Final Results

VALUE AND INCOME TRUST PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2005 SUMMARY 31 March 2005 31 March 2004 Net asset value per share 213.9p 170.9p valuing debt at par Net asset value per share 189.0p 151.9p valuing debt at market Ordinary share price 181.0p 143.3p Total dividends per share 6.2p 6.0p Total assets less current £133.0 million £113.4 million liabilities THE YEAR · VIT's share price total return for the year was +31.4% compared with the FTSE All-Share Index total return of +15.6% · VIT's share price total return over the last three years was +33.9% compared with the FTSE All-Share Index total return of +6.3% · Net dividend for the year is 6.2p, up 3.3% - the eighteenth 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 Despite the rise in property and equity markets, the outlook for real rents and dividend growth remains encouraging and Value and Income Trust is fully invested. Dividend The Directors are recommending a final dividend of 3.2p net per Ordinary Share to be paid on 13 July 2005 to shareholders registered on 17 June 2005. The Annual Report will be posted to shareholders at the end of May 2005. 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 2005 2005 2004 Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Income Securities Dividends from UK 3,388 - 3,388 3,667 - 3,667 Companies Interest from UK 421 - 421 216 - 216 Companies Properties Rental Income 3,116 - 3,116 2,764 - 2,764 Interest receivable on 133 - 133 190 - 190 short-term deposits Underwriting commission 1 - 1 8 - 8 ______ ______ ______ ______ ______ ______ 7,059 - 7,059 6,845 - 6,845 Expenses Investment management (268) (1,084) (1,352) (401) (854) (1,255) fee Administration expenses (364) - (364) (434) - (434) ______ ______ ______ ______ ______ ______ 6,427 (1,084) 5,343 6,010 (854) 5,156 Capital profits Net realised gains on - 1,741 1,741 - 2,370 2,370 investments Movement in unrealised - 18,846 18,846 - 13,315 13,315 appreciation ______ ______ ______ ______ ______ ______ Net return before 6,427 19,503 25,930 6,010 14,831 20,841 finance costs and taxation Interest payable and (3,501) - (3,501) (3,501) - (3,501) similar charges ______ ______ ______ ______ ______ ______ Return on ordinary 2,926 19,503 22,429 2,509 14,831 17,340 activities before taxation Taxation - - - - - - ______ ______ ______ ______ ______ ______ Return attributable to 2,926 19,503 22,429 2,509 14,831 17,340 equity shareholders Dividends in respect of (2,824) - (2,824) (2,733) - (2,733) equity shares ______ ______ ______ ______ ______ ______ Transfer to/(from) 102 19,503 19,605 (224) 14,831 14,607 reserves ______ ______ ______ ______ ______ ______ Return per ordinary 6.42p 42.82p 49.24p 5.51p 32.56p 38.07p share ______ ______ ______ ______ ______ ______ Dividend per ordinary 6.20p 6.00p share ______ ______ * The revenue column of this statement is the Revenue Account of the Group. VALUE AND INCOME TRUST PLC CONSOLIDATED BALANCE SHEET at 31 March 2005 2005 2004 £000 £000 £000 £000 Investments Listed in UK 85,770 73,333 Investment properties 45,875 40,400 ________ ________ 131,645 113,733 Current Assets Debtors 1,092 1,134 Cash and short term deposits 3,133 3,913 ________ ________ 4,225 5,047 ________ ________ Current Liabilities (due within one year) Creditors 1,449 4,031 Dividend payable 1,457 1,366 ________ ________ 2,906 5,397 ________ ________ Net Current 1,319 (350) Assets/(Liabilities) ________ ________ Total Assets less Current 132,964 113,383 Liabilities Creditors (due after one 35,515 35,539 year) ________ ________ Total Net Assets 97,449 77,844 ________ ________ Capital and Reserves Share Capital - Ordinary 4,555 4,555 Reserves Share Premium 18,446 18,446 Capital Reserve - realised 33,873 33,216 Capital Reserve - unrealised 23,092 9,746 Revaluation Reserve 16,342 10,842 Revenue Reserve 1,141 1,039 ________ ________ 92,894 73,289 ________ ________ Equity Shareholders' Funds 97,449 77,844 ________ ________ Net Asset Value per ordinary 213.93p 170.89p share ________ ________ VALUE AND INCOME TRUST PLC CONSOLIDATED CASHFLOW STATEMENT for the year ended 31 March 2005 2005 2004 £000 £000 £000 £000 Operating activities: Income received from 4,001 3,297 investments Rental received 2,677 2,760 Interest received 124 190 Other income 1 8 Investment management fees (1,279) (802) paid Administration fees paid (132) (110) Directors' fees paid (34) (32) (including NI) Other cash payments (280) (343) ________ ________ Net cash inflow from 5,078 4,968 operating activities Servicing of finance: Interest paid (3,525) (3,525) ________ ________ Net cash outflow from (3,525) (3,525) servicing of finance Taxation: UK tax repaid - - Capital expenditure and financial investment: Purchases of investments (20,907) (16,714) Sales of investments 21,307 17,338 ________ ________ Net cash inflow from financial investment 400 624 Ordinary dividends paid (2,733) (2,688) ________ ________ Net cash (outflow) before (780) (621) financing ________ ________ (Decrease) in cash (780) (621) ________ ________ NOTES : 1. The accounts are prepared under the same accounting policies used for the year to 31 March 2004 2. The final dividend, subject to shareholder approval, will be paid on 13 July 2005 to shareholders on the register at the close of business on 17 June 2005. The ex-dividend date is 15 June 2005. 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 2005 or 2004, but is derived from those accounts. Statutory accounts for 2004 have been delivered to the Registrar of Companies and those for 2005 will be delivered following the company's annual general meeting which will be held at Donaldson House, 97 Haymarket Terrace, Edinburgh on 8 July 2005 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 2005. 4. The Annual Report and Accounts will be posted to shareholders at the end of May 2005 and copies will be available from the company secretary. For Value and Income Trust plc Edinburgh Fund Managers plc, Secretary

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