Final Results

Schroder Split Investment Fund PLC 15 December 2006 15 December 2006 UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2006 The Directors of Schroder Split Investment Fund plc ('the Company') and its subsidiary Schroder Split ZDP plc (together 'the Group') announce the unaudited preliminary results of the Group for the year ended 31 October 2006. Highlights Year ended Year ended % Change 31 October 2006 31 October 2005 Per Ordinary Share Net asset value 131.20p 102.99p* +27.39 Share price 114.50p 87.00p +31.61 Revenue return 8.10p 7.04p* +15.06 Total return 35.17p 25.22p +39.45 Total dividends 8.10p 6.70p +20.90 Zero Dividend Preference Share Net asset value 142.59p 132.34p +7.75 Share price 146.00p 137.75p +5.99 Total return 10.26p 9.52p - * Restated in line with IFRS - for details please refer to notes. Chairman's Statement Performance During the year ended 31 October 2006, Group assets* produced a total return of 22.0% compared with a total return of 21.7% for the FTSE All-Share Index and 19.0% for the FTSE 350 Higher Yield Index. Since launch, Group asset performance has remained significantly ahead of that of the FTSE All-Share Index, producing a total return of 60.2% against a total return of 47.4% for the Index over the same period. During the year under review, the equity portion of the investment portfolio increased from 79% to 82%, with the fixed income portion falling to 18%. The Company's fixed rate bank loan of £12.1 million represented 11.5% of total assets less current liabilities at the end of the year, a reduction from 13.3% at the beginning of the year. At the year end, the hurdle rate on the Ordinary Shares to achieve an asset value equivalent to the 31 October 2006 market price (114.5p), stood at -3.1%. Meanwhile, the asset cover on the Zero Dividend Preference Shares improved from a multiple of 1.86 to a multiple of 2.20 during the year to 31 October 2006. Dividends I am pleased to report that the Directors were able to declare increased total dividends for the year ended 31 October 2006 amounting to 8.10p per share, following the declaration of a fourth interim dividend of 3.30p per share, payable on 29 December 2006. Total dividends for the year to 31 October 2006 have increased by 20.9% compared with the previous year, and by 35.0% since the Company's first full reporting year to 31 October 2003, when total dividends for the year amounted to 6.00p per share. Share Price Performance During the year, the discount to net asset value of the Ordinary Share price narrowed from 15.5% to 12.7%, reflecting strong performance and improved market sentiment. As the Zero Dividend Preference Shares moved closer to maturity, their price premium to net asset value fell during the year from 4.1% to 2.4%. Change in Custodian The Company changed custodian from Schroders to JPMorgan Chase Bank in August 2006. International Financial Reporting Standards ('IFRS') As stated in the Interim Report, the Group is now required to prepare its financial statements in accordance with IFRS, as adopted for use in the European Union. These are the first full year Group accounts which have been prepared on this basis and the impact of these new accounting standards is set out in the notes to these accounts. In addition, the Directors' Report contained within the Annual Report contains a Business Review for the first time this year, as required under the European Union's Accounts Modernisation Directive for all UK listed companies for financial years beginning on or after 1 April 2005. Annual General Meeting The Annual General Meeting will be held on 9 March 2006 at 3.00 p.m. and all shareholders are invited to attend. The meeting will follow its usual format, which includes a presentation from our Investment Manager on our investment strategy and the prospects for the economy generally. Outlook I remain confident that the Group will continue the very satisfactory performance achieved to date. As shareholders will know, the Group was launched in January 2002 with a planned initial life to 30 November 2007. The Board will be giving consideration over the coming months to alternative opportunities which may be appropriate for the future of the Group. John Padovan Chairman 15 December 2006 * 'Group assets' are defined as the Group's total assets less long-term bank loans less current liabilities. Schroder Split Investment Fund plc and Schroder Split ZDP plc Investment Manager's Review Equity Portfolio (approximately 82% of Gross Assets) The UK stockmarket continued to show strong returns during 2005 despite increasing concerns over global growth, inflation and interest rates. Market momentum was only once disrupted, during May and June 2006, ground that was subsequently recovered. For the year to 31 October 2006 the FTSE All Share index returned 21.7% and the FTSE 350 High Yield index returned 19.0%. In comparison the performance for the equity portfolio for the full year was 24.8%. The main contributors for the market were the mining sector and a general pick-up in private equity and corporate M&A activity that focused in particular on UK utilities. The fund's outperformance was mainly a result of the distinct focus on stocks that not only offered a high dividend yield but also had a sound and promising business model. The fund benefited in particular from investments in companies that were not just potential takeover candidates but also delivered promising restructuring plans on their own, e.g. Reuters, Kingfisher, EMAP and Compass. Elsewhere names like Amlin and Legal & General were re-rated on the basis of better business and earnings prospects. More broadly, we take comfort from last year's outperformance - continuing the outperformance since launch - as justification for the portfolio's approach: using an experienced group of in-house analysts and a clear investment process to meet the fund's income and capital objectives. Fixed Interest Portfolio (approximately 18% of Gross Assets) Over the last year, the portfolio returned 5.8%, which comfortably exceeds cash returns. Government and investment grade corporate bonds performed broadly in-line with each other over a period that has been challenging for fixed income markets, due to concerns over rising global interest rates. The portfolio's higher-than-normal exposure to high yield bonds has been beneficial for performance. These assets have outperformed both government and investment grade sectors as a result of strength in the global economy and low default rates. Outlook There is some evidence that investors worldwide are becoming slightly more cautious. The consensus is for global economic activity to slow and for interest rates to move in different directions: we believe that UK and US interest rates are close to peaking while European rates will continue to rise. Inflation will remain the most important area of concern. At the same time stockmarkets will get further support from increased M&A activity from corporate and private equity buyers. This might lead to increased volatility for the UK market as potentially negative news flow on the economy and potentially positive M&A activity will influence the market simultaneously. Overall, we think this environment should bode well for equities and bonds. However, as the cycle matures, and companies face increasing pressure on margins, we expect the market to focus more on the quality of individual franchises and balance sheets. These characteristics have been overlooked recently in equity markets looking mainly at bid candidates and short term earnings growth. The shares of some of the larger-sized companies that have been left behind in this market now look attractive. The portfolio is full of high yielding stocks with a sound and stable earnings profile that should outperform the market and offer some protection against potentially rising volatility. In fixed income markets, we favour selective exposure to the corporate bond market. Schroder Investment Management Limited 15 December 2006 Group Income Statement (Restated) For the year ended For the year ended 31 October 2006 31 October 2005 Revenue Capital Total Return Revenue Capital Total Return Return Return * Return Return * £'000 £'000 £'000 £'000 £'000 £'000 Net gains on investments# - 14,534 14,534 - 10,719 10,719 Income 4,203 - 4,203 3,797 - 3,797 Investment management fee (251) (374) (625) (201) (303) (504) Administrative expenses (246) - (246) (239) - (239) Net return before finance costs 3,706 14,160 17,866 3,357 10,416 13,773 and taxation Interest payable+ (224) (335) (559) (307) (462) (769) Provision for the redemption of the Zero Dividend Preference Shares in the subsidiary - (2,817) (2,817) - (2,614) (2,614) Dividends on Ordinary Shares Fourth interim dividend of 2.20p (906) - (906) (824) - (824) per share (2004:2.00p)** First interim dividend of 1.60p (658) - (658) (618) - (618) per share (2005:1.50p) Second interim dividend of 1.60p (658) - (658) (618) - (618) per share (2005:1.50p) Third interim dividend of 1.60p (658) - (658) (618) - (618) per share (2005:1.50p) Net return on ordinary 602 11,008 11,610 372 7,340 7,712 activities before taxation Taxation on ordinary activities (143) 143 - (149) 149 - Increase in net assets attributable to ordinary shareholders 459 11,151 11,610 223 7,489 7,712 Net return per Ordinary Share 8.10p 27.07p 35.17p 7.04p 18.18p 25.22p Net return per Zero Dividend - 10.26p 10.26p - 9.52p 9.52p Preference Share in the subsidiary *The Total Return column of this statement is the Income Statement of the Group under IFRS. The Revenue Return and Capital Return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. # Net gains on investments represent realised and unrealised profits or losses arising on the disposal or revaluation of investments held at a fair value through profit or loss and the special dividends classified as capital. + Interest payable includes the fair value adjustment on the interest rate swap (as detailed in note 1). ** The fourth interim dividend of 2.20p per ordinary share was declared in respect of the year ended 31 October 2005 and 2.00p per ordinary share was declared in respect of the year ended 31 October 2004. All revenue and capital items derive from continuing operations. Comparative figures have been extracted from the statutory accounts for the year ended 31 October 2005 and have been restated in accordance with IAS 10 in respect of dividends, and IAS 32 and 39 in respect of Financial Instruments as disclosed in note 1. The classification of called-up share capital and reserves as liabilities (as detailed in note 1) means that the provision for redemption of the Zero Dividend Preference Shares and the dividends on Ordinary Shares are treated as finance charges. The notes form an integral part of this unaudited preliminary announcement. Movement in liabilities in respect of net assets attributable to Ordinary Shareholders Share Share Capital Revenue* Total purchase Reserve Capital reserve Reserve £'000 £'000 £'000 £'000 £'000 Balance at 31 October 2005 412 37,565 3,234 540 41,751 Valuation adjustment from mid to bid - - (43) - (43) Add back accrued dividend - - - 906 906 Revaluation of swap contract - - (109) (72) (181) Balance at 31 October 2005 (restated) 412 37,565 3,082 1,374 42,433 Dividends paid in respect of 31 October 2005 - - - (906) (906) First interim dividend of 1.60p per share paid 31 March - - - (658) (658) 2006 Second interim dividend of 1.60p per share paid 30 June - - - (658) (658) 2006 Third interim dividend of 1.60p per share paid 29 September - - - (658) (658) 2006 Net gains on investments - - 14,534 - 14,534 Other transfers to reserves - 9 (3,383) 3,339 (35) Balance at 31 October 2006 412 37,574 14,233 1,833 54,052 Balance at 31 October 2004 412 37,565 (4,278) 387 34,086 Valuation adjustment from mid to bid - - (38) - (38) Add back accrued dividend - - - 824 824 Revaluation of swap contract - - (91) (60) (151) Balance at 31 October 2004 (restated) 412 37,565 (4,407) 1,151 34,721 Dividends paid in respect of 31 October 2004 - - - (824) (824) First interim dividend of 1.50p per share paid 31 March - - - (618) (618) 2005 Second interim dividend of 1.50p per share paid 30 June - - - (618) (618) 2005 Third interim dividend of 1.50p per share paid 30 September - - - (618) (618) 2005 Net gains on investments - - 10,719 - 10,719 Other transfers to reserves - - (3,230) 2,901 (329) Balance at 31 October 2005 (restated) 412 37,565 3,082 1,374 42,433 * The Revenue reserve is the distributable reserve. The classification of called up share capital and reserves as liabilities (as detailed in note 1) means that there are no shareholders funds and accordingly neither a Reconciliation of Movements in Shareholders' Funds nor a Statement of Changes in Equity are presented. This statement has been provided to explain the movement in balances that represent liabilities in respect of assets attributable to Ordinary Shareholders. The notes form an integral part of this unaudited preliminary announcement. Balance Sheets 2006 (Restated**) 2005 At 31 October 2006 Group Company Group Company £'000 £'000 £'000 £'000 Non-current assets: Investments held at fair value through profit or loss: - equity investments 84,792 84,792 72,033 72,033 - fixed interest investments 18,442 18,442 18,480 18,480 Held to maturity: subsidiary undertaking - 50 - 50 103,234 103,284 90,513 90,563 Current assets Debtors 407 407 193 193 Short term deposits 2,082 2,082 571 571 Cash at bank 17 17 12 12 2,506 2,506 776 776 Current Liabilities Other payables (414) (464) (226) (276) Net current assets 2,092 2,042 550 500 Total assets less current liabilities 105,326 105,326 91,063 91,063 Non-current liabilities: Loan facility (12,100) (12,100) (12,100) (12,100) Interest rate swap (8) (8) (181) (181) Amount owed to group undertaking - (39,166) - (36,349) Zero Dividend Preference Shares in the subsidiary (39,166) - (36,349) - Net assets attributable to ordinary shareholders 54,052 54,052 42,433 42,433 Liabilities in respect of net assets attributable to Ordinary Shareholders are Represented by: Called up share capital 412 412 412 412 Share purchase reserve 37,574 37,574 37,565 37,565 Capital reserve 14,233 14,233 3,082 3,082 Revenue reserve 1,833 1,833 1,374 1,374 54,052 54,052 42,433 42,433 Funds attributable to : Ordinary Shares 54,052 42,433 Zero Dividend Preference Shares in the subsidiary 39,166 36,349 93,218 78,782 Net asset value per: Ordinary Share 131.20p 102.99p Zero Dividend Preference Share in the subsidiary 142.59p 132.34p ** Comparative figures have been extracted from the statutory accounts for year ended 31 October 2005 and have been restated in accordance with IAS 10 in respect of dividends and IAS 32 and 39 in respect of Financial Instruments as disclosed in note 1. The notes form an integral part of this unaudited preliminary announcement. Group Cash Flow Statement (Restated) Year ended 31 Year ended 31 October 2006 October 2005 £'000 £'000 Cash flow from operating activities Total return before taxation 11,610 7,712 Adjustment for: - gains on investments held at fair value through profit or loss (14,534) (10,719) - interest payable 559 769 - dividends on ordinary shares 2,880 2,678 - decrease/(increase) in investments 1,829 (1,138) 2,817 2,614 - provision for redemption of Zero Dividend Preference Shares in the subsidiary Operating cash inflow before movements in working capital 5,161 1,916 (Increase) in receivables (230) (13) Increase/(decrease) in payables 13 (9) Net cash inflow from operating activities before financing 4,944 1,894 Financing activities Ordinary dividends paid (2,880) (2,678) Interest paid on bank loans (548) (739) Net cash used in financing activities (3,428) (3,417) Net increase/(decrease) in cash and cash equivalents 1,516 (1,523) Cash and cash equivalents at start of the year 583 2,106 Cash and cash equivalents at the end of the year 2,099 583 Notes to the Preliminary Announcement 1 Basis of accounting and accounting policies (a) Basis of accounting The Group financial statements consolidate the accounts of the Company and its wholly-owned subsidiary, Schroder Split ZDP plc and have been prepared on the going concern basis as, in the opinion of the Directors, the Company has adequate resources to continue for the foreseeable future. The Company has an initial planned life to 30 November 2007. The Company's Articles of Association require that, inter-alia, unless released from the obligation by shareholders, the Directors shall convene an extraordinary general meeting on 30 November 2007 at which an ordinary resolution will be proposed to wind up the Company. These are the first annual financial statements of the Group prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), and International Accounting Standards Committee (' IASC') as adopted by the European Union. Based on these standards, the Directors have applied the accounting policies, as set out below. The disclosures required by IFRS 1 (First-time adoption of the International Financial Reporting Standards - IFRS 1') concerning the transition from UK GAAP to IFRS are given in note 4. Where presentational guidance set out in the Statement of Recommended Practice ('the SORP') for investment trusts issued by the Association of Investment Companies ('the AIC') in January 2003 and revised in December 2005 is consistent with the requirement of IFRS, the Directors have sought to prepare the interim financial statements on a basis compliant with the SORP. The principal impacts on the financial statements arising from the adoption of IFRS are: i. IAS 32 Financial Instruments: Disclosure and Presentation, requires that the Company's Ordinary Shares, in addition to the Zero Dividend Preference Shares issued in the subsidiary, are now classed as liabilities, to reflect the rights and obligations attaching to those shares, specifically in connection with the planned initial life of the Company to 30 November 2007. It should be noted that these changes are purely presentational, and the rights and obligations of both share classes remain unchanged; ii. IAS 39: Financial Instruments: Recognition and Measurement, together with the new SORP, require that investments previously valued at mid-market prices, are now valued at bid price; iii. IAS 39 also requires that derivative contracts are carried in the balance sheet at their fair value, and any movements in that value are included in profit or loss. The Company uses an interest rate swap to fix it's otherwise LIBOR-linked quarterly interest payments, at an equivalent of 6.05% per annum. The swap contract, which previously had been accounted for off-balance sheet, as permitted under UK GAAP, is now accounted for on the balance sheet at its fair value, represented by a creditor (if the swap is 'in favour of the lender') or a debtor (if the swap is 'in favour of the Company'). Changes in fair value are treated as finance charges or credits, and accordingly are charged 60% to capital and 40% to revenue, in conformity with the Company's stated accounting policy for swap charges; and iv. IAS 10: Events after the Balance Sheet Date, requires that dividends declared or proposed by the Company are accounted for in the period in which the Company is liable to pay them. Previously, the Company accrued dividends in the period in which the net revenue, to which those dividends related, was accounted for. (b) Presentation of Income Statement In order to better reflect the activities of an investment trust company, and in accordance with guidance issued by the AIC, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. In accordance with the Company's status as a UK investment company under s266 of the Companies Act 1985, net capital returns may not be distributed by way of a dividend. Additionally, the net revenue is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in s842 of the Income and Corporation Taxes Act 1988. (c) Investments Investments are recognised and unrecognised on a trade date when a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned. All of the Group's Investments are defined as investments designated as fair value through profit or loss. For the purpose of the Company's Balance Sheet the investment in the subsidiary is held at cost. Quoted investments are valued at bid prices, according to the recognised conventions of the relevant market at the balance sheet date. (d) Financial Instruments Interest rate swap The Group uses an interest rate swap to manage its exposure to interest rate movements on its sterling bank borrowings. A contract with a nominal value of £12.1 million has fixed interest payments at a rate of 5.385% and floating interest receipts at 3 months LIBOR for periods up until November 2007. The fair value of the swap entered into at 31 October 2006 is estimated as £8,000 in favour of the lender (31 October 2005: £181,000 in favour of the lender). Changes in the fair value of the swap are treated as a finance charge, and charged 60% to capital and 40% to revenue. Zero Dividend Preference Shares The Zero Dividend Preference shares in the subsidiary, due to redeem on 30 November 2007 at 154.59p, have been classified as liabilities, as they represent a contractual agreement on behalf of the Group to deliver to their holders a fixed and determinable amount at the redemption date. They are accordingly accounted for at amortised cost using the effective interest rate method. (e) Dividends Payable Dividends paid to ordinary shareholders are now classified as finance costs, due to the fact that the Ordinary Shares are now classed as liabilities in accordance with IAS 32. The cost to the Company of these dividends will continue to be allocated 100% to the revenue account. This represents the distributable reserve. (f) Expenses All expenses are accounted for on an accruals basis. The Board's expectation as expressed in the Prospectus dated 21 December 2001 is that, over the long term, 60% of Group investment returns will be in the form of capital gains. Accordingly the Group charges 60% of interest payable, swap charges and investment management fees (to the extent that the management fees relate to the maintenance or enhancement of the valuation of investments) to the capital account. All other expenses are charged 100% to revenue. 2 Return per ordinary share The basic revenue return per ordinary share is based on the net revenue return on ordinary activities after interest payable and taxation of £3,339,000 (2005: £2,901,000) and on 41,199,661 (2005: 41,199,661) ordinary shares, being the weighted average number of shares in issue in the year. The basic capital return per ordinary share is based on the net capital return on ordinary activities after interest payable and taxation of £11,151,000 (2005: £7,489,000) and on 41,199,661 (2005: 41,199,661) ordinary shares, being the weighted average number of shares in issue in the year. The basic total return per ordinary share is based on the net total return on ordinary activities after interest payable and taxation of £14,490,000 (2005: £10,390,000) and on 41,199,661 (2005: 41,199,661) ordinary shares, being the weighted average number of shares in issue in the year. 3 Net asset values Net asset value per ordinary share is based on the net assets attributable to ordinary shares of £54,052,000 (2005: £42,433,000 (restated)) and on 41,199,661 (2005: 41,199,661) ordinary shares in issue. Net asset value per ZDP Share is based on the net assets attributable to the ZDP Shares of £39,166,000 (2005: £36,349,000) and on 27,467,332 (2005: 27,467,332) shares in issue. 4. (a) Restatement of balances as at 31 October 2005 on the transition to IFRS On 1 November 2005 the Group adopted IFRS. In accordance with IFRS1 (First Time Adoption of International Financial Reporting Standards), the following is a reconciliation of the financial position and results previously reported under applicable UK Accounting Standards and the SORP for investment trusts issued in 2003, as at 31 October 2005, to the restated IFRS financial position. Group Balance Sheet Previously Restated reported Adjustment 31 October 31 October 2005 2005 £'000 £'000 £'000 Non-current assets Investments held at fair value 90,556 (43) 90,513 through profit and loss (a) Current assets Debtors 193 - 193 Cash at bank and short term deposits 583 - 583 776 - 776 Creditors: amounts falling due within one year Other payables (c) (1,132) 906 (226) Net current (liabilities)/ (356) 906 550 assets Total assets less current liabilities 90,200 863 91,063 Non current liabilities Loan facility (12,100) - (12,100) Interest rate swap (b) - (181) (181) Zero Dividend Preference Shares in the subsidiary (36,349) - (36,349) Net assets attributable to 41,751 682 42,433 Ordinary Shareholders Liabilities in respect of net assets attributable to Ordinary Shareholders are represented by: Called up share capital 412 - 412 Share purchase reserve 37,565 - 37,565 Capital reserves (a) & (b) 3,234 (152) 3,082 Revenue reserve (b) & (c) 540 834 1,374 41,751 682 42,433 Net asset value per Ordinary Share 101.33p 1.66p 102.99p Zero Dividend Preference Shares in the subsidiary 132.34p - 132.34p Notes to the restatement of opening balances a) Effect of revaluation of non-current investments from mid to bid value.. b) Effect of marking-to-market the interest rate swap, and charging the movement 60% as to capital and 40% to revenue. c) Effect of now accounting for dividends in the period when the Company becomes liable to pay them. (b) Reconciliation of the Statement of Total Return to the Income Statement for the year ended 31 October 2005. Consolidated Income Statement Previously reported Restated 31 October 2005 Adjustments 31 October 2005 Revenue Capital Total Revenue Capital Total Revenue Capital Total Return Return Return Return Return Return Return Return Return £'000 £'000 £'000 £000 £000 £000 £'000 £000 £'000 Net gains on investments (a) - 10,724 10,724 - (5) (5) - 10,719 10,719 Investment Income 3,797 - 3,797 - - - 3,797 - 3,797 Investment management fee (201) (303) (504) - - - (201) (303) (504) Administrative expenses (239) - (239) - - - (239) - (239) Net return before finance costs and taxation 3,357 10,421 13,778 - (5) (5) 3,357 10,416 13,773 Interest payable (b) (295) (444) (739) (12) (18) (30) (307) (462) (769) Provision for redemption of the Zero Dividend Preference Share in the subsidiary - (2,614) (2,614) - - - (2,614) (2,614) - Dividends paid (c) - - - (2,678) - (2,678) (2,678) - (2,678) Net return on ordinary activities before taxation 3,062 7,363 10,425 (2,690) (23) (2,713) 372 7,340 7,712 Taxation on ordinary activities (149) 149 - - - - (149) 149 - Increase in net assets attributable to ordinary shareholders 2,913 7,512 10,425 (2,690) (23) (2,713) 223 7,489 7,712 Dividends paid and proposed (c) (2,760) - (2,760) 2,760 - 2,760 - - - Transfer to reserves 153 7,512 7,665 70 (23) 47 223 7,489 7,712 Net return per Ordinary Share 7.07p 18.23p 25.30p (0.03)p (0.05)p (0.08)p 7.04p 18.18p 25.22p Net return per Zero Dividend Preference Share in the subsidiary - 9.52p 9.52p - - - - 9.52p 9.52p Notes to the restatement of opening balances: a) Effect of revaluation of non-current investments from mid to bid value. b) Effect of marking-to-market the interest rate swap, and charging the movement 60% as to capital and 40% to revenue. c) Effect of accounting for dividends in the period they are liable to be paid and the reclassification as finance costs. 5. Comparative information The results for the year to 31 October 2006, which are unaudited, constitute non-statutory accounts within the meaning of Section 240 of the Companies Act 1985. The comparative figures for the financial year ended 31 October 2005 are not the Group's statutory accounts for that financial year. Those accounts have been reported on by the Group's auditors and delivered to the registrar of companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. Whilst the financial information included in this preliminary announcement has been computed in accordance with International Financial Standards (IFRS), this announcement does not itself contain sufficient information to comply with IFRS. The Company will be publishing full financial statements that comply with IFRS. This statement was approved by the Board of Directors on 15 December 2006. ANNUAL REPORT The Annual Report and Accounts will be mailed to registered shareholders at their registered addresses in January 2007. Copies of the Annual Report and Accounts will be made available from the date of release at the Company's registered office, 31 Gresham Street, London EC2V 7QA. Enquiries: Louise Richard (020 7658 6501) Schroder Investment Management Limited This information is provided by RNS The company news service from the London Stock Exchange

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