total return
                                                                     Six months ended 30th June
                                                                           2004
                                                            Revenue      Capital       Total
                                                               £            £            £

Gains/(losses) on investments                                   37,695      947,602      985,297

Income                                                       1,157,182            0    1,157,182
Investment management fee                                            0            0            0
Other expenses                                                 212,711            0      212,711
Net return before finance costs and taxation                   982,166      947,602    1,929,768

Interest payable and similar charges                                 0            0            0
Return on ordinary activites before tax                        982,166      947,602    1,929,768

Tax on ordinary activites                                       31,670            0       31,670
Return on ordinary activites after tax for the financial       950,496      947,602    1,898,098
year

Dividends and other appropriations in respect of                 5,500            0        5,500
non-equity shares
Return attributable to equity shareholders                     944,996      947,602    1,892,598

Dividends in respect of equity shares                          685,500            0      685,500
Transfer to reserves after aggregate dividends paid and        259,496      947,602    1,207,098
payable of £691,000. (2003: £667,500)

Return per income share (p)                                       21.3          9.7         31.0
Return per capital share (p)                                      25.6         43.4         69.0









Unaudited Cons Statement                   Six months ended 30th June 2003
of Total Return                             Revenue    Capital     Total
                                               £          £          £

Gains/(losses) on investments                  39,250  5,549,010  5,588,260

Income                                      1,008,267          0  1,008,267
Investment management fee                           0          0          0
Other expenses                                192,770          0    192,770
Net return before finance costs and           854,747  5,549,010  6,403,757
taxation

Interest payable and similar charges           37,663          0     37,663
Return on ordinary activites before tax       817,084  5,549,010  6,366,094

Tax on ordinary activites                      20,126          0     20,126
Return on ordinary activites after tax for    796,958  5,549,010  6,345,968
the financial year

Dividends and other appropriations in           5,500          0      5,500
respect of non-equity shares
Return attributable to equity shareholders    791,458  5,549,010  6,340,468

Dividends in respect of equity shares         667,050          0    667,050
Transfer to reserves after aggregate          124,408  5,549,010  5,673,418
dividends paid and payable of £691,000.
(2003: £667,500)

Return per income share (p)                      15.3       56.4       71.7
Return per capital share (p)                     25.3      253.8      279.1







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 taxation               1,801,782  12,107,333  13,909,115

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

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

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

Dividends in respect of equity shares                      1,682,191           0   1,682,191
Transfer to reserves after aggregate dividends paid and       70,929  12,107,333  12,178,262
payable of £691,000. (2003: £667,500)

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



Notes to the consolidated statement of total return.

The interim dividend of 11.50p net (2003:10.75p net) per income share and
amounting to £282,900 (2003: £264,450) is payable on 30th September 2004 to
shareholders on the register as at 27th August 2004. 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 2003. 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 2003, 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, No1 Poultry, London EC2R 8JR.


CHAIRMAN'S STATEMENT

The UK equity market has experienced a much quieter period with the FTSE
All-Share Index rising by 1.0% during the last six months. This has been matched
by the Trust's portfolio which has seen an increase in the net asset value of
the Capital shares of 2.0% to 2238.9p.

The interim dividend has been increased to 11.5p net per income share and the
Board expects, barring unforeseen circumstances, to pay a final dividend of not
less than 24p per Income share.

Simon Knott
Chairman
13th July 2004


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