Holding(s) in Company

Value & Income Trust PLC
25 April 2002

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company
      Value and Income Trust plc


2)   Name of shareholder having a major interest
      First State Investment Management (UK) Ltd on behalf of The Scottish
American Investment Company plc


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
      In 2 above


4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them
      The Scottish American Investment Company plc - 3,150,000 shares



5)   Number of shares/amount of stock acquired
      Not applicable.


6)   Percentage of issued class
      Not disclosed


7)   Number of shares/amount of stock disposed
      350,000


8)   Percentage of issued class
      0.77%


9)   Class of security
      Ordinary


10)  Date of transaction
      24 April 2002


11)  Date company informed
     25 April 2002


12)  Total holding following this notification
      3,150,000


13)  Total percentage holding of issued class following this notification
      6.92%


14)  Any additional information
      No


15)  Name of contact and telephone number for queries
            David Holland 0131 313 6442


16)  Name and signature of authorised company official responsible for
     making this notification

     Date of notification 25 April 2002






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