Preliminary Results

Brunner Investment Trust PLC 31 January 2003 For immediate release 31st January 2003 THE BRUNNER INVESTMENT TRUST PLC ANNOUNCEMENT OF PRELIMINARY RESULTS For the year ended 30th November 2002 RESULTS The Board announces the results for the year ended 30th November 2002. The net asset value per Ordinary Share at 30th November 2002 was 329.0p compared with 424.3p at 30th November 2001, a decrease of 22.5%. Over the same period the benchmark index (60% FTSE All-Share Index, and 40% FT/S&P Actuaries World Index, ex UK in sterling) fell by 21.1%. DIVIDEND The Board recommends a final distribution of 4.2p to be payable on 28th March 2003 to shareholders on the register at the close of business on 14th February 2003, making a total distribution of 7.5p per share for the year ended 30th November 2002, an increase of 2.7%. ANNUAL GENERAL MEETING The seventy-fifth Annual General Meeting of the Company will be held at 20 Fenchurch Street, London, EC3P 3DB on Thursday 27th March 2003 at 12.00noon. SHARE BUY BACK The Board will recommend to shareholders that the Company take renewed powers to buy back its Ordinary Shares. Full details will be sent to shareholders with the forthcoming Annual Report and Accounts. By Order of the Board 10 Fenchurch Street K J Salt London, EC3M 3LB Company Secretary - 2 - Unaudited preliminary results for the year ended 30th November 2002 were approved for immediate release as undernoted: RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 2002 2002 £'000s £'000s £'000s Revenue Capital Total (Note 3) Net losses on investments - (53,686) (53,686) Investment income 5,931 - 5,931 Other income 1,301 - 1,301 Investment management fee (424) (988) (1,412) Expenses of administration (193) - (193) Net 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 for the 4,791 (57,395) (52,604) financial year Dividends on Preference Stock (22) - (22) Total Return attributable to ordinary shareholders 4,769 (57,395) (52,626) Dividends on Ordinary Shares First Interim paid 3.3p (1,879) - (1,879) Final proposed 4.2p (2,412) - (2,412) 7.5p (4,291) - (4,291) Transfer to (from) reserves 478 (57,395) (56,917) Return per Ordinary Share (Note 1) 8.16p (98.17)p (90.01)p NET ASSET STATEMENT as at 30th November 2002 2002 2002 £'000s £'000s 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 14,808 Capital Redemption Reserve 1,642 Capital Reserves - Realised 189,927 - Unrealised (23,665) 166,262 Revenue Reserve 6,663 Shareholders' Funds 189,375 Net asset value per Ordinary Share (Note 2) 329.0p - 3 - STATEMENT OF TOTAL RETURN for the year ended 30th November 2001 2001 £'000s £'000s £'000s Revenue Capital Total (Note 3) Net losses on investments - (66,433) (66,433) Investment income 6,303 - 6,303 Other income 1,192 - 1,192 Investment management fee (526) (1,228) (1,754) Expenses of administration (452) - (452) Net return before finance costs and taxation 6,517 (67,661) (61,144) Finance costs of borrowings (1,250) (2,906) (4,156) Return on ordinary activities before taxation 5,267 (70,567) (65,300) Taxation Overseas taxation (75) - (75) UK taxation (366) 366 - (441) 366 (75) Return on ordinary activities after taxation for the 4,826 (70,201) (65,375) financial year Dividends on Preference Stock (22) - (22) Total Return attributable to ordinary shareholders 4,804 (70,201) (65,397) Dividends on Ordinary Shares First Interim 3.2p (1,913) - (1,913) Second Interim 4.1p (2,450) - (2,450) 7.3p (4,363) - (4,363) Transfer to (from) reserves 441 (70,201) (69,760) Return per Ordinary Share (Note 1) 8.00p (116.90p) (108.90p) NET ASSET STATEMENT as at 30th November 2001 2001 2001 £'000s £'000s Fixed Asset Investments 273,744 Net Current Assets 32,264 Total Assets less Current Liabilities 306,008 Amounts falling due after more than one year (51,953) Total Net Assets 254,055 Called up Share Capital - Ordinary 14,941 - Preference 450 15,391 Capital Redemption Reserve 1,059 Capital Reserves - Realised 237,221 - Unrealised (5,801) 231,420 Revenue Reserve 6,185 Shareholders' Funds 254,055 Net asset value per Ordinary Share (Note 2) 424.3p - 4 - CASH FLOW STATEMENT For the year ended 30th November 2002 2002 2002 2001 £'000s £'000s £'000s Net cash inflow from operating activities 4,723 5,495 Servicing of Finance Interest paid (4,495) (4,218) Dividends paid on preference stock (23) (23) Net cash outflow on servicing of finance (4,518) (4,241) Taxation UK income tax repaid (paid) 4 (251) Financial investment Purchase of fixed asset investments (203,072) (227,858) Sale of fixed asset investments 202,035 249,284 Net cash (outflow) inflow from financial investment (1,037) 21,426 Equity dividends paid (4,329) (4,324) Net cash (outflow) inflow before financing (5,157) 18,105 Financing Purchase of Ordinary Shares for cancellation (7,763) (2,286) Increase (decrease) in short term loan 321 (418) Net cash outflow from financing (7,442) (2,704) (Decrease) increase in cash (12,599) 15,401 - 5 - Note 1 The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the year of 58,466,041 shares (2001 - 60,052,238). Note 2 The net asset value is based on 57,432,416 Ordinary Shares of 25p in issue at the year end (2001 - 59,763,416). Note 3 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 year. Note 4 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 30th November 2002 or 30th November 2001. The financial information for the year ended 30th November 2001 has been extracted from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors report on those accounts was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The statutory accounts for the year ended 30th November 2002 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. Note 5 The decrease in the Trust's benchmark index of 21.13% over the year to 30th November 2002 is composed as follows: 60% FTSE All-Share Index -20.33% 40% FT/S&P Actuaries Index, ex UK in Sterling -23.16% For further information, please contact: Allianz Dresdner Asset Management (UK) Simon White Tel: 020 7475 2700 This information is provided by RNS The company news service from the London Stock Exchange

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