Final Results

Schroder Split Investment Fund PLC
18 December 2003



                                                                18 December 2003

PRESS RELEASE

                       SCHRODER SPLIT INVESTMENT FUND PLC

             PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2003

The Directors of Schroder Split Investment Fund plc announce the unaudited
preliminary results for the Group's year ended 31 October 2003


                                                                                                                      
  Highlights                                 31 October 2003                     31 October 2002            % change  
                                                  Pence                               Pence                           
  Net asset value per                                                                                                 
  Zero Dividend Preference Share                 113.96p                             105.76p                      +7.8
  Ordinary Share                                 73.19p                              65.50p                      +11.7
  Share price per                                                                                                     
  Zero Dividend Preference Share                 119.00p                             105.25p                     +13.1
  Ordinary Share                                 67.75p                              49.00p                      +38.3

  Total return to shareholders          Results for the year to 31      Results for the nine month period             
                                              October 2003                     to 31 October 2002                     
                                                  £'000                              £'000*                           
  Zero Dividend Preference Shares                 2,252                               1,583                        NA   
  Ordinary Shares                                 5,644                              (9,138)                       NA   
    




* The Group commenced operations following listing on the London Stock Exchange
on 31 January 2002. The comparative results in this report are for the period
from 6 December 2001 to 31 October 2002.

Highlights:


  • Strong performance during the year, resulting in the Group's total return
    of 14.1% compared to the FTSE All-Share Index of 13.6%.

  • Dividends of 6.0 pence per share were declared during the year,
    maintaining the same rate as the previous period.

CHAIRMAN'S STATEMENT

Performance

I am pleased to report that during the year ended 31 October 2003, the Group's
net asset value outperformed both the FTSE All-Share Index and the FTSE 350
Higher Yield Index, producing a total return on funds attributable to Ordinary
and Zero Dividend Preference Shareholders of 14.1% compared to the FTSE
All-Share Index total return of 13.6% and the FTSE 350 Higher Yield Index total
return of 12.9%.

Dividends

The total dividends for the year ended 31 October 2003 amounted to 6.0 pence per
share, following the declaration of a fourth interim dividend of 1.8 pence per
share payable on 31 December 2003. This is at the same rate as last year and is
in line with the original expectations given in the Company's prospectus,
notwithstanding a more challenging environment in which many companies have
surprised the market by cutting their dividends.

Share Prices

The discount to net asset value of the price of the Company's ordinary shares
significantly narrowed during the year from 25.2% at the beginning of the
financial year to 7.4% at 31 October 2003. Also, the Zero Dividend Preference
Shares, which began the financial year at a slight discount to asset value,
finished the year trading at a premium of 4.4% at 31 October 2003. These
improvements were mainly due to a change in market sentiment.

Also underpinning the price of the ordinary shares is the Board's power to
purchase shares in the market for cancellation. The Board considers on a regular
basis whether this power should be exercised and a resolution to renew the
authority will be proposed at the forthcoming Annual General Meeting.

Corporate Governance

During the summer a new Combined Code was published by the Financial Reporting
Council. The Code will apply to all UK listed companies for accounting periods
beginning on or after 1 November 2003. In addition, new listing rules for
investment companies were published in October 2003.

The new Combined Code and regulations will together create a new governance
environment for investment trusts. The Board has always considered corporate
governance matters with high priority and expects to comply with new regulations
with little difficulty.

In the light of amendments to Listing Rule 29.1(1), the Company made an
announcement on 30 October 2003 to clarify that its policy is to invest no more
than 15% of its gross assets in other listed investment companies (including
investment trusts). The announcement also confirmed that, in line with the
Company's prospectus published in December 2001, the Company has not and will
not invest in securities issued by other split capital investment companies.

Portfolio and Outlook

The Investment Manager has continued to invest the equity portion of the
portfolio, comprising approximately 75% of gross assets, in companies with
relatively strong balance sheets, good market positions but with low valuations.
The fixed income exposure comprising approximately 25% of gross assets at 31
October 2003 was trimmed by the sale of £1 million of our holdings in bond units
earlier in the year. This enabled the Company to take advantage of the pricing
differentials between asset classes and the proceeds were re-invested in
equities.

The Company's fixed rate bank loan of £12.1 million represented 16.4% of gross
assets at the year-end. It is due for repayment in November 2007.

Your Board believes that performance to date in volatile and challenging market
conditions has been satisfactory and that this should provide shareholders with
re-assurance that the business model adopted at launch remains resilient.





John Padovan

Chairman


  Unaudited Group Statement of Total Return                                                                           


                                              Results for the year ended                 Results for the period ended   
                                                   31 October 2003                             31 October 2002          
  
                                             Revenue    Capital      Total               Revenue    Capital      Total
                                               £'000      £'000      £'000                 £'000      £'000      £'000
  Gains /(losses) on                               -      5,787      5,787                     -    (9,218)    (9,218)
  investments                                                                                                         
  Income                                       3,517          -      3,517                 2,756          -      2,756
  Investment management fee                    (138)      (206)      (344)                 (117)      (175)      (292)
  Other administrative expenses                (332)          -      (332)                 (253)          -      (253)
  Return / (deficit) on                        3,047      5,581      8,628                 2,386    (9,393)    (7,007)
  ordinary activities before                                                                                          
  finance costs and taxation                                                                                          
  Interest payable                             (293)      (439)      (732)                 (219)      (329)      (548)
  Provision for the redemption                     -    (2,252)    (2,252)                     -    (1,583)    (1,583)
  of Zero dividend preference                                                                                         
  shares in the subsidiary                                                                                            
  Return / (deficit) on                        2,754      2,890      5,644                 2,167   (11,305)    (9,138)
  ordinary activities before                                                                                          
  taxation                                                                                                            
  Taxation on ordinary                         (181)        181          -                 (127)        127          -
  activities                                                                                                          
  Return/(deficit) after                       2,573      3,071      5,644                 2,040   (11,178)    (9,138)
  taxation attributable to                                                                                            
  ordinary shareholders                                                                                               
  Dividends : ordinary shares                                                                                         
  - first interim dividend                     (577)          -      (577)                 (577)          -      (577)
  - second interim dividend                    (577)          -      (577)                 (577)          -      (577)
  - third interim dividend                     (577)          -      (577)                 (700)          -      (700)
  - fourth interim dividend                    (742)          -      (742)                     -          -          -
  Transfer to reserves                           100      3,071      3,171                   186   (11,178)   (10,992)
  Return per share                                                                                                    
  Ordinary shares                              6.24p      7.45p     13.69p                 4.95p   (27.13)p   (22.18)p
  Dividends per share                          6.00p          -      6.00p                 4.50p          -      4.50p
 

                                                                                                       
  Return per Zero dividend preference share        -      8.20p      8.20p                     -      5.76p     5.76p
                                                                                                                      


  Unaudited Abridged Group Cash Flow Statement           Results for the                 Results for the period ended  
                                                              Year ended                              31 October 2002   
                                                         31 October 2003                                               
                                                                   £'000                                         £'000
  Net cash inflow from operating activities                        2,934                                         2,025
  Bank loan interest paid                                          (732)                                         (548)
  Dividends paid                                                 (2,431)                                       (1,154)
  UK tax paid                                                       (24)                                         (136)
  Net cash inflow/(outflow) from investing activities              (635)                                      (19,631)
  Net cash (outflow)/inflow from financing                          (16)                                        20,437
  Net cash (outflow)/inflow                                        (904)                                           993
 

                                                                                                                      
                                Summary Unaudited      Summary Unaudited      Summary Unaudited      Summary Unaudited  
                             Net Assets Statement   Net Assets Statement   Net Assets Statement             Net Assets  
                               at 31 October 2003     at 31 October 2003     at 31 October 2002         Statement at 31 
                                            Group                Company                  Group            October 2002 
                                                                                                               Company  
                                            £'000                  £'000                  £'000                  £'000  
            
  Fixed Asset Investments                                                                                             
  Equities listed in the                   54,019                 54,019                  48,839                48,839
  United Kingdom                                                                                                      
  Fixed interest                           18,059                 18,059                  18,715                18,715
  investments                                                                                                         
  Investment in subsidiary                      -                     50                       -                    50
                                           72,078                 72,128                  67,554                67,604

  Net current assets                        1,480                  1,430                     581                   531
  Creditors : Amounts                                                                                                 
  falling due after more                                                                                              
  than one year                                                                                                       
  Loan facility                            12,100                 12,100                (12,100)              (12,100)
  Amount owed to group                          -                 31,302                       -              (29,050)
  undertaking                                                                                                         
  Zero dividend preference                 31,302                      -                (29,050)           -          
  shares in the subsidiary                                                                                            
  Net Assets                               30,156                 30,156                  26,985                26,985
  Funds attributable* to                                                                                              
  Ordinary shares                          30,156                                         26,985                      
  Zero dividend preference                 31,302                                         29,050                      
  shares in the subsidiary                                                                                            
                                           61,458                                         56,035                      
  Net asset value per zero                113.96p                                        105.76p                      
  dividend preference share                                                                                           
  Net asset value per                      73.19p                                         65.50p                      
  ordinary share                                                                                                      

*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) for the year
ended 31 October 2003 or the period ended 31 October 2002. The statutory
accounts for the period from 6 December 2001 to 31 October 2002 have been
delivered to the Registrar of Companies following the Company's annual general
meeting. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under s237(2) or (3) Companies Act 1985. The
statutory accounts for the year ended 31 October 2003 will be finalised on the
basis of the financial 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 year
to 31 October 2003 of the Company dealt with in the accounts of the Group was
£2,573,000 (31 October 2002 : £2,040,000.)

4. Gross Assets has been defined as 'Total Assets less Current Liabilities'; 31
October 2003:£73.6m (31 October 2002:£68.1m.)

This statement was approved by the Board of Directors on 17 December 2003.

The Report and Accounts for the year ended 31 October 2003 will be mailed to
shareholders at their registered addresses in January 2004 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

Neil Olofsson       (020 7658 3496)

18 December 2003








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