Interim Results

RIT Capital Partners PLC
1 November 2001


                                                               1 November 2001


              PRELIMINARY ANNOUNCEMENT FOR THE SIX MONTHS ENDED

                              30 SEPTEMBER 2001

During the half year to 30 September, the Company's net asset value per share
declined by 9.5%, from 480.2p to 434.4p. Over the same period, the Morgan
Stanley Capital International Index (in Sterling), the FTSE All-Share Index
and the Investment Trust Net Assets Index declined by 15.6%, 13.7% and 19.8%
respectively.

RITCP's net asset value per share on 31 October was 446p.

During the six months under review, world stock markets have experienced
exceptionally difficult conditions, arising from gloomy economic and corporate
news as well as the cataclysmic events of September 11 in the USA. The
liquidity within the portfolio has provided some measure of protection, with
the result that the asset value declined by considerably less than the
relevant market indices. RITCP has continued to outperform these indices since
its inception in August 1988.

In response to the continued turbulence in world markets and the uncertain
outlook, the Company continues to retain a significant element of liquidity
within its portfolio. The holdings of government securities amounted to some 
£146 million, or 22% of the portfolio at the interim stage. This leaves the
Company in a position to benefit from the opportunities which will arise once
conditions improve.

INVESTMENT PORTFOLIO

Since 31 March the Company has reduced further its exposure to quoted
investments, leaving the balance of the portfolio broadly unchanged. It has
also reduced further its exposure to the US dollar and has increased its
exposure to the Euro by investing most of its liquidity in German government
bonds.

At 30 September, £189.7 million or 28.5% of the portfolio, was held directly
in quoted investments. A further £123.2 million, or 18.5% of the portfolio was
held in funds (principally hedge funds) which invest mainly in quoted
securities. Taking these two categories together (but excluding the holdings
of government securities), some 47% of the portfolio was invested in quoted or
other marketable securities. The diversification of the portfolio,
particularly into areas which are less directly correlated to stock markets,
has continued to support the Company's performance during difficult market
conditions.

The overall exposure of the Company to unquoted investments results either
from investments made directly by RITCP's own management, or from investments
in externally managed partnerships which make private equity investments. In
total, some £180.7 million, or 27.1% of the portfolio is invested in this
sector: £134.8 million, or 20.2%, is invested by RITCP's own management and 
£45.9 million, or 6.9%, through investment in limited partnerships managed by
third parties.

The valuations of the Company's own unquoted investments have been subject to
review by a committee of independent non-executive directors. Similarly, the
Company has adjusted the valuations of its holdings in limited partnerships,
by making provisions where appropriate.

RESULTS

In monetary terms, the reduction in the Company's net assets over the six
months to 30 September amounts to £71.8 million, of which £74 million was
attributable to capital, offset by a £2.2 million revenue profit.

In line with its established policy, RITCP will not be paying an interim
dividend.



For further information please contact:

Duncan Budge          020-7514 1928



CONSOLIDATED STATEMENT OF TOTAL RETURN

for the six months ended 30 September 2001

                                           Revenue      Capital          Total
                                             £'000        £'000          £'000

Losses on investments                            -      (80,478)       (80,478)
Dealing losses                              (2,687)           -         (2,687)
Investment income                            9,963            -          9,963
Other income                                   250            -            250
Administrative expenses                     (2,935)           -         (2,935)
Investment management fees                  (1,515)           -         (1,515)
Other capital items                              -        5,490          5,490


Net return/(loss) before finance costs       3,076      (74,988)       (71,912)
and taxation

Interest payable and similar                  (145)           -           (145)
charges

Return/(loss) on ordinary activities         2,931      (74,988)       (72,057)
before taxation

Taxation on ordinary activities               (750)         975            225


Return/(loss) on ordinary activities
after taxation attributable to               2,181      (74,013)       (71,832)
equity shareholders

Dividends                                        -            -              -


Transfer to/(from) reserves                  2,181      (74,013)       (71,832)


Return/(loss) per ordinary share              1.4p       (47.2)p        (45.8)p


The revenue column of this statement is the consolidated profit and loss
account of the Group.

The accompanying notes are an integral part of this statement.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.



CONSOLIDATED STATEMENT OF TOTAL RETURN

for the six months ended 30 September 2000

                                           Revenue       Capital         Total
                                             £'000         £'000         £'000

Gains on investments                             -         8,988         8,988
Dealing profits                              6,815             -         6,815
Investment income                           12,741             -        12,741
Other income                                   181             -           181
Administrative expenses                     (2,578)            -        (2,578)
Investment management fees                  (1,710)            -        (1,710)
Other capital items                              -        (3,495)       (3,495)
Net return before finance costs             15,449         5,493        20,942
and taxation
Interest payable and similar                  (267)            -          (267)
charges
Return on ordinary activities               15,182         5,493        20,675
before taxation
Taxation on ordinary activities             (3,878)        1,084        (2,794)

Return on ordinary activities
after taxation attributable to              11,304         6,577        17,881
equity shareholders
Dividends                                       61             -            61


Transfer to reserves                        11,365         6,577        17,942


Return per ordinary share                     7.2p          4.2p         11.4p


The revenue column of this statement is the consolidated profit and loss
account of the Group.

The accompanying notes are an integral part of this statement.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.



CONSOLIDATED BALANCE SHEET
                                            30 September  31 March  30 September
                                                     2001     2001        2000
                                                    £'000    £'000       £'000
                                                                      
Fixed assets
Investments                                       666,581  745,486     749,002
Tangible fixed assets                                 239      259         256
                                                  666,820  745,745     749,258
Current assets                                     84,511   57,674     135,546
Creditors: Amounts falling due                    (62,092) (41,699)    (30,449)
within one year
Net current assets                                 22,419   15,975     105,097
Total assets less current liabilities             689,239  761,720     854,355


Creditors: Amounts falling due after more than
one year
Bank loans                                              -        -     (25,003)
Provisions for liabilities and charges             (7,864)  (8,527)    (10,840)
                                                  681,375  753,193     818,512
Capital and reserves
Called up share capital                           156,848  156,848     156,848
Capital redemption reserve                         33,308   33,308      33,308
Capital reserve - realised                        511,471  518,383     509,676
Capital reserve - unrealised                      (49,298)  17,803      92,604
Revenue reserve                                    29,046   26,851      26,076
Equity shareholders' funds                        681,375  753,193     818,512
Net asset value per                                434.4p   480.2p      521.9p
ordinary share


CONSOLIDATED CASH FLOW STATEMENT
                                                   Period      Year    Period
                                                    Ended     Ended     Ended
                                             30 September  31 March 30 September
                                                     2001      2001      2000
                                                    £'000     £'000     £'000 

Cash inflow from                                     5,227    20,692     3,175

operating activities
Servicing of finance
Bank interest paid                                    (143)     (563)     (266)
Net cash outflow from servicing                       (143)     (563)     (266)
of finance
Taxation
UK tax paid                                           (299)   (1,240)      (32)
UK tax received                                        316         -         -
Overseas tax paid                                     (509)     (953)     (700)
Net cash outflow from taxation                        (492)   (2,193)     (732)
Financial investment
Purchase of investments                           (227,089) (562,814) (273,226)
Sale of investments                                200,396   626,294   340,717
Net cash (outflow)/inflow from financial           (26,693)   63,480    67,491
investment
Capital expenditure
Purchase of fixed assets                               (41)     (247)     (151)
Sale of fixed assets                                     9        71        34
Net cash outflow from capital                          (32)     (176)     (117)
expenditure
Equity dividends paid                               (4,862)   (4,882)   (4,881)
Net cash (outflow)/inflow before management of
liquid resources and financing                     (26,995)   76,358    64,670
Management of liquid resources
Purchase of government                            (157,180) (560,524) (198,890)
securities
Sale of government securities                      160,933   497,540   180,258
Net cash inflow/(outflow) from                       3,753   (62,984)  (18,632)
management of liquid resources
Financing
Buy-back of ordinary shares                         _____-   (10,968)  (10,968)
Net cash outflow from financing                     _____-   (10,968)  (10,968)
(Decrease)/increase in cash in the period          (23,242)    2,406    35,070



NOTES

1     ACCOUNTING POLICIES

The accounting policies used by the Group in the preparation of this interim
report are consistent with those applied in preparing statutory accounts for
the year ended 31 March 2001.

2     INVESTMENT INCOME
                                                 30 September      30 September
                                                         2001              2000

                                                        £'000             £'000
Dividends and interest                                  9,511            12,289
Income from investment properties                         452               452
                                                        9,963            12,741

3     MOVEMENTS IN FIXED ASSET INVESTMENTS

                                Unquoted   Government      Funds and
                        Quoted       and   Securities   Partnerships     Total
                      £million  Property     £million       £million  £million
                                £million

At 31 March 2001         246.7     166.8        150.6          181.4     745.5
Additions                203.6       6.8        189.3            8.7     408.4
Disposals               (205.5)     (8.9)      (193.7)          (0.3)   (408.4)
Revaluation              (55.1)     (3.0)        (0.1)         (20.7)    (78.9)

At 30 September 2001     189.7     161.7        146.1          169.1     666.6


4     MOVEMENTS IN RESERVES
                                           Capital       Capital       Revenue
                                        Redemption       Reserve       Reserve
                                           Reserve         £'000         £'000
                                             £'000

At 31 March 2001                            33,308       536,186        26,851
Profit for the period                            -             -         2,181
Capital loss for the period                      -       (74,013)            -
Other movements                                  -             -            14
At 30 September 2001                        33,308       462,173        29,046



5     CONTINGENCIES AND FINANCIAL COMMITMENTS

There has been no material change to the position reported at 31 March 2001 in
connection with the litigation proceedings issued in New York by Richbell
Information Services Inc.

6     STATUTORY ACCOUNTS

The financial information in this publication is unaudited and does not
constitute statutory accounts. The statutory accounts for the year ended 31
March 2001 have been delivered to the UK Registrar of Companies and the report
of the auditors on those accounts was unqualified.

7     INTERIM REPORT

The Company's Interim Report for the six months ended 30 September 2001 will
be posted to shareholders on Monday, 5 November 2001. Copies of this
announcement and the Interim Report will be available to the public at the
Company's registered office at 27 St James's Place, London SW1A 1NR.