IV. Intrinsic Val.

    To: City Editors 18 June 2004

For immediate release

                                  I VALUE PLC                                  

                        (formerly Intrinsic Value PLC)                         

                        Distribution of Cash and Units                         

Following the appointment of the Liquidators at the Company's EGM on 10 June
2004, the details of the first cash and Unit distributions are as follows:

Cash

The first distribution of cash will be made to those who elected, or were
deemed to have elected, for the Cash Option on 18 June 2004. The first cash
distribution is anticipated to be 30p per Share with "A" Rights. This will
leave a residual net asset value of 50.58p per Share with "A" Rights (valuing
the portfolio on a bid basis as more fully described in the circular to
Shareholders issued on 2 April 2004).

Units

The first allocation of Units in Marlborough Special Situations Fund was made
to those who elected, or were deemed to have elected, for the Unit Option on 10
June 2004. These Shareholders received 0.295461 Units per Intrinsic Value Share
with "B" Rights. This leaves a residual net asset value of 8.33p per Share with
"B" Rights, representing the holders of Shares with "B" Rights interest in the
Company's unquoted assets. Marlborough Fund Managers Ltd has written to all
electing Shareholders advising them of the actual individual allocation.

Market conditions

Since early March 2004, the Investment Manager has conducted over 80 sales,
including total divestments of 27 companies, raising in excess of �9.5m. From
this total the borrowings of �2m were repaid at the end of April.

The small company market has become increasingly difficult over the past few
weeks, reflected in increased spreads from 6% to in excess of 9%. Despite the
fact that the first two months of 2004 were strongly positive with the FTA All
Share up 2% and the FTSE Small Cap index up 9%, the subsequent three months
have seen the latter index fall 2.4% in March, fall 0.3% in April and fall 4.5%
in May.

The Investment Manager has been mindful of the need to raise cash and maximise
shareholder value. It will continue to monitor the situation in the best
interests of Shareholders.

Further distributions

Further distribution(s) will be made at a date(s) to be determined by the
Liquidators.

Enquiries

The Liquidators - PricewaterhouseCoopers 020 7583 5000

Laura Waters

ING Investment Banking

Nicholas Gold

William Marle 020 7767 1000

Terms used in this announcement will have the same meaning as in the circular
of 2 April 2004.



END

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