Final Results

VALUE AND INCOME TRUST PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 MARCH 2003 SUMMARY 31 March 2003 31 March 2002 Net asset value per share 138.8p 185.3p Share price 114.0p 152.5p Total dividends per share 5.8p 5.6p Portfolio total £98.8 million £120.0 million THE YEAR · Net asset value total return, including net dividends, was -22.9% and share price total return was -22.2% compared with the All Share Index total return of - 29.8% · VIT's UK equities returned -24% and property +12% · Total dividends for the year of 5.8p, up 3.6% - the sixteenth consecutive increase above inflation Value and Income Trust invests in higher yielding, less fashionable areas of the UK commercial property and equity markets, particularly in medium and smaller sized companies. It aims for long-term real growth in dividends and capital values without undue risk. Outlook The prospects for UK equities are more encouraging than for most other equity markets. At the year end our equity and property portfolios were yielding 5.7% net and 7.6% respectively. VIT is nearly fully invested at present. Dividend The Directors are recommending a final dividend of 2.9p net per Ordinary Share to be paid on 8 July 2003 to shareholders registered on 20 June 2003. In the current year they expect to pay a total dividend of 6.0p per share (a 3.4% increase). The Annual Report will be posted to shareholders on 23 May 2003. Copies can be obtained from Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh, EH12 5HD or OLIM Limited, Pollen House, 10- 12 Cork Street, London, W1S 3NP For further information, please contact:- Matthew Oakeshott or Angela Lascelles of OLIM Limited Tel: 0207-439-4400 VALUE AND INCOME TRUST PLC CONSOLIDATED STATEMENT OF TOTAL RETURN (incorporating the revenue account*) for the year ended 31 March 2003 2003 2002 Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Income Securities Dividends from 3,269 - 3,269 3,212 - 3,212 UK Companies Interest from UK 189 - 189 185 - 185 Companies Properties Rental Income 3,155 - 3,155 3,357 - 3,357 Interest on 224 - 224 174 - 174 deposits Underwriting 16 - 16 4 - 4 commission Other income 10 - 10 17 - 17 _______ _______ _____ _______ _______ ______ _ 6,863 - 6,863 6,949 - 6,949 Expenses Investment (401) (401) (802) (417) (1,273) (1,690) management fee Administration (344) - (344) (339) - (339) expenses _______ _______ ______ _______ _______ ______ _ 6,118 (401) (5,717 6,193 (1,273) 4,920 Capital (losses)/profits Net realised - (1,250) (1,250) - 23 23 (losses)/gains on investments Movement in - (19,478) (19,478) - 4,683 4,683 unrealised appreciation _______ _______ _______ _______ _______ ______ _ Net return 6,118 (21,129) (15,011) 6,193 3,433 9,626 before finance costs and taxation Interest payable (3,501) - (3,501) (3,501) - (3,501) and similar charges _______ _______ _______ ______ _______ ______ _ Return on 2,617 (21,129) (18,512) 2,692 3,433 6,125 ordinary activities before taxation Taxation - - - (103) 103 - _______ _______ _______ ______ _______ ______ _ Return 2,617 (21,129) (18,512) 2,589 3,536 6,125 attributable to equity shareholders Dividends in (2,642) - (2,642) (2,551) - (2,551) respect of ordinary shares _______ _______ _______ ______ _______ ______ _ Transfer (25) (21,129) (21,154) 38 3,536 3,574 (from)/to reserves _______ _______ _______ ______ _______ ______ _ Return per 5.74p (46.39p) (40.65p) 5.68p 7.76p 13.44p ordinary share Dividend per 5.80p 5.60p ordinary share ·The revenue column of this statement is the Revenue Account of the Group. VALUE AND INCOME TRUST PLC CONSOLIDATED BALANCE SHEET at 31 March 2003 2003 2002 £000 £000 £000 £000 Investments Listed in UK 55,207 73,339 Investment properties 41,165 38,800 _______ _______ 96,372 112,139 Current Assets Debtors 554 451 Cash and short term deposits 4,534 11,095 _______ _______ 5,088 11,546 _______ _______ Current Liabilities (due within one year) Creditors 1,339 2,432 Dividend payable 1,321 1,275 _______ _______ 2,660 3,707 _______ _______ Net Current Assets 2,428 7,839 _______ _______ Total Assets less Current 98,800 119,978 Liabilities Creditors (due after one 35,563 35,587 year) _______ _______ TOTAL NET ASSETS 63,237 84,391 _______ _______ Capital and Reserves Share Capital Ordinary 4,555 4,555 Reserves Share Premium 18,446 18,446 Capital Reserve - realised 31,700 33,351 Capital Reserve - unrealised (5,824) 15,198 Revaluation Reserve 13,097 11,553 Revenue Reserve 1,263 1,288 _______ _______ 58,682 79,836 _______ _______ Equity Shareholders' Funds 63,237 84,391 _______ _______ Net Asset Value per ordinary 138.82p 185.27p share VALUE AND INCOME TRUST PLC CONSOLIDATED CASHFLOW STATEMENT for the year ended 31 March 2003 2003 2002 £000 £000 £000 £000 Operating activities: Income received from 3,341 3,442 investments Rental received 3,223 3,366 Interest received 224 173 Other income 26 21 Investment management fees (803) (1,755) paid Administration fees paid (161) (88) Directors' fees paid (32) (24) Other cash payments (120) (202) _______ _______ Net cash inflow from 5,698 4,933 operating activities Servicing of finance: Interest paid (3,525) (3,525) Taxation: UK tax repaid/(paid) 13 (133) Capital expenditure and financial investment: Purchases of investments (27,654) (23,358 ) Sales of investments 21,503 33,136 _______ _______ Net cash (outflow)/inflow from capital expenditure (6,151) 9,778 and financial investment Ordinary dividends paid (2,596) (2,505) _______ _______ Net cash (outflow)/inflow (6,561) 8,548 before financing _______ _______ (Decrease)/Increase in cash (6,561) 8,548 _______ _______ NOTES : 1.The accounts are prepared under the same accounting policies used for the year to 31 March 2002. 2.The final dividend, subject to shareholder approval, will be paid on 8 July 2003 to shareholders on the register at the close of business on 20 June 2003. The ex-dividend date is 18 June 2003. 3.The financial information contained within this preliminary announcement does not constitute the company's statutory accounts as defined in section 240 of the Companies Act 1985 for the years ended 31 March 2003 or 2002, but is derived from those accounts. Statutory accounts for 2002 have been delivered to the Registrar of Companies and those for 2003 will be delivered following the company's annual general meeting which will be held at Donaldson House, 97 Haymarket Terrace, Edinburgh on 4 July 2003 at 12.30 pm. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under s237(2) or (3) Companies Act 1985. The accounts and preliminary announcement were approved by the board of directors on 9 May 2003. 4.The Annual Report and Accounts will be posted to shareholders on 23 May 2003 and copies will be available from the company secretary. For Value and Income Trust plc Edinburgh Fund Managers plc, Secretary

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