VALUE AND INCOME TRUST PLC

Investment Policy

The  Board  of  Value  and Income Trust plc (the  'Company')  notes  the
publication  of  the Investment Entities (listing Rules and  Conduct  of
Business) Instrument 2003 and announces that it is the Company's  policy
to  invest  no  more  than  15%  of its gross  assets  in  other  listed
investment companies (including listed investment trusts).

END