Final Results

RIT Capital Partners PLC
11 May 2000


PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED
31 MARCH 2000
                                       
In the year to 31 March 2000, the Company's diluted net asset value per share
increased by 27.7%, from 398.6p to 509.0p.  By comparison, the FTSE All-Share
Index, the Morgan Stanley Capital International Index (in Sterling), and the
Investment Trust Net Assets Index rose by 7.5%, 21.9% and 34.8% respectively.

Since its inception in 1988, RITCP has outperformed these indices by a
considerable margin, with an increase in capital value of 380.6%, compared
with increases of 221.9%, 237.4% and 227.1% respectively.

This year's performance has been achieved while retaining a significant
element of liquidity in the portfolio for most of the year.  We remain
concerned about stock market valuations, particularly of 'new economy' growth
stocks.

The diluted net asset value per share at 30 April 2000 was 488.6p, after
deducting the proposed dividend.

INVESTMENT PORTFOLIO

At the year end, 58.0% of the portfolio was invested in quoted investments,
17.1% in unquoted investments, 10.9% in government securities (as liquidity),
10.6% in specialist funds and 3.4% in property.

During the year under review, the size of RITCP's portfolio was reduced by the
purchase of £114 million worth of our shares and the repayment (at the start
of the year) of our US$150 million borrowings, in favour of more flexible,
shorter-term borrowings.  However, the underlying performance has increased
the market value of the portfolio by some £166 million over the year.

QUOTED PORTFOLIO/FUND MANAGERS

During the year under review, we have continued to diversify the management of
the portfolio in line with the policy set out in the Chairman's Statement of
two years ago.  RITCP's status as a self-managed company allows it to allocate
elements of the portfolio to individual managers who specialise in particular
asset classes or geographical areas.  This approach acknowledges the fact that
the best available managers in a particular sector are unlikely to be found in
any single organisation.  We believe that, by widening the field of expertise
available to us, this policy will reduce risk and improve returns for
shareholders over the long term.  The funds managed in this way are included
within the 'quoted investments' part of RITCP's portfolio.

As set out in the interim statement, we announced in August last year the
appointment of Sofaer Capital as our core external manager, with an allocation
of £200 million.  Michael Sofaer and his team invest internationally and the
account will focus principally on substantial companies in which there is
ready liquidity.

UNQUOTED INVESTMENTS

In the year to 31 March 2000, we increased RITCP's allocation to the unquoted
sector from 11.8% to 17.1% of the portfolio.  We have been active in this
area throughout the year and remain so in the current period.

This increase was due largely to the investment by RITCP of some £22 million
as part of a consortium of international investors which acquired The Long-
Term Credit Bank of Japan from the Japanese government for US$1.1 billion
earlier this year.  This transaction has been seen as one of major
significance, representing the first sale of a large Japanese bank to a
foreign group and the largest private equity investment of its kind in Japan.

We have completed a number of other transactions, of which the largest was an
investment in Star Technologies.  In December 1999, RITCP invested £4.8
million in this company, an internet service provider for businesses and
supplier of e-mail management services.  Star has been in business for three
years and its customer base and revenues continue to grow strongly.

The overall valuation of the existing portfolio of unquoted investments was
not subject to any material change during the year under review, with one
exception.  This was our investment in Caminus, a US-based consultancy
business which specialises in the power industry.  We invested £1.1 million in
1997 and increased our holding to £3.5 million last year; the company was the
subject of an initial public offering in February, which valued our holding at
about £12 million, when we sold 10% of our interest.

SPECIALIST FUNDS

At 31 March, RITCP's investments in specialist funds were valued at £84.1
million (10.6% of the portfolio), compared with £54.8 million (6.6% of the
portfolio) at the previous year end.  A substantial proportion of this
increase has resulted from the underlying performance of the funds.

We have additional exposure to the private equity sector through our interests
in a number of funds or partnerships which are included in this section of the
portfolio and we intend to increase our investment in this area during the
current year.

SHARE BUY-BACK

Following the preliminary announcement of RITCP's results in May 1999, RITCP
has been able to take advantage of the changes in tax legislation by buying
back its own shares without adverse tax consequences.  In the five months
between May and September, we bought for cancellation 25.65 million shares,
representing over 14% of RITCP's then issued share capital, at a total cost of
£93 million.  We had shareholders' approval for the buy back of up to 15% of
RITCP's shares over the period to the end of September 1999, the largest
amount allowed by market purchases under the rules of the Stock Exchange.

At the AGM in July last year, shareholders gave their permission for RITCP to
buy back a further 15% of its shares in the period to 30 September 2000.  We
have subsequently bought back a further 5.08 million shares, representing an
additional 3% of the share capital, at a cost of £21 million.

During the year under review, we have therefore bought back a total of 30.73
million shares at a total cost of £114 million.  As the shares were acquired
at a discount to their underlying value, the buy-back has boosted the
Company's net asset value by 11.6p per share.

Although we wish to make use of this facility, shareholders should be aware
that the extent to which we can do so is, in practice, limited by the number
of shares that become available.

We shall be seeking shareholders' approval at this year's AGM for the renewal
of our buy-back facility.

RESULTS AND DIVIDENDS

The total return before tax for the year under review was £171.6 million, of
which £155.3 million was attributable to capital and £16.3 million to revenue.
In the previous year the total return was £28.4 million, of which £22.3
million related to capital and £6.1 million to revenue.

RITCP proposes to pay a dividend of 3.1p per share on 7 July 2000 to
shareholders on the register at 9 June 2000.  This compares with last year's
payment of 2.2p per share and represents an increase of 41%.  This increase is
mainly due to the relatively high levels of net liquidity maintained during
the year and may not be sustainable in future years.

THE BOARD

We are pleased to welcome to the Board two new non-executive directors whose
appointments have already been announced.  Michael Sofaer joined the Board at
the interim stage and Timothy Barakett joined in March.  We are also pleased
that Lord Rothschild's son, Nathaniel, has accepted an invitation to act as
Timothy Barakett's alternate.  Timothy Barakett is the President and founder
of Atticus Capital, a private fund management company based in New York, in
which Nathaniel Rothschild is a partner.

It has been a particularly busy and volatile period with major changes evident
in the way business is transacted.  The Company is well placed to take
advantage of the opportunities which will no doubt become available over the
coming months.



For further information please contact:  Duncan Budge  020-7514 1928

CONSOLIDATED STATEMENT OF TOTAL RETURN
for the year ended 31 March 2000
                                   Revenue    Capital       Total
                                     £'000      £'000       £'000
                                                                 
Gains on investments                     -    167,799     167,799
                                                                 
Dealing profits                      2,055          -       2,055
                                                                 
Investment income                   23,397          -      23,397
                                                                 
Other income                           642          -         642
                                                                 
Administrative expenses             (5,156)         -      (5,156)
                                                                 
Investment management fees          (3,221)         -      (3,221)
                                                                 
Premium on purchase of                                           
convertible stock                        -     (1,172)     (1,172)
                                                                 
Currency  translation of US                                  
Dollar loan notes                        -      1,333       1,333
                                                       
Other capital items                      -    (12,677)    (12,677)
                                    ------    -------     -------             
Net return before finance costs                                  
and taxation                        17,717    155,283     173,000
                                                                 
Interest payable and similar                                     
charges                             (1,360)         -      (1,360)
                                    ------    -------     -------        
Return on ordinary activities                                    
before taxation                     16,357    155,283     171,640
                                                                 
Taxation on ordinary activities     (2,550)     1,669        (881)
                                    ------    -------     -------        
Return on ordinary activities                                    
after taxation attributable to                                   
equity shareholders                 13,807    156,952     170,759
                                                                 
Dividends                           (4,613)         -      (4,613)
                                    ------    -------     -------             
      
Transfer to reserves                 9,194    156,952     166,146
                                    ======    =======     =======        
Return per ordinary share                                        
Basic                                 8.5p      96.1p      104.6p
                                                                 
Diluted                               8.2p      92.0p      100.2p
                                                                 

The revenue column of this statement is the consolidated profit and loss
account of the Group.

The accompanying notes are an integral part of this statement.

All revenue and capital items in the above statement derive from continuing
operations.  No operations were acquired or discontinued in the period.

CONSOLIDATED STATEMENT OF TOTAL RETURN
for the year ended 31 March 1999
                                   Revenue    Capital       Total
                                     £'000      £'000       £'000
                                                                 
Gains on investments                     -     32,977      32,977
                                                                 
Dealing profits                        614          -         614
                                                                 
Investment income                   21,801          -      21,801
                                                                 
Other income                           901          -         901
                                                                 
Administrative expenses             (4,344)         -      (4,344)
                                                                 
Investment management fees          (1,997)         -      (1,997)
                                                                 
Premium on purchase of                                           
convertible stock                        -     (3,653)     (3,653)
                                                                 
Currency  translation of US                                  
Dollar loan notes                        -     (3,346)     (3,346)
                                                       
Other capital items                      -     (3,665)     (3,665)
                                    ------     ------      ------             
    
Net return before finance costs                                  
and taxation                        16,975     22,313      39,288
                                                                 
Interest payable and similar                                     
charges                            (10,867)         -     (10,867)
                                   -------     ------     -------        
Return on ordinary activities                                    
before taxation                      6,108     22,313      28,421
                                                                 
Taxation on ordinary activities     (1,442)       576        (866)
                                   -------     ------      ------        
Return on ordinary activities                                    
after taxation attributable to                                   
equity shareholders                  4,666     22,889      27,555
                                                                 
Dividends                           (4,003)         -      (4,003)
                                    ------     ------      ------             
Transfer to reserves                   663     22,889      23,552
                                    ======     ======      ======      
Return per ordinary share                                        
Basic                                 2.6p      12.6p       15.2p
                                                                 
Fully diluted                         2.6p      12.0p       14.6p
                                                                 

The revenue column of this statement is the consolidated profit and loss
account of the Group.

The accompanying notes are an integral part of this statement.

All revenue and capital items in the above statement derive from continuing
operations.  No operations were acquired or discontinued in the period.

CONSOLIDATED BALANCE SHEET
                                          31 March   31 March
                                              2000       1999
                                             £'000      £'000
Fixed assets                                                 

Investments                                796,687    832,867
                                                             
Tangible fixed assets                          196        218
                                           -------    -------              
                                           796,883    833,085
                                           -------    -------
              
Current assets                              78,942     55,689
                                                             
Creditors: Amounts falling due                               
within one year                            (30,727)  (131,935)
                                           -------    -------              
Net current assets/(liabilities)            48,215    (76,246)
                                           -------    -------              
Total assets less current                                    
liabilities                                845,098    756,839
                                                             
Creditors:  Amounts falling due                           
after more than one year:                                             

Bank loans                                 (24,414)         -
                                                             
Provisions for liabilities                                   
and charges                                 (9,298)    (5,773)
                                           -------    -------              
                                           811,386    751,066
                                           =======    =======

Capital and reserves                                         

Called up share capital                    159,423    181,959
                                                             
Capital redemption reserve                  30,733          -
                                                             
Capital reserve - realised                 458,180    466,670
                                                             
Capital reserve - unrealised               148,491     97,096
                                                             
Revenue reserve                             14,559      5,341
                                           -------    -------              
Equity shareholders' funds                 811,386    751,066
                                           =======    =======              
Diluted net asset value                                      
per share                                   509.0p     398.6p
                                                             
Undiluted net asset value                                    
per share                                   509.0p     412.8p
                                                             
Diluted net assets                         £811.4m    £759.7m
                                                             
NOTES

1    RETURN PER ORDINARY SHARE

The return per share for the year ended 31 March 2000 is based on the revenue
return after tax of £13.8 million and the capital return after tax of £157.0
million, and the weighted average number of ordinary shares in issue during
the year of 163.3 million.

The diluted return per share for the year ended 31 March 2000 is based on the
revenue return after tax of £13.9 million, the capital return after tax of
£157.0 million, and the weighted average  diluted number of ordinary shares in
issue during the year of 170.6 million.

2    MOVEMENTS IN FIXED ASSET INVESTMENTS

                                      Unquoted                    
                           Government      and Specialist         
                  Quoted   Securities Property      Funds    Total
                £million     £million £million   £million £million
                                              
At 31 March 1999   578.2         75.2    124.7       54.8    832.9
                                                              
Reclassifications    3.6            -     (3.6)         -        -
                                                                
Additions          287.8        762.7     47.9       18.6  1,117.0
                                                               
Disposals         (492.9)      (750.8)    (2.5)     (11.1)(1,257.3)
                                                                  
Revaluation         85.3         (0.2)    (2.8)      21.8    104.1
                   -----        -----    -----      -----  -------            
At 31 March 2000   462.0         86.9    163.7       84.1    796.7
                   =====        =====    =====      =====  =======            
               

3    CONVERTIBLE STOCK

                                                          £'000
                                                               
At 31 March 1999                                          8,608
                                                               
Purchased during the year and subsequently                 (410)
cancelled                                                      
                                                               
Converted into ordinary shares                           (8,198)
                                                         ------      
At 31 March 2000                                              -
                                                         ======
      
4    US DOLLAR LOAN NOTES

The Company had US$150 million of loan notes in issue.  Interest on the notes
was fixed at 7.26% per annum.  The notes were due for repayment in May 2001
but the Company decided to repay the notes in May 1999.

5    SHARE CAPITAL

During the year 8,197,756 ordinary shares of £1 were issued on conversion of
£8,197,756 convertible stock.  The Company purchased 30,733,338 shares for
cancellation during the year at a cost of £114 million.  This amount has been
charged to capital reserve.

6    DILUTED NET ASSET VALUE
                                            31 March  31 March
                                                2000      1999
                                               £'000     £'000
                                                              
Net  assets  per consolidated  balance       811,386   751,066
sheet
                                                         
Effect of converting loan stock                    -     8,608
                                             -------   -------              
Diluted net assets                           811,386   759,674
                                             =======   =======

The calculation of the diluted net asset value per share at 31 March 1999 was
based on the assumption that all convertible stock was converted at the
balance sheet date.

7    CONTINGENCIES AND FINANCIAL COMMITMENTS

There has been no material change to the position reported at 31 March 1999 in
connection with the litigation proceedings issued in New York by Richbell
Information Services Inc.

8    UNAUDITED STATEMENTS

The results for the year ended 31 March 2000 are unaudited and do not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.  Statutory accounts for the year ended 31 March 1999 have
been delivered to the Registrar of Companies.  The auditors have made a report
under Section 235 of the Companies Act 1985 on those statutory accounts which
was unqualified and did not contain a statement under Section 237 (2) or (3)
of the Companies Act 1985.

9    ANNUAL REPORT

The Company's annual Report and Accounts for the year ended 31 March 2000 will
be posted to shareholders on Monday 22 May 2000.  Copies of this announcement
and the annual Report will be available to the public at the Company's
registered office at 27 St James's Place, London SW1A 1NR.