Director Shareholding

SCHEDULE 11

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company
     Value and Income Trust plc

2) Name of director
     Mr David Back

3) Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-
beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in
respect of a non-beneficial interest
     As per 2 above

4) Name of the registered holder(s) and, if more than one holder, the
 number of shares held by each of them (if notified)
     Not disclosed

5) Please state whether notification relates to a person(s) connected
 with the Director named in 2 above and identify the connected person(s)
     As per 2 above

6) Please state the nature of the transaction. For PEP transactions
 please indicate whether general/single co PEP and if discretionary/non
 discretionary
     Purchase

7) Number of shares/amount of
 stock acquired
     5,000

8) Percentage of issued class
     0.01%

9) Number of shares/amount
 of stock disposed
     N/A

10) Percentage of issued class
     N/A

11) Class of security
     Ordinary 10p shares

12) Price per share
     123.5p

13) Date of transaction
     4 March 2003

14) Date company informed
     4 March 2003

15) Total holding following this notification
     25,000


16) Total percentage holding of issued class following this notification
     0.05%

If a director has been granted options by the company please complete
the following boxes

17) Date of grant
     N/A

18) Period during which or date on which exercisable
     N/A

19) Total amount paid (if any) for grant of the option
     N/A

20) Description of shares or debentures involved: class, number
     N/A

21) Exercise price (if fixed at time of grant) or indication that price
 is to be fixed at time of exercise
     N/A

22) Total number of shares or debentures over which options held
 following this notification
     N/A

23) Any additional information

24) Name of contact and telephone number for queries
     Amanda Fraser 0131 313 6472

25) Name and signature of authorised company official responsible for
 making this notification
     Amanda Fraser

 Date of Notification: 5 March 2003