Interim Results

Rights and Issues Inv Trust PLC
11 August 2005


                              CHAIRMAN'S STATEMENT


The UK equity markets enjoyed solid progress in the latest six months with the
FTSE All-Share Index increasing by 6.2%. The Trust's portfolio performed
similarly with the net asset value of the capital shares rising by 6.8% to
2715.4p.


The interim dividend has been increased to 12.5p per income share and the Board
expects, barring unforeseen circumstances, to pay a final dividend of not less
than 26p per income share.


These interim accounts have been prepared under International Accounting
Standards for the first time. This has entailed certain adjustments to
previously released information and further details may be found in the
accompanying notes. These changes have involved considerable effort but seem
unlikely to add to the sum of human understanding.



Simon Knott

Chairman





CONSOLIDATED INTERIM BALANCE SHEET
As at 30th June 2005
                                         30th June     30th June      31st Dec
                                              2005          2004          2004
                                                   (as restated) (as restated)

                                                 £             £             £
Assets
   Goodwill                                 65,191        65,191        65,191
   Investments                          51,582,474    45,125,766    49,446,465
                                          ----------    ----------     ---------
Total non-current assets                51,647,665    45,190,957    49,511,656
                                          ----------    ----------     ---------

   Trading investments                     213,622       166,706       212,284
   Trade and other receivables             303,561       431,418       356,282
   Cash and cash equivalents            10,407,472     5,308,765     8,141,900
                                          ----------    ----------     ---------
Total current assets                    10,924,655     5,906,889     8,710,466
                                          ----------    ----------     ---------
                                          ----------    ----------     ---------
Total assets                            62,572,320    51,097,846    58,222,122
                                          ==========    ==========     =========

Equity
   Called up share capital               1,225,000     1,225,000     1,225,000
   Share premium account                   225,326       225,326       225,326
   Retained reserves:
   Capital reserve                      40,037,735    30,530,098    33,665,251
   Revaluation reserve                  18,497,163    17,015,388    21,084,284
   Dividend equalisation reserve         1,764,283     1,460,943     1,728,420
                                          ----------    ----------     ---------
Total equity attributable to equity     61,749,507    50,456,755    57,928,281
holders of the parent                     ----------    ----------     ---------

Current liabilities
   Trade and other payables                719,468       586,590       222,261
   Current tax payable                     103,345        54,501        71,580
                                          ----------    ----------     ---------
Total liabilities                          822,813       641,091       293,841
                                          ----------    ----------     ---------

                                          ----------    ----------     ---------
Total equities and liabilities          62,572,320    51,097,846    58,222,122
                                          ==========    ==========     =========

Net asset value per share
   Income shares                             691.7p        568.1p        651.5p
   Capital shares                           2715.4p       2212.2p       2542.8p
                                          ==========    ==========     =========





CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30th June 2005

                                              Six months ended 30th June 2005

                                             Revenue      Capital        Total
                                                   £            £            £

Dividend income                              938,592                   938,592
Interest income                              164,714                   164,714
Gains/(losses) on investments                 72,939    3,785,362    3,858,301
Other income                                 240,716                   240,716
                                             ---------    ---------   ----------
Net investment income                      1,416,961    3,785,362    5,202,323

Investment management fee                          0            0            0
Other expenses                               211,522                   211,522
                                             ---------    ---------   ----------
Net income before tax                      1,205,439    3,785,362    4,990,801

Income tax                                    59,346                    59,346
                                             ---------    ---------   ----------
Net income attributable to equity holders  1,146,093    3,785,362    4,931,455
of the parent                                =========    =========   ==========

The total column relates to the group's
income statement

Return per income share (p)                     26.8         38.5         65.3
Return per capital share (p)                    29.4        173.1        202.5
                                             =========    =========   ==========





CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30th June 2005

                                              Six months ended 30th June 2004
                                                       (as restated)
                                               Revenue   Capital         Total
                                                     £          £            £

Dividend income                                887,165                 887,165
Interest income                                 82,454                  82,454
Gains/(losses) on investments                   37,695    970,582    1,008,277
Other income                                   187,563                 187,563
                                               ---------   --------    ---------
Net investment income                        1,194,877    970,582    2,165,459

Investment management fee                            0          0            0
Other expenses                                 208,054                 208,054
                                               ---------   --------    ---------
Net income before tax                          986,823    970,582    1,957,405

Income tax                                      31,670                  31,670
                                               ---------   --------    ---------
Net income attributable to equity holders      955,153    970,582    1,925,735
of the parent                                  =========   ========    =========

The total column relates to the group's
income statement

Return per income share (p)                       21.5        9.9         31.4
Return per capital share (p)                      25.6       44.4         70.0
                                               =========   ========    =========





CONSOLIDATED INTERIM INCOME STATEMENT
For the six months ended 30th June 2005

                                              Year ended 31st December 2004
                                                      (as restated)
                                            Revenue      Capital         Total
                                                  £            £             £

Dividend income                           1,710,150                  1,710,150
Interest income                             210,190                    210,190
Gains/(losses) on investments               121,359    8,174,631     8,295,990
Other income                                401,754                    401,754
                                             --------     --------      --------
Net investment income                     2,443,453    8,174,631    10,618,084

Investment management fee                         0            0             0
Other expenses                              456,082                    456,082
                                             --------     --------     ---------
Net income before tax                     1,987,371    8,174,631    10,162,002

Income tax                                   73,740                     73,740
                                             --------     --------     ---------
Net income attributable to equity         1,913,631    8,174,631    10,088,262
holders of the parent                        ========     ========     =========

The total column relates to the group's
income statement

Return per income share (p)                    43.2         83.1         126.3
Return per capital share (p)                   51.3        373.8         425.1
                                             ========     ========     =========




The interim dividend of 12.5p net (2004:11.5p net) per income share and
amounting to £307,500 (2004: £282,900) is payable on 30th September 2005 to
shareholders on the register as at 26th August 2005. 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.


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 2004, 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.







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