Interim Results

RIT Capital Partners PLC
11 November 2004


               PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED
                               30 SEPTEMBER 2004

The following is derived from the Chairman's Statement which will appear in the
interim report.


                              Chairman's Statement

In difficult market conditions, your Company's net asset value per share
increased marginally, by 0.9%, from 623.2p to 629.0p, over the half year from 31
March to 30 September. During the same period, the Morgan Stanley Capital
International Index (in Sterling), the FTSE All-Share Index and the Investment
Trust Net Assets Index rose by 0.5%, 3.4% and 0.9% respectively.

RITCP's net asset value per share at 8 November, the latest available date, was
647.0p - an increase of 3.8% since 31 March.

These results follow the strong performance delivered during the year to 31
March, during which the net asset value increased by 45.6%, an amount of £308
million. The successful flotation of Shinsei Bank accounted for £77.7 million or
11.5% of that increase. In the period under review, there has been a decrease of
£16.1 million in the market value of this holding, representing 1.6% of your
Company's asset value. We continue to classify the holding as an unquoted
investment, as it is held via a limited partnership structure, and to apply a
10% discount to reflect its illiquidity.

QUOTED PORTFOLIO

In my Chairman's Statement in the Annual Report, I drew attention to a number of
economic and fiscal developments which had clouded the outlook for markets and
led us to reduce our investment exposure. At 30 September, some £123 million, or
13% of the portfolio, was invested in government securities and money market
funds, compared with 5% at 31 March. In addition, we had cash and other liquid
assets of some £91 million as a balance against our US$150 million loan.

At 30 September, £466 million, or 48% of the portfolio, was held directly in
quoted investments, compared with 51% at 31 March. A further £126 million, or
13% of the portfolio, was held in hedge and long equity funds which invest
mainly in quoted securities.

Taking these two categories together, some 61% of the portfolio was invested in
quoted or other marketable securities, compared with 66% at 31 March.

UNQUOTED PORTFOLIO

In total, your Company's unquoted investments were valued at some £232 million,
or 24% of the portfolio. Of this, £169 million, or 18%, represents investments
made directly by our own management and £63 million, or 6%, represents
investments in limited partnerships managed by third parties.

During the period under review, there have been a number of significant
liquidity events within this part of the portfolio. We sold Cine-UK, a leading
multiplex cinema company in which we were founder shareholders, realising 3.4
times our original cost. Paypoint, an electronic payments systems business, and
Blueheath, a web-based grocery wholesale business, were successfully floated.

SHARE BUY-BACK

In August, we bought back for cancellation 670,000 shares at 545p per share, at
a total cost of £3.7 million. This is the first time for four years that we have
made use of the share repurchase facility. The share price at 8 November was
659p.

APPOINTMENT OF DIRECTORS

I was pleased to announce in July and August the appointment of James
Leigh-Pemberton, currently Head of European Investment Banking at Credit Suisse
First Boston and Michael Marks, Chairman of NewSmith Capital Partners and
previously Chairman of Merrill Lynch Europe, Middle East and Africa, as
independent non-executive Directors. My son, Nathaniel, had acted as alternate
to Tim Barakett since March 2000. Tim will now serve as alternate for Nathaniel,
thereby reversing the positions which they previously occupied.

I would like to express my gratitude to Tim Barakett and also to Jean Pigozzi
for their contribution to your Company. Jean retired from the Board in
September, having served as a Director since 1988.




Rothschild
11 November 2004

CONSOLIDATED STATEMENT OF TOTAL RETURN
For the six months ended 30 September 2004
               -------------------------- ----------    ----------    ----------
                                           Revenue       Capital         Total
                                             £'000         £'000         £'000
               -------------------------- ----------    ----------    ----------
Gains on investments                             -        14,950        14,950
Dealing losses                              (7,623)            -        (7,623)
Investment income:
Dividends and interest                      11,209             -        11,209
Income from investment properties              532             -           532
Other income                                   214             -           214
Administrative expenses                     (3,361)            -        (3,361)
Investment management fees                  (2,194)         (442)       (2,636)
Other capital items                              -        (4,935)       (4,935)
--------------------------                ----------    ----------    ----------
Net (loss)/return before finance costs
and taxation                                (1,223)        9,573         8,350
Interest payable and similar charges        (1,688)            -        (1,688)
--------------------------                ----------    ----------    ----------
(Loss)/return on ordinary activities
before taxation                             (2,911)        9,573         6,662
Taxation on ordinary activities             (1,012)        2,876         1,864
--------------------------                ----------    ----------    ----------
(Loss)/return on ordinary activities
after taxation attributable to
equity shareholders                         (3,923)       12,449         8,526
--------------------------                ----------    ----------    ----------
Transfer (from)/to reserves                 (3,923)       12,449         8,526
--------------------------                ----------    ----------    ----------
(Loss)/return per ordinary share              (2.5p)         7.9p          5.4p
--------------------------                ----------    ----------    ----------

The revenue column of this statement is the 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.

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 September 2004
                                                                         £'000
------------------------------------------                              --------

Return on ordinary activities after taxation                             8,526
Exchange movements arising on consolidation                                 29
------------------------------------------                              --------
Total recognised gains and losses                                        8,555
------------------------------------------                              --------

CONSOLIDATED STATEMENT OF TOTAL RETURN
For the six months ended 30 September 2003
--------------------------              ----------     ----------     ----------
                                         Revenue        Capital          Total
                                           £'000          £'000          £'000
--------------------------              ----------     ----------     ----------
Gains on investments                           -        107,143        107,143
Dealing profits                            3,438              -          3,438
Investment income:
Dividends and interest                    10,055              -         10,055
Income from investment properties            491              -            491
Other income                                 238              -            238
Administrative expenses                   (3,302)             -         (3,302)
Investment management fees                (1,720)          (962)        (2,682)
Other capital items                            -          6,943          6,943
--------------------------              ----------     ----------     ----------
Net return before finance costs
and taxation                               9,200        113,124        122,324
Interest payable and similar charges        (790)             -           (790)
--------------------------              ----------     ----------     ----------
Return on ordinary activities
before taxation                            8,410        113,124        121,534
Taxation on ordinary activities           (2,587)          (961)        (3,548)
--------------------------              ----------     ----------     ----------
Return on ordinary activities
after taxation attributable to
equity shareholders                        5,823        112,163        117,986
--------------------------              ----------     ----------     ----------
Transfer to reserves                       5,823        112,163        117,986
--------------------------              ----------     ----------     ----------
Return per ordinary share                    3.7p          71.5p          75.2p
--------------------------              ----------     ----------     ----------

The revenue column of this statement is the 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.

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 September 2003
                                                                         £'000
------------------------------------------                              --------

Return on ordinary activities after taxation                           117,986
Exchange movements arising on consolidation                                302
------------------------------------------                              --------
Total recognised gains and losses                                      118,288
------------------------------------------                              --------

CONSOLIDATED BALANCE SHEET

----------------------              -----------      ---------     -------------
                                 30 September       31 March      30 September
                                         2004           2004              2003
                                        £'000          £'000             £'000
----------------------              -----------      ---------     -------------
Fixed assets
Investments                           970,263        978,819           889,593
Tangible fixed assets                     220            239               270
----------------------              -----------      ---------     -------------
                                      970,483        979,058           889,863
----------------------              -----------      ---------     -------------
Current assets
Debtors                                55,894         30,150            24,365
Dealing investments                     5,161          2,400             2,263
Cash at bank                           76,860         92,193            23,029
----------------------              -----------      ---------     -------------
                                      137,915        124,743            49,657
----------------------              -----------      ---------     -------------
Creditors: amounts falling due
within one year
Securities sold short                  (7,800)        (6,080)                -
Creditors and accruals                (20,610)       (21,905)          (23,224)
Proposed dividend                           -         (4,862)                -
Bank loan and overdrafts               (1,953)        (1,880)          (24,373)
----------------------              -----------      ---------     -------------
                                      (30,363)       (34,727)          (47,597)
----------------------              -----------      ---------     -------------
Net current assets                    107,552         90,016             2,060
----------------------              -----------      ---------     -------------
Total assets less current
liabilities                         1,078,035      1,069,074           891,923
----------------------              -----------      ---------     -------------
Creditors: amounts falling due
after more than one year

Bank loan                             (82,804)       (81,516)          (90,173)
Provisions for liabilities and
charges                               (12,838)       (10,045)           (8,709)
----------------------              -----------      ---------     -------------
                                      982,393        977,513           793,041
----------------------              -----------      ---------     -------------
Capital and reserves
Called up share capital               156,178        156,848           156,848
Capital redemption reserve             33,978         33,308            33,308
Capital reserve - realised            681,371        622,869           581,606
Capital reserve - unrealised           97,678        147,407            (9,663)
Revenue reserve                        13,144         17,038            30,894
----------------------              -----------      ---------     -------------
Equity shareholders' funds            982,349        977,470           792,993
Equity minority interests                  44             43                48
----------------------              -----------      ---------     -------------
Capital employed                      982,393        977,513           793,041
----------------------              -----------      ---------     -------------
Net asset value per
ordinary share                          629.0p         623.2p            505.6p
----------------------              -----------      ---------     -------------

CONSOLIDATED CASH FLOW STATEMENT

----------------------             ------------     ----------      ------------
                                 Period Ended     Year Ended      Period Ended
                                 30 September       31 March      30 September
                                         2004           2004              2003
                                        £'000          £'000             £'000
----------------------             ------------     ----------      ------------
Cash (outflow)/inflow from
operating activities                     (845)        19,412            19,975
----------------------             ------------     ----------      ------------
Servicing of finance
Bank and loan interest paid            (1,687)        (2,546)              (89)
----------------------             ------------     ----------      ------------
Net cash outflow from
servicing of finance                   (1,687)        (2,546)              (89)
----------------------             ------------     ----------      ------------
Taxation
UK tax received                             -          1,613             1,229
Overseas tax paid                        (835)          (993)             (582)
----------------------             ------------     ----------      ------------
Net cash (outflow)/inflow from
taxation                                 (835)           620               647
----------------------             ------------     ----------      ------------
Financial investment
Purchase of investments              (217,493)      (495,927)         (264,480)
Sale of investments                   289,300        439,563           120,192
----------------------             ------------     ----------      ------------
Net cash inflow/(outflow)
from financial investment              71,807        (56,364)         (144,288)
----------------------             ------------     ----------      ------------
Capital expenditure
Purchase of fixed assets                  (34)          (240)             (218)
Sale of fixed assets                       13             53                53
----------------------             ------------     ----------      ------------
Net cash outflow from
capital expenditure                       (21)          (187)             (165)
----------------------             ------------     ----------      ------------
Equity dividends paid                  (4,862)        (4,862)           (4,862)
----------------------             ------------     ----------      ------------
Net cash inflow/(outflow)
before management of liquid
resources and financing                63,557        (43,927)         (128,782)
----------------------             ------------     ----------      ------------
Management of liquid resources
Purchase of government
securities                           (249,844)      (225,510)         (133,125)
Sale of government securities         174,557        290,378           182,728
----------------------             ------------     ----------      ------------
Net cash (outflow)/inflow from
management of liquid resources        (75,287)        64,868            49,603
----------------------             ------------     ----------      ------------
Financing
Buy-back of ordinary shares            (3,676)             -                 -
Increase in term loan                       -         81,500            90,168
Minority interests                          -             43                48
----------------------             ------------     ----------      ------------
Net cash (outflow)/inflow from
financing                              (3,676)        81,543            90,216
----------------------             ------------     ----------      ------------
(Decrease)/increase in cash
in the period                         (15,406)       102,484            11,037
----------------------             ------------     ----------      ------------

NOTES

1 ACCOUNTING POLICIES

The accounting policies used by the Group in the preparation of this interim
report are consistent with those applied in preparing statutory accounts for the
year ended 31 March 2004.

2 MOVEMENTS IN FIXED ASSET INVESTMENTS
---------------    --------  ----------     ----------    --------   ---------
                   Quoted    Unquoted      Funds and       Other       Total
                    £'000   andProperty   Partnerships  Securities     £'000
---------------    --------     £'000          £'000       £'000     ---------
                             ----------     ----------    --------
At 31 March
2004              497,222     235,121        199,054      47,422     978,819

Reclassificati
ons                20,597     (20,597)             -           -           -
Additions         172,371      15,546         26,688     249,844     464,449
Disposals        (249,129)    (21,297)       (36,853)   (175,295)   (482,574)
Revaluation        25,124     (15,978)          (216)        639       9,569
---------------    --------  ----------     ----------    --------   ---------
At 30
September 2004    466,185     192,795        188,673     122,610     970,263
---------------    --------  ----------     ----------    --------   ---------

3 MOVEMENTS IN RESERVES

-----------------------------                 ----------   ---------    --------
                                               Capital     Capital     Revenue
                                            Redemption     Reserve     Reserve
                                               Reserve       £'000       £'000
                                                 £'000
-----------------------------                 ----------   ---------    --------
At 31 March 2004                                33,308     770,276      17,038
Loss for the period                                  -           -      (3,923)
Capital return for the period                        -      12,449           -
Share buy-backs                                    670      (3,676)          -
Exchange movements arising on consolidation          -           -          29
-----------------------------                 ----------   ---------    --------
At 30 September 2004                            33,978     779,049      13,144
-----------------------------                 ----------   ---------    --------

4 LITIGATION

In November 1997 proceedings were issued in the New York Courts against a total
of ten defendants, including the Company, by Richbell Information Services Inc.
('RIS') and certain connected entities. The proceedings relate to the Company's
investment in H-G Holdings Inc. and a loan made to RIS by the Company's
wholly-owned subsidiary, Atlantic and General Investment Trust Limited ('AGIT').
The claim against all of the defendants was for approximately US$240 million. On
15 March 2002 the New York Court dismissed the proceedings in their entirety at
their initial stage for failure to state a claim upon which relief could be
granted. On 1 April 2002 the plaintiffs filed an appeal against that dismissal.
On 23 September 2003 the New York Appellate Court affirmed the dismissal of the
proceedings as to thirty causes of action included in the claim and as to AGIT.
The New York Appellate Court reinstated three of the causes of action as to
seven of the defendants, including the Company, and referred the matter back to
the New York Court for further proceedings with respect to those three causes of
action.

Based upon legal advice received, the Directors do not believe that the
proceedings will have a material effect on the financial position of the
Company.

5 STATUTORY ACCOUNTS

The financial information in this publication is unaudited and does not
constitute statutory accounts. The statutory accounts for the year ended 31
March 2004 have been delivered to the Registrar of Companies in England and
Wales and the report of the auditors on those accounts was unqualified.

6 INTERIM REPORT

The Company's Interim Report for the six months ended 30 September 2004 will be
posted to shareholders shortly. Copies of this announcement and the Interim
Report will be available to the public at the Company's registered office at 27
St James's Place, London SW1A 1NR.


For further information please contact:

Duncan Budge 020-7514 1928




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