Notice of EGM

    INTRINSIC VALUE PLC                              

                                (THE "COMPANY")                                

Re: EXTRAORDINARY GENERAL MEETING CALLED ON THE REQUISITION OF A MEMBER OF THE 
                                    COMPANY                                    

The Board of Intrinsic Value plc announces that an Extraordinary General
Meeting has been convened for 12 noon on 17 February 2004. At this meeting the
Resolutions proposed by the Requisitionist will be considered.

The notice convening the EGM was posted on 20 January 2004 together with a
Circular to Shareholders. The following statements are extracted from that
Circular without material adjustment.

"The Resolutions

The Resolutions proposed by the Requisitionist would, if passed, result in the
removal of two of the Directors from the Board and the appointment of three new
directors, being nominees of the Requisitionist. The Resolutions if passed in
their entirety would pass control of the Board to a shareholder who represents
only 19.25 per cent. of the issued share capital of the Company.

The Board's views

Prior to the Requisition, the Board had received no approach or information
from the Requisitionist indicating any discontent with either the management or
governance of the Company. The Board has sought to open up a dialogue with the
Requisitionist and, in the interests of Shareholders as a whole, has appointed
ING Investment Banking as financial adviser to the Company. The Board plans to
continue discussions with the Requisitionist to seek clarification of its
intentions and objectives so that the Board is able to advise Shareholders
accordingly.

In the meantime, the Board is advising Shareholders to vote against all the
Resolutions at the EGM

It is the Board's intention to continue discussions with the Requisitionist,
whilst undertaking a full review of the implications of the significant change
which is proposed to the composition of the Company's Board. The Directors are
concerned to ensure that these implications are fully explored and considered
in the light of the particular nature of the Company and its portfolio. It is
also intended to seek to contact and consult with Shareholders during this
process and the Board will keep Shareholders appropriately informed. The Board
expects therefore to write again to Shareholders shortly.

The Board believes that the clarification described above must be obtained, and
that the discussions and review described above must be completed, before the
Board can be in a position properly to advise Shareholders in relation to the
Resolutions."

The Board intends to write to Shareholders shortly in relation to the
Resolutions and in the meantime Shareholders are advised to take no action. If
Shareholders wish to record their vote now, they should note that the
Directors, who are being advised by ING Investment Banking, are NOT currently
satisfied that the proposals from the Requisitionist are or will be in the best
interests of Shareholders as a whole.

Accordingly, pending clarification of the intentions of the Requisitionist and
the implications for the Company which would result from the passing of
Resolutions, the Directors unanimously recommend that Shareholders VOTE AGAINST
the Resolutions to be proposed at the EGM.

Enquiries:

Intrinsic Value plc [phone]

James West, Chairman

ING Investment Banking [phone]

Nicholas Gold, Managing Director

William Marle, Director

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