Interim Results

Brunner Investment Trust PLC
17 July 2003

For immediate release

17th July 2003



                        THE BRUNNER INVESTMENT TRUST PLC

                        ANNOUNCEMENT OF INTERIM RESULTS

                     For the six months ended 31st May 2003

Net Asset Value

A summary of the results for the six months ended 31st May 2003 is set out
below. The Net Asset Value attributable to each Ordinary Share at 31st May 2003
was 320.8p. This compares with 329p at 30th November 2002, a fall of 2.5%.
Taking into account the net ordinary dividend declared in respect of the period,
the Net Asset Value total return amounted to -1.46% compared with a return on
the benchmark index of -1.3%.

Earnings

Earnings in the six months to 31st May 2003 of 4.43p per Ordinary Share have
increased by 10.5% compared with the same period last year.

Interim Dividend

The Board has declared an interim dividend of 3.40p net (2002 : 3.30p) per
Ordinary Share payable on 29th August 2003 to holders on the Register of Members
at the close of business on 1st August 2003.

Forecast Final Dividend

It is the Board's intention to pay a final dividend of 4.30p per share (2002 :
4.20p) which would make a total of 7.70p per share for the full year.

Investment Review

Following weakness in the early part of the year, the second quarter has been
the best period for equities since the end of 1998: abundant liquidity, the end
of war in Iraq and low interest rates have encouraged investors to take on
greater risk. Mixed economic data, and anticipation of further action from the
Federal Reserve were enough to help bonds rally too. Weakness in the US dollar
also appears to have inspired greater action by central banks outside the US to
cut interest rates, in contrast to their previous inertia. Cheap and plentiful
capital now seems to be stimulating corporate activity.

Once again the Fed has been successful in encouraging US consumers to take on
more debt through further mortgage re-financing, and the Bush administration is
assisting with another round of tax cuts. Whether these one-off stimuli will be
more successful in creating a sustainable pick up than they were last year
remains to be seen. Construction spending has started to weaken, employment is
still deteriorating, corporate de-leveraging has further to go and pricing power
is poor.

The European economic indicators continue to point to a dismal outlook for
growth, despite a slight post-Iraq rebound in economic activity and a cut in
rates from the European Central Bank. However, the major European governments
seem prepared to abandon the fiscal strictures of the Stability Pact and
instigate fiscal stimulus in 2004. Combined with possible further rate cuts this
could offset recent euro strength and improve the medium term prospects. The UK,
conversely, is beginning to slow under the impact of higher taxes and consumer
spending could slow.

Some signs of recovery in Japanese industrial production and profits, together
with corporate restructuring and a stabilising labour market suggest that the
Japanese economy has stopped contracting. After a decade of debt repayment,
balance sheets are more flexible, buy backs have risen and the Bank of Japan's
attempt to stimulate the asset-backed securities market will allow a further
freeing-up of capital markets outside the severely weakened banking sector.
Asian trade is recovering from the twin impacts of Iraq and SARS. Chinese growth
has remained robust as the government has re-ignited investment.

The above comments demonstrate that, as usual, there are both positive and
negative factors affecting markets. The key for us remains the level of
valuation and here it seems that the recent rally has brought markets to a level
which discounts most of the favourable factors. Thus markets could be vulnerable
if, for example, growth disappoints. Over the last eighteen months we have
deliberately chosen to offset our long-term gearing with cash and short term
gilts. This remains the current position. Nevertheless opportunities to utilise
our longer term gearing may still appear if markets adjust to lower earnings
growth or economic prospects improve beyond our current expectations.



J F H Trott

Chairman






Enquiries:

For further information, please contact:

Allianz Dresdner Asset Management (UK) Ltd

Simon White

Tel: [phone]



                                     - 3 -

                          SUMMARY OF UNAUDITED RESULTS

STATEMENT OF TOTAL RETURN

for the six months ended 31st May 2003
                                                                                 2003
                                                               (£'000)             (£'000)             (£'000)
                                                               Revenue             Capital               Total
                                                              (Note 2)
Net losses on investments                                                          (4,101)             (4,101)
Income from investments                                          3,853                   -               3,853
Other income                                                         -                   -                   -
Investment management fee                                        (178)               (414)               (592)
Expenses of administration                                       (179)                   -               (179)
Return before finance costs and taxation                         3,496             (4,515)             (1,019)

Finance costs of borrowings                                      (666)             (1,551)             (2,217)
Return on ordinary activities before taxation                    2,830             (6,066)             (3,236)

Overseas taxation                                                 (96)                   -                (96)
UK taxation                                                      (188)                 188                   -
                                                                 (284)                 188                (96)

Return on ordinary activities after taxation                     2,546             (5,878)             (3,332)
Dividends on Preference Stock                                     (11)                   -                (11)
Return attributable to Ordinary Shareholders                     2,535             (5,878)             (3,343)

Dividends on Ordinary Shares                                   (1,928)                   -             (1,928)
Interim          3.4p

Transfer to /(from) Reserves                                       607             (5,878)             (5,271)

Return per Ordinary Share (Note 1)                               4.43p          (10.27)p               (5.84)p


NET ASSET STATEMENT

as at 31st May 2003
                                                                                                         2003

                                                                                                      (£'000)
Fixed asset investments                                                                               206,933
Net current assets                                                                                     27,312
Total assets less current liabilities                                                                 234,245
Creditors: amounts falling due after more than one year                                              (51,862)
Total Net Assets                                                                                      182,383

Called up share capital     -     Ordinary                                                             14,176
                                  Preference                                                              450
Capital redemption reserve                                                                              1,824
Capital reserves          -     Realised                                                              177,225
                                Unrealised                                                           (18,562)
Revenue Reserve                                                                                         7,270
Shareholders' Funds                                                                                   182,383

Net asset value per Ordinary Share     320.8p
The net asset value is based on 56,705,416 Ordinary Shares in issue.




                                     - 4 -

SUMMARY OF UNAUDITED RESULTS

STATEMENT OF TOTAL RETURN

for the six months ended 31st May 2002
                                                                                 2002
                                                               (£'000)             (£'000)             (£'000)
                                                               Revenue             Capital               Total
                                                              (Note 2)
Net losses on investments                                            -            (10,669)            (10,669)
Income from investments                                          3,119                   -               3,119
Other income                                                       671                   -                 671
Investment management fee                                        (230)               (536)               (766)
Expenses of administration                                       (128)                   -               (128)
Return before finance costs and taxation                         3,432            (11,205)             (7,773)

Finance costs of borrowings                                      (681)             (1,589)             (2,270)
Return on ordinary activities before taxation                    2,751            (12,794)            (10,043)

Overseas taxation                                                 (54)                   -                (54)
UK taxation                                                      (335)                 336                   1
                                                                 (389)                 336                (53)

Return on ordinary activities after taxation                     2,362            (12,458)            (10,096)
Dividends on Preference Stock                                     (11)                   -                (11)
Return attributable to Ordinary Shareholders                     2,351            (12,458)            (10,107)

Dividends on Ordinary Shares
Interim          3.3p                                          (1,897)                   -             (1,897)

Transfer to (from) Reserves                                        454            (12,458)            (12,004)

Return per Ordinary Share (Note 1)                               4.01p          (21.24p)              (17.23p)


NET ASSET STATEMENT

as at 31st May 2002
                                                                                                         2002

                                                                                                      (£'000)
Fixed asset investments                                                                               256,881
Net current assets                                                                                     31,478
Total assets less current liabilities                                                                 288,359
Creditors: amounts falling due after more than one year                                              (51,922)
Total Net Assets                                                                                      236,437

Called up share capital     -     Ordinary                                                             14,547
                                  Preference                                                              450
Capital redemption reserve                                                                              1,453
Capital reserves          -     Realised                                                              217,612
                                Unrealised                                                            (4,264)
Revenue reserve                                                                                         6,639
Shareholders' Funds                                                                                   236,437

Net asset value per Ordinary Share    405.6p

The net asset value is based on 58,188,416 Ordinary Shares in issue.



                                     - 5 -

RESULTS

STATEMENT OF TOTAL RETURN

for the year ended 30th November 2002
                                                                                       2002
                                                                   (£000)             (£000)              (£000)
                                                                  Revenue             Capital              Total
                                                                 (Note 3)
Net losses on investments                                               -            (53,686)            (53,686)
Investment Income                                                   7,232                   -               7,232
Other Income                                                            -                   -                   -
Investment management fee                                           (424)               (988)             (1,412)
Expenses of administration                                          (193)                   -               (193)
Return before finance costs and taxation                            6,615            (54,674)            (48,059)

Finance costs of borrowings                                       (1,330)             (3,102)             (4,432)
Return on ordinary activities before taxation                       5,285            (57,776)            (52,491)

Taxation
Overseas taxation                                                   (113)                   -               (113)
UK taxation                                                         (381)                 381                   -
                                                                    (494)                 381               (113)

Return on ordinary activities after taxation                        4,791            (57,395)            (52,604)

Dividends on Preference Stock                                        (23)                   -                (23)
Return attributable to Ordinary Shareholders                        4,768            (57,395)            (52,627)

Dividends on Ordinary Shares
First Interim               3.3p                                  (1,879)                   -             (1,879)
Second Interim              4.2p                                  (2,412)                   -             (2,412)
                            7.5p                                  (4,291)                   -             (4,291)

Transfer to/ (from) reserves                                          477            (57,395)            (56,918)

Return per Ordinary Share (Note 1)                                  8.16p            (98.17)p            (90.01)p


NET ASSET STATEMENT

as at 30th November 2002
                                                                                                             2002

                                                                                                           (£000)
Fixed asset investments                                                                                   218,572
Net Current Assets                                                                                         22,693
Total Assets less Current Liabilities                                                                     241,265
Amounts falling due after more than one year                                                             (51,890)
Total Net Assets                                                                                          189,375

Called up Share Capital          -     Ordinary                                                            14,358
                                 -     Preference                                                             450
Capital Redemption Reserve                                                                                  1,642
Capital Reserves          -     Realised                                                                  189,927
                          -     Unrealised                                                               (23,665)
Revenue Reserve                                                                                             6,663
Shareholders' Funds                                                                                       189,375

Net asset value per Ordinary Share                                                                         329.0p

The net asset value is based on 57,432,416 Ordinary Shares in issue.



                                     - 6 -



Cash Flow Statement

for the six months ended 31st May 2003 and comparative periods
                                                        Six Months to May        Six Months to May      Year to November
                                                                     2003                     2002                  2002
                                                                  (£'000)                  (£'000)               (£'000)
Net cash inflow from operating activities                           2,845                    2,001                 4,723

Servicing of Finance
Interest paid                                                     (2,114)                  (2,117)               (4,495)
Dividends paid on Preference Stock                                   (11)                     (11)                  (23)
Net cash outflow on servicing of finance                          (2,125)                  (2,128)               (4,518)

Taxation
UK income tax repaid                                                    -                        2                     4

Financial Investment
Purchase of fixed asset investments                              (63,299)                (110,959)             (203,072)
Sale of fixed asset investments                                    71,383                  111,771               202,035
Net cash inflow/outflow from financial investment                   8,084                      812               (1,037)

Equity dividends paid                                             (2,411)                  (2,427)               (4,329)

Net cash inflow/ (outflow) before financing                         6,393                  (1,740)               (5,157)

Financing
Purchase of Ordinary Shares for cancellation                      (1,721)                  (5,614)               (7,763)
(Decrease)/ increase in short term loan                             (787)                    (220)                   320
Net cash outflow from financing                                   (2,508)                  (5,834)               (7,443)

Increase /(decrease) in cash                                        3,885                  (7,574)              (12,600)



                                     - 7 -

Note 1

The returns per Ordinary Share are based on revenue or capital return to
Ordinary Shareholders, as appropriate, and on 57,206,559 Ordinary Shares being
the weighted average number of shares in issue throughout the period (31st May
2002 - 58,656,553 Shares; 30th November 2002 - 58,466,041 Shares).

Note 2

The revenue column of this statement is the profit and loss account of the
Company. All revenue and capital items derive from continuing operations. No
operations were acquired or discontinued in the period.

Note 3

This interim statement has been neither audited nor reviewed by the Company's
auditors. The interim statement has been prepared using the same accounting
policies as those adopted in the annual accounts for the year ended 30th
November 2002.

The non-statutory accounts for the year to 30th November 2002 are an extract
from the latest published accounts of the Company which have been delivered to
the Registrar of Companies. The auditors' opinion on those accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.

The Interim Report will be sent to Shareholders shortly and made available to
the public at the Registered Office of the Company, 155 Bishopsgate, London,
EC2M 3AD.









                                     - 8 -







Twenty Largest Equity Holdings as at 31st May 2003


                                   Market value          % of Total  Principle Activity
                                                           Assets *
Security Name                           (£'000)
BP Plc                                    8,586                3.66% Integrated oil & gas
Vodafone Group                            8,468                3.61% Telecommunications
GlaxoSmithkline                           6,904                2.95% Pharmaceuticals
HSBC Holdings                             6,357                2.71% Banking & Financial Services
Royal Bk Scot Group                       4,757                2.03% Banking & Financial Services
AstraZeneca                               3,967                1.69% Pharmaceuticals
Shell Transport&Trading                   3,855                1.65% Integrated oil & gas
Barclays                                  3,126                1.33% Banking & Financial Services
Lloyds TSB Group                          2,726                1.16% Banking & Financial Services
United Utilities                          2,460                1.05% Utilities
Severn Trent                              2,459                1.05% Utilities
HBOS                                      2,113                0.90% Banking & Financial Services
Unilever                                  2,047                0.87% Food processors
Barratt Developments                      2,016                0.86% Construction and building maintenance
Compass Group                             1,972                0.84% Leisure entertainment and hotels
British Sky Broadcasting                  1,904                0.81% Media and entertainment
Wimpey(George)                            1,746                0.75% Construction and building maintenance
Next Plc                                  1,677                0.72% General retailers
Tesco                                     1,644                0.70% Food and drug retail
Nokia                                     1,621                0.69% Telecommunications
                                         70,405               30.03%

* Total assets include current liabilities.





Portfolio Analysis as at 31st May 2003
                                                           %
United Kingdom                                         61.59
North America                                          21.26
Europe                                                 10.16
Pacific Basin                                           3.62
Japan                                                   3.04
Other Countries                                         0.33
                                                      100.00




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