Final Results

VALUE AND INCOME TRUST PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2004 SUMMARY 31 March 2004 31 March 2003 Net asset value per share 170.9p 138.8p Share price 143.3p 114.0p Total dividends per share 6.0p 5.8p Portfolio total £113.4 million £98.8 million THE YEAR - VIT's share price total return was +31.0% compared with the FTSE All-Share Index total return of +30.7% - VIT's share price total return over the last three years was +18.3% (FTSE All-Share Index total return -11.0%) - Net dividend for the year 6.0p, up 3.4% - the seventeenth consecutive increase above inflation Value and Income Trust invests in higher yielding, less fashionable areas of the UK commercial property and equity markets, particularly in medium and smaller sized companies. It aims for long-term real growth in dividends and capital values without undue risk. Outlook The rating of the UK equity market is still low by historic standards, and commercial property is still a relatively high yielding asset class. At the year end our equity and property portfolios were yielding 4.6% net and 7.5% respectively. VIT is fully invested at present. Dividend The Directors are recommending a final dividend of 3.0p net per Ordinary Share to be paid on 12 July 2004 to shareholders registered on 18 June 2004. The Annual Report will be posted to shareholders at the end of May 2004. Copies can be obtained from Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD or OLIM Limited, Pollen House, 10-12 Cork Street, London, W1S 3NP For further information, please contact:- Matthew Oakeshott or Angela Lascelles of OLIM Limited Tel: 0207-439-4400 VALUE AND INCOME TRUST PLC CONSOLIDATED STATEMENT OF TOTAL RETURN (incorporating the revenue account*) for the year ended 31 March 2004 2004 2003 Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Income Securities Dividends from UK Companies 3,667 - 3,667 3,269 - 3,269 Interest from UK Companies 216 - 216 189 - 189 Properties Rental Income 2,764 - 2,764 3,155 - 3,155 Interest receivable on 190 - 190 224 - 224 short-term deposits Underwriting commission 8 - 8 16 - 16 Other income - - - 10 - 10 _____ _____ _____ _____ _____ _____ 6,845 - 6,845 6,863 - 6,863 Expenses Investment management fee (401) (854) (1,255) (401) (401) (802) Administration expenses (434) - (434) (344) - (344) _____ _____ _____ _____ _____ _____ 6,010 (854) 5,156 6,118 (401) 5,717 Capital profits/(losses) Net realised gains/(losses) - 2,370 2,370 - (1,250) (1,250) on investments Movement in unrealised appreciation - 13,315 13,315 - (19,478)(19,478) _____ _____ _____ _____ _____ _____ Net return before finance 6,010 14,831 20,841 6,118 (21,129)(15,011) costs and taxation Interest payable and (3,501) - (3,501) (3,501) - (3,501) similar charges _____ _____ _____ _____ _____ _____ Return on ordinary 2,509 14,831 17,340 2,617 (21,129)(18,512) activities before taxation Taxation - - - - - - _____ _____ _____ _____ _____ _____ Return attributable to 2,509 14,831 17,340 2,617 (21,129)(18,512) equity shareholders Dividends in respect of (2,733) - (2,733) (2,642) - (2,642) ordinary shares _____ _____ _____ _____ _____ _____ Transfer (from)/to reserves (224) 14,831 14,607 (25) (21,129)(21,154) _____ _____ _____ _____ _____ _____ Return per ordinary share 5.51p 32.56p 38.07p 5.74p (46.39p)(40.65p) _____ _____ _____ _____ _____ _____ Dividend per ordinary share 6.00p 5.80p _____ _____ * The revenue column of this statement is the Revenue Account of the Group. VALUE AND INCOME TRUST PLC CONSOLIDATED BALANCE SHEET at 31 March 2004 2004 2003 £000 £000 £000 £000 Investments Listed in UK 73,333 55,207 Investment properties 40,400 41,165 _______ _______ 113,733 96,372 Current Assets Debtors 1,134 554 Cash and short term deposits 3,913 4,534 _______ _______ 5,047 5,088 _______ _______ Current Liabilities (due within one year) Creditors 4,031 1,339 Dividend payable 1,366 1,321 _______ _______ 5,397 2,660 _______ _______ Net Current (Liabilities)/Assets (350) 2,428 _______ _______ Total Assets less Current 113,383 98,800 Liabilities Creditors (due after one year) 35,539 35,563 _______ _______ TOTAL NET ASSETS 77,844 63,237 _______ _______ Capital and Reserves Share Capital Ordinary 4,555 4,555 Reserves Share Premium 18,446 18,446 Capital Reserve - realised 33,216 31,700 Capital Reserve - unrealised 9,746 (5,824) Revaluation Reserve 10,842 13,097 Revenue Reserve 1,039 1,263 _______ _______ 73,289 58,682 _______ _______ Equity Shareholders' Funds 77,844 63,237 _______ _______ Net Asset Value per ordinary share 170.89p 138.82p VALUE AND INCOME TRUST PLC CONSOLIDATED CASHFLOW STATEMENT for the year ended 31 March 2004 2004 2003 £000 £000 £000 £000 Operating activities: Income received from investments 3,297 3,341 Rental received 2,760 3,223 Interest received 190 224 Other income 8 26 Investment management fees paid (802) (803) Administration fees paid (110) (161) Directors' fees paid (including NI) (32) (32) Other cash payments (343) (120) ______ ______ Net cash inflow from operating 4,968 5,698 activities Servicing of finance: Interest paid (3,525) (3,525) ______ ______ Net cash outflow from servicing (3,525) (3,525) of finance Taxation: UK tax repaid - 13 Capital expenditure and financial investment: Purchases of investments (16,714) (27,654) Sales of investments 17,338 21,503 ______ ______ Net cash inflow/(outflow) from financial investment 624 (6,151) Ordinary dividends paid (2,688) (2,596) ______ ______ Net cash (outflow) before financing (621) (6,561) ______ ______ (Decrease) in cash (621) (6,561) ______ ______ NOTES : 1. The accounts are prepared under the same accounting policies used for the year to 31 March 2003. 2. The final dividend, subject to shareholder approval, will be paid on 12 July 2004 to shareholders on the register at the close of business on 18 June 2004. The ex-dividend date is 16 June 2004. 3. The financial information contained within this preliminary announcement does not constitute the company's statutory accounts as defined in section 240 of the Companies Act 1985 for the years ended 31 March 2004 or 2003, but is derived from those accounts. Statutory accounts for 2003 have been delivered to the Registrar of Companies and those for 2004 will be delivered following the company's annual general meeting which will be held at Donaldson House, 97 Haymarket Terrace, Edinburgh on 9 July 2004 at 12.30 pm. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under s237(2) or (3) Companies Act 1985. The accounts and preliminary announcement were approved by the board of directors on 17 May 2004. 4. The Annual Report and Accounts will be posted to shareholders at the end of May 2004 and copies will be available from the company secretary. For Value and Income Trust plc Edinburgh Fund Managers plc, Secretary

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