Final Results

Schroder Split Investment Fund PLC
13 December 2002

                                                                13 December 2002

PRESS RELEASE

                              PRELIMINARY results

The Directors of Schroder Split Investment Fund plc announce the unaudited
preliminary results for the Group's first financial period covering the nine
months to 31 October 2002. The Company was incorporated on 6 December 2001 and
listed on the London Stock Exchange on 31 January 2002.

Highlights                                        31 October 2002                 31 January 2002           % change
                                                       Pence                           Pence
Net asset value per
Zero Dividend Preference Share                        105.76p                         100.00p                     +5.76
Ordinary Share                                        65.50p                          92.18p                     -28.94
Share price per
Zero Dividend Preference Share                        105.25p                         107.50p                     -2.09
Ordinary Share                                        49.00p                          97.00p                     -49.48


Total return to shareholders              Results for the 9 months to 31
                                                   October 2002
                                                       £'000

Zero Dividend Preference Shares                        1,583
Ordinary Shares                                       (9,138)



Highlights

  • The Group has achieved the Prospectus dividend expectation of paying 4.50
    pence per share for the first nine months since Listing.

  • Strong relative performance illustrated by significant out-performance of
    the FTSE All-Share and the FTSE 350 Higher Yield Indices.



CHAIRMAN'S STATEMENT


Performance

In my Statement with the Interim Report, I said that market conditions had been
difficult since the Group was launched in January 2002. These market conditions
have continued in recent months. Although in absolute terms, performance has
been disappointing, on a comparative basis performance has been good. To
illustrate this, the Group's net asset value has significantly out-performed
both the FTSE All-Share Index and the FTSE 350 Higher Yield Index. During the
nine months from launch to 31 October 2002, the net asset value of the Group
showed a total return of -11.54 per cent whilst the All-Share Index's total
return was -20.28 per cent and the Higher Yield Index's was -15.40 per cent.
Part of this out-performance arose because some 27 per cent of total assets were
allocated to bonds rather than equities.


Dividend

The Group has achieved the Prospectus dividend expectation of 4.50 pence per
share in respect of the nine months to 31 October 2002. The Directors currently
expect that they will be able to declare dividends totalling 6.00 pence per
share in the current year, which is, again, in line with Prospectus indications.


Gearing

Our Bank loan of £12.1million represented 15.6 per cent of gross assets at
launch, and had increased to 17.8 per cent. as at 31 October 2002, in line with
the fall in underlying assets.


Cancellation of Share Premium Account and Share Repurchase

As indicated in the Prospectus, the Company is proposing to convert the share
premium account into a distributable reserve which can be used, amongst other
things, to fund the repurchase of shares. The Board already has the authority to
repurchase up to 15 per cent. of the Company's issued share capital in
accordance with the UKLA Listing Rules. The creation of the new reserve requires
the passing of a special resolution and the subsequent approval of the High
Court. A special resolution will be proposed at an EGM to be held immediately
after the AGM on 24 February 2003. Full details of the proposal and a formal
notice of EGM is set out in the circular accompanying the Annual Report and
Accounts.


Portfolio and outlook

The Investment Manager has continued its strategy of investing the equity
portion of the portfolio in companies with relatively low ratings but relatively
strong balance sheets. The fixed interest portfolio assists in our aim to
provide a balance to the Group's gearing. The relative performance of the Group
to date has justified this strategy.

The Group has not at any time held any interests in other split capital
investment trusts and I would re-iterate that we have no intention of holding
such investments in the future.

The robust relative performance of the Group to date should provide re-assurance
that the business model adopted will continue to prove resilient in the present
climate.


John Padovan - Chairman


Unaudited Group Statement of Total Return                                  Results for the period from 6 December 2001
                                                                                                 to
                                                                                           31 October 2002
                                                                                Revenue          Capital           Total
                                                                                     £'000         £'000           £'000

Realised losses on investments                                                           -         (293)           (293)
Unrealised losses on investments                                                         -       (8,925)         (8,925)
Income                                                                               2,756             -           2,756
Investment management fee                                                            (117)         (175)           (292)
Other administrative expenses                                                        (253)             -           (253)
Return / (deficit) on ordinary                                                       2,386       (9,393)         (7,007)
activities before finance costs and
taxation
Interest payable                                                                     (219)         (329)           (548)
Provision for the redemption of Zero                                                     -       (1,583)         (1,583)
dividend preference shares in the
subsidiary
Return / (deficit) on ordinary                                                       2,167      (11,305)         (9,138)
activities before taxation
Taxation on ordinary activities                                                      (127)           127               -
Return/(deficit) after taxation                                                      2,040      (11,178)         (9,138)
attributable to ordinary shareholders
Dividends : ordinary shares
- first interim dividend                                                             (577)             -           (577)
- second interim dividend                                                            (577)             -           (577)
- third interim dividend                                                             (700)             -           (700)
Transfer to reserves                                                                   186      (11,178)        (10,992)
Return per share
Ordinary shares                                                                      4.95p      (27.13)p        (22.18)p
Dividends per share                                                                  4.50p             -           4.50p

Zero dividend preference shares                                                         -         5.76p           5.76p






Unaudited Abridged Group Cash Flow Statement                                 Results for the period from 6 December 2001
                                                                                                      to 31 October 2002
                                                                                                                   £'000

Net cash inflow from operating activities                                                                          2,025

Bank loan interest paid                                                                                            (548)

Dividends paid                                                                                                   (1,154)

UK tax paid                                                                                                        (136)

Net cash outflow from investing activities                                                                      (19,631)

Net cash inflow from financing
                                                                                                                  20,437
Net cash inflow
                                                                                                                     993





Summary Unaudited Balance Sheets at 31 October 2002                              Group                           Company
Assets                                                                           £'000                             £'000

Fixed Asset Investments
Equities listed in the United Kingdom                                           48,839                            48,839
Fixed interest investments                                                      18,715                            18,715
Investment in subsidiary                                                             -                                50
                                                                                67,554                            67,604

Net current assets                                                                 581                               531

Creditors : Amounts falling due after more than one
year
Loan facility                                                                 (12,100)                          (12,100)
Amount owed to group undertaking                                                     -                          (29,050)
Zero dividend preference shares in the subsidiary                             (29,050)                                 -

Net Assets                                                                      26,985                            26,985

Funds attributable* to
Ordinary shares                                                                 26,985

Zero dividend preference shares in the subsidiary                               29,050

                                                                                56,035

Net asset value per zero dividend preference share                             105.76p

Net asset value per ordinary share                                              65.50p


*Funds Attributable may be defined as the net assets employed before deducting
amounts owed in respect of zero dividend preference shares .




Notes

1.The above financial information is unaudited and does not amount to statutory
accounts under Section 240 of the Companies Act 1985 (as amended). The statutory
accounts for the period from 6 December 2001 to 31 October 2002 will be
finalised on the basis of information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's annual general meeting.


2.The Group accounts consolidate the accounts of the Company and its wholly
owned subsidiary Schroder Split ZDP plc.


3.As permitted by Section 230 of the Companies Act 1985, the Company has not
presented its own revenue account. The net revenue after taxation for the period
to 31 October 2002 of the Company dealt with in the accounts of the Group was
£2,040,000.




This statement was approved by the Board of Directors on 13 December 2002.

The Annual Report and Accounts for the period ended 31 October 2002 will be
mailed to shareholders at their registered addresses in January 2003 and from
the date of release copies of the Annual Report and Accounts will be available
to the public at the Company's registered office: 31 Gresham Street, London,
EC2V 7QA.


Enquiries: Schroder Investment Management Limited
           John Spedding                                        (020 7658 3206)
           13 December 2002



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