Investment Policy

Taverners Trust PLC
31 October 2003


31 October 2003

The Taverners Trust PLC

Investment Policy

The Board of The Taverners Trust PLC (the 'Company') notes the publication of
the Investment Entities (Listing Rules and Conduct of Business) Instrument 2003
and announces that it is the Company's policy to invest no more than 15% of its
gross assets in other listed investment companies (including listed investment
trusts). The Company aims to achieve above average capital growth mainly through
investment in the equity of companies in the restaurants, pubs and breweries
components of the Leisure, Entertainment and Hotels sector.

Furthermore, the Board confirms that the Company does not currently hold any
investments in any listed investment companies.




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