Rule 21.20(l)(ii) Disclosure

RIT Capital Partners PLC
05 January 2004





QUARTERLY RULE 21.20(l)(ii) DISCLOSURE

1. TEN LARGEST INVESTMENTS AS AT 31 DECEMBER 2003

Name                             Class/description                   Value: £m
Bundesrepublik 41/4% 2004        Government stock                         45.7
Shinsei Bank                     Shares                                   32.7
iShares-MSCI Japan Index Fund    Shares                                   22.5
Atticus International            Hedge Fund                               19.1
Tinicum Partners                 Hedge Fund                               17.6
Treasury 5%                      Government stock                         17.1
Getty Images                     Common stock                             15.7
Cine-UK                          Ord & Pref shs & bonds                   14.9
Economist Newspapers             Shares                                   14.3
Spencer House                    Property                                 14.0


2. INVESTMENTS WITH A VALUE GREATER THAN 5% OF THE COMPANY'S GROSS ASSETS

No single investment represented more than 5% by value of the Company's gross
assets as at 31 December 2003.







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