ISRAS Investment Company Ltd.

Business and Financial Review • May 19, 2014

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THE INVESTMENT COMPANY PLC - Interim Management Statement

PR Newswire

London, May 19

THE INVESTMENT COMPANY PLCInterim Management Statement - Four Months to 30 AprilThe Investment Company plc (the "Company") presents its interim managementstatement for the period 1 January 2014 to 30 April 2014. This constitutes theCompany's second interim management statement for the financial year ending30 June 2014, as required by the UK Listing Authority's Disclosure andTransparency Rule 4.3.Investment ObjectiveThe Company's investment objective is to provide Shareholders with anattractive level of dividends coupled with capital growth over the long term,through investment in a portfolio of equities, preference shares, loan stocks,debentures and convertibles.Review of the PeriodOver the last four months, equity markets have been volatile. Although the UKeconomy has enjoyed some acceleration of growth in the first quarter, worldeconomic trends are very modest and many larger companies are struggling torecord significant turnover growth. We continue to find individual companiesthat are able to generate organic growth and income at attractive valuations.In the period, there has been a gradual improvement in the Trust's NAVreflecting the strong contributions from the equity holdings in Plus 500,Safestyle and Gable Holdings. The Trust's major holdings in Lloyds ECNs havebeen reduced following the attractive tender offer recently. The Trust iscurrently trading at a modest premium to the underlying net assets.We are continuing to find a promising mix of investments including equities,preference shares and bonds that can sustain a high level of growing incomealong with opportunities for capital gain. 30 April 31 December % change 2014 2013 (unaudited) (unaudited)Equity shareholders' funds £19,013,317 £18,754,012 1.38%Number of ordinary shares in issue 4,772,049 4,772,049Net asset value per ordinary share 401.16p 395.69p 1.38%Ordinary share price (mid) 404.50p 380.00p 6.45%Premium / (discount) to net asset 0.83% (3.97)%valueThere were no ordinary shares bought back during the period.Twenty Largest Investments Security % of total assetsName type as at 30 April 2014Phoenix Life 7.25% SB Perp Notes Bond 5.7Safestyle UK Equities 3.8Natwest 9% SR `A' Non Cum Prf Pref share 3.4Charles Taylor Equities 3.1Randall & Quilter Equities 3.0William Sinclair Holdings 8% CLN Convertibles 2.9Manx Telecom Equities 2.9DX (Group) Equities 2.8Conygar Investments Equities 2.7Friends Life Equities 2.7Lancashire Holdings Equities 2.7Esure Equities 2.7LBG Capital 7.625% var sub perp Bond 2.6Bagir Group Ltd (ILS) Equities 2.6Gable Holdings Equities 2.6Royal Mail Equities 2.5Fishguard & Rosslare 3.5% GTD Pref share 2.5Prf StkBrit plc Equities 2.5Fairpoint plc Equities 2.4Bank of Scotland 7.281% Var Perp Bond 2.3Total 58.4A third interim dividend of 5p per ordinary share has been declared to ordinaryshareholders on the register on 2 May 2014, and will be paid on 23 May 2014.This is an interim management statement. Full details of the Company, includingthe current share prices and NAVs, are available at www.mitongroup.com/tic.Except as reported above, the Board is not aware of any material events ortransactions occurring between 30 April 2014 and the date of publication ofthis interim management statement which would have a material impact on thefinancial position of the Company.19 May 2014Neither the contents of the Investment Company plc website nor the contents ofany website accessible from hyperlinks on the website (or any other website) isincorporated into, or forms part of, this announcement.