Holding in Company

Value & Income Trust PLC
7 November 2000

                                 SCHEDULE 10

                  NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company
      Value and Income Trust plc


2)   Name of shareholder having a major interest
      The Equitable Life Assurance Society


3)   Please state whether notification indicates that it is in respect of
     holding of the shareholder named in 2 above or in respect of a
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18
      In 2 above and group companies


4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them
      The Equitable Life Assurance Society - 2,240,000 shares

      Equitable Fund of Investment Trusts - 125,000 shares



5)   Number of shares/amount of stock acquired
      Not applicable.  Transfer of 125,000 shares from Equitable Trust of
      Investment Trusts to Equitable Fund of Investment Trusts


6)   Percentage of issued class
      Not disclosed


7)   Number of shares/amount of stock disposed
      Not applicable


8)   Percentage of issued class
      Not disclosed


9)   Class of security
      Not disclosed


10)  Date of transaction
      3 November 2000


11)  Date company informed
      7 November 2000


12)  Total holding following this notification
      2,365,000


13)  Total percentage holding of issued class following this notification
      5.19%


14)  Any additional information
      No


15)  Name of contact and telephone number for queries
            Lynn Mathewson 0131 313 6402


16)  Name and signature of authorised company official responsible for
     making this notification

     Date of notification 7 November 2000