Final Results

Rights and Issues Inv Trust PLC
12 February 2002

Chairman's Statement



As the events of September 11th slowly fade into memory, the scars though
remain. 2001 will mainly be remembered for the destruction wrought on New York
but it also represents the first year in recent decades to sustain a second
successive fall in the UK equity market. The FTSE All-Share index fell by 15.4%.
Smaller companies suffered as well with declines of 19.0% for the FTSE Small Cap
index and 9.3% for the FTSE Fledgling index.

The investment themes of 2000 continued during the last year with investors
shunning technology and telecommunication stocks and preferring safe yielding
situations. The Trust's value-based strategy again provided protection against
falling equities prices. The net asset value of the capital shares fell slightly
to 1858.4p from 1895.4p and that of the income shares to 465.8p from 467.9p.
These declines of 2.0% and 0.4% respectively exceed the performance of the FTSE
All-Share index by over 13%.

Your Directors have decided to increase the dividend to 30.5p per income share
and 1.525p per capital share for 2001. The 19% rise is a reflection of the
sustained capital performance of the last five years and easily exceeds the
prevailing rate of inflation. Additionally, the supplementary capital dividend
of 39.7073p per capital share was paid on 2nd January 2002 and, barring
unforeseen circumstances, the supplementary capital dividend for the current
year will be 46.9512p per capital share payable on 2nd January 2003. This 18%
increase means that the supplementary capital dividend will have tripled over
the last five years.

There is now less certainty in the world. The equity markets remain in the
doldrums. All investment backgrounds however throw up opportunities and your
Trust will selectively seek these out.
                                                                   S.H.J.A.Knott
                                                                        Chairman

        Unaudited Balance Sheets                                            Company                       Group 
        To 31st December                                         2001          2000          2001          2000 
                                                               £' 000        £' 000        £' 000        £' 000 
                                                                    £             £             £             £ 
        Fixed Assets                                                                                            
        Intangible assets                                           0             0        83,821        93,136 
        Investments                                        37,958,087    40,158,671    37,526,615    39,727,199 

        Current assets                                                                                          
        Debtors                                               193,875       175,298       100,516        79,855 
        Investments                                                 0             0        73,007       259,041 
        Cash at bank and in hand                            4,692,029     3,074,709     5,027,070     3,314,238 
                                                            4,885,904     3,250,007     5,200,593     3,653,134 

        Creditors: amounts falling due within one year        605,176       520,928       674,680       678,870 

        Net current liabilites/assets                       4,280,728     2,729,079     4,525,913     2,974,264 

        Total assets less current liabilites               42,238,815    42,887,750    42,136,349    42,794,599 

        Capital and reserves                                                                                    
        Called up share capital                             1,225,000     1,225,000     1,225,000     1,225,000 
        Share premium account                                 225,326       225,326       225,326       225,326 
        Capital reserve                                    28,158,252    23,842,673    28,158,252    23,842,673 
        Other reserves                                                                                          
        Revaluation reserve                                11,675,999    16,807,282    11,675,999    16,807,282 
        Dividend equalisation reserve                         954,238       787,469       851,772       694,318 

        Total shareholders funds                           42,238,815    42,887,750    42,136,349    42,794,599 

        Net asset value per share                                                                               
        Income shares                                                                      465.8p        467.9p 
        Capital shares                                                                    1858.4p       1895.4p 
                                                                                                                      

  Unaudited Cons Statement                                                          Twelve months ended 31st Dec 2001 
  of Total Return                                                                   Revenue      Capital        Total 
                                                                                          £            £            £ 
  Gains/(losses) on investments                                                      5,793     (815,704)    (809,911) 

  Income                                                                         1,956,282             0    1,956,282 

  Other expenses                                                                   340,386             0      340,386 

  Net return before finance costs and taxation                                   1,621,689     (815,704)      805,985 

  Interest payable and similar charges                                                   0             0            0 

  Return on ordinary activites before tax                                        1,621,689     (815,704)      805,985 

  Tax on ordinary activites                                                         26,725             0       26,725 

  Return on ordinary activites after tax for the                                 1,594,964     (815,704)      779,260 
  financial year                                                                                                      

  Dividends and other appropriations in respect of                                  11,000             0       11,000 
  non-equity shares                                                                                                   

  Return attributable to equity shareholders                                     1,583,964     (815,704)      768,260 

  Dividends in respect of equity shares                                          1,426,510             0    1,426,510 

  Transfer to reserves after aggregate dividends paid                              157,454     (815,704)    (658,250) 
  and payable of £1,437,510. (2000: £1,152,010)                                                                       

  Return per income share (p)                                                         36.7         (8.3)        28.4  
  Return per capital share (p)                                                        41.5        (37.3)         4.2  
                                                                                                                      

  Unaudited Cons Statement                                                     Twelve months ended 31st December 2000 
  of Total Return                                                                 Revenue       Capital         Total 
                                                                                        £             £             £ 
  Gains/(losses) on investments                                                   37,772     6,654,608     6,692,380  

  Income                                                                       1,549,583             0     1,549,583  

  Other expenses                                                                 310,467             0       310,467  

  Net return before finance costs and taxation                                 1,276,888     6,654,608     7,931,496  

  Interest payable and similar charges                                                 0             0             0  

  Return on ordinary activites before tax                                      1,276,888     6,654,608     7,931,496  

  Tax on ordinary activites                                                       23,226             0        23,226  

  Return on ordinary activites after tax for                                   1,253,662     6,654,608     7,908,270  
  the financial year                                                                                                  

  Dividends and other appropriations in respect                                   11,000             0        11,000  
  of non-equity shares                                                                                                

  Return attributable to equity shareholders                                   1,242,662     6,654,608     7,897,270  

  Dividends in respect of equity shares                                        1,141,010             0     1,141,010  

  Transfer to reserves after aggregate                                           101,652     6,654,608     6,756,260  
  dividends paid and payable of £1,437,510.                                                                           
  (2000: £1,152,010)                                                                                                  

  Return per income share (p)                                                       29.5          67.6          97.1  

  Return per capital share (p)                                                      31.5         304.3         335.8  

The final dividends of 22.50p net per income share (2000:18.5p) and 1.5250p net 
per capital share (2000:1.2750p) are payable on 31st March 2002 to shareholders
on the register as at 1st March 2002. 

The above release and full audited accounts will be available at the Registered
office.  



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