Directorate change

VALUE AND INCOME TRUST PLC ("VIT")
(the "Company")

As  required by a change to the Listing Rules that becomes effective on 1  April
2005,  that  only one representative of the management company may  sit  on  the
board  of  an  investment  company, Angela Lascelles has  today  resigned  as  a
Director  of the Company and been appointed as an alternate director to  Matthew
Oakeshott, who remains a Director of the Company.  Angela Lascelles and  Matthew
Oakeshott remain VIT's Investment Managers as they have been since 1986.

9 February 2005

Enquiries:
OLIM Limited, Investment Managers  - 020 7439 4400