IV. Intrinsic Val.

    To: City Editors 10 June 2004

For immediate release

                              INTRINSIC VALUE PLC                              

                    Revised Investment Management Agreement                    

The Proposals passed at the Extraordinary General Meeting of 10 June 2004
included a revision of the Investment Management Agreement. Under Chapter 11 of
the UK Listing Authority's Listing Rules, this revision has been deemed a
related party transaction.

The Liquidators do not intend to issue a further Annual Report. Details of the
Revised Investment Management Agreement are therefore given below in fulfilment
of the Company's obligations under Rule 11.8 (c) of the Listing Rules.

Under the Revised Investment Management Agreement, during the liquidation
period the Investment Manager (being Ghaliston Limited) will receive a reduced
fixed management fee of �10,000 per month for the first six months after the
Extraordinary General Meeting of 10 June 2004, reducing further to �5,000 per
month for the second six months. In addition, during the first six months after
the Extraordinary General Meeting of 10 June 2004, where disposals of unquoted
assets are achieved at a price higher than the market value prevailing at the
Extraordinary General Meeting of 10 June 2004, the Investment Manager will earn
an incentive fee equal to ten per cent. of this excess. In the second six
months this fee reduces to five per cent.

Compensation for early termination of the Investment Management Agreement would
be payable on the appointment of the Liquidators, but the Investment Manager
agreed to vary the terms of this and to defer payment until Shareholders have
received the full liquidation proceeds. Such deferral may also include a
reduction in the amount of compensation payable.

Further details on the Revised Investment Management Agreement are contained in
Part 5 of the circular issued to Shareholders on 2 April 2004.

Enquiries

Intrinsic Value

James West

Chairman 020 7767 1000

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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