Unaudited Interim Statement

Investment Company PLC
30 October 2001

The Investment Company plc

Unaudited Interim Statement

For the period 1 April 2001 to 30 September 2001


                                     Half-year to    Half-year to     Year to
                                       30-Sep-01      30-Sep-00      31-Mar-01
                                                      
                                           £              £             £
Total income                             734,867        683,137     1,303,145
Expenses                                 176,225        208,020       408,878
Net revenue, before taxation             558,642        475,117       894,267
Taxation                                  27,154         32,697        45,890
Net revenue, after taxation              585,796        507,814       940,157

Dividends Participating Pref.            385,539        359,253       604,596 

          Ordinary                       111,944        111,944       279,859
Transfer to reserves                      88,313         36,617        55,702


Earnings per ordinary share after
preference dividend                        7.16p          5.31p        11.99p

NAV per ordinary share                   285.03p        322.46p       302.57p


Statement of total recognised gains and losses

Distributable profits:-
Net revenue, after taxation              585,796        507,814        940,157

Non-distributable profits:-
Net (loss)/profit on disposal
     of investments                      (84,576)       382,882        659,892
Tax on realised gains                       -           (54,531)      (102,291)
Movement in unrealised appreciation     (494,650)      (905,532)    (1,710,293)
                                        (579,226)      (577,181)    (1,152,692)

Total recognised gains                     6,570        (69,367)      (212,535)

The Directors have declared an interim dividend of 4p per Ordinary Share
payable on 19th December 2001 to shareholders on the register at 30th November
2001.  This maintains the interim dividend paid last year.  The directors
expect to recommend a final dividend of not less than the 6p paid last year so
that the total dividend for the current financial year to 31st March 2002 will
not be less than 10p (2000/01: 10p).  In these circumstances the total annual
payment of 9p per participating preference share paid in 2000/1 will at least
be maintained.  

Total income for the half-year amounted to £734,867 compared with £683,137 in
the equivalent six months last year.  Expenses at £176,225 were lower compared
with £208,020.  This is entirely due to the reduction in bank interest payable
due to the much lower level of bank borrowing during the period.

The results for the year to 31st March 2001 are extracted from the Company's
full accounts for the year which received an unqualified auditor's report and
have been filed with the Registrar of Companies.

This Statement is being sent to all shareholders and is available to the
public at the Company's registered office.

Registered Office:                                                 
18th Floor  Royex House                                          
Aldermanbury Square                                          P F SIMMS
London EC2V 7HR                                               Chairman

Registered No. 4205 England                             30 October 2001