Interim Results

Schroder Split Investment Fund PLC
18 September 2002

                                                               18 September 2002


PRESS RELEASE

                                interim results

The Directors of Schroder Split Investment Fund plc announce the unaudited
interim results for the period ended 31 July 2002. The Company was incorporated
on 6 December 2001 and listed on the London Stock Exchange on 31 January 2002.


This statement was approved by the Board of Directors on 17 September 2002.

Statement by the Chairman

Performance

Market conditions have been very difficult since the Group was launched in
January 2002. Against the background of weak and extremely volatile markets, I
am pleased to say that we have out-performed both the FTSE All-Share Index and
the FTSE 350 Higher Yield Index since inception despite the Group having
moderate borrowings amounting to 15% of gross assets at launch. The Group's
investment in defensive equities and its significant interests in investment
grade bonds have positively impacted on performance.

Highlights                                     6 months to 31 July 2002

                                                  Total Return basis
Net asset value of the Group                            (8.19)%
FTSE All-Share Index                                   (16.39)%
FTSE 350 Higher Yield Index                            (10.39)%


Dividend Policy


The Company is on track to meet the dividend expectations forecast in our
Prospectus.


The Board has to date announced two interim quarterly dividends of 1.40p each. I
am pleased to announce that we anticipate that ordinary shareholders will
receive a third interim dividend of 1.70p, which would make total dividend
payments of 4.50p for the first fiscal period to 31 October 2002, comprising
approximately nine months.


Portfolio


The Investment Manager has continued to concentrate its strategy on the
construction of a high quality portfolio of higher yielding UK equities.
Approximately 25% of the portfolio is invested in government and corporate bonds
through investment in two bond funds managed by Schroders.


The Group has not, since inception, 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.




Gearing


Our Bank loan of £12.1million represented 15% of gross assets at launch, and has
increased to 17% as at 12 September 2002, in line with the fall in underlying
assets.

Sector Background

Since the beginning of 2002 there have been a number of split capital trusts
that have been forced to repay bank debt, or in some cases, wind-up. I wish to
assure all shareholders that the business model adopted by the Group is proving
resilient in the present climate.


Outlook

The comparative strength of our investment strategy, which involves a high
quality equity portfolio coupled with an exposure to investment grade bonds
(which balance to some extent the negative effects of gearing in a falling
market) has been demonstrated by net asset value performance. The net asset
value of the Group has continued to perform relatively well since the period end
and between 31 July 2002 and 12 September 2002 net assets fell by 1.68%,
compared with a fall in the FTSE All Share Index of 3.54%.


We are confident that the ordinary share price will again reflect more closely
the Company's underlying value when sector sentiment improves.



John Padovan

Chairman


Highlights                                         31 July 2002                   31 January 2002           % change
                                                       Pence                           Pence
Net asset value per
Zero Dividend Preference Share                        103.79p                         100.00p                     +3.79
Ordinary Share                                        73.85p                          92.18p                     -19.89
Share price per
Zero Dividend Preference Share                        94.50p                          107.50p                    -12.09
Ordinary Share                                        51.00p                          97.00p                     -47.42

Total return to shareholders                 6 months to 31 July 2002

                                                       £'000
Zero Dividend Preference Shares                        1,042
Ordinary Shares                                       (6,399)


                                                                                            Period ended

Group Statement of Total Return
                                                                                            31 July 2002
                                                                                  Revenue      Capital            Total
                                                                                    £'000        £'000            £'000
Realised gains on investments                                                           -          181              181
Unrealised (losses)/gains on                                                            -      (6,656)          (6,656)
investments
Income                                                                              1,865            -            1,865
Investment management fee                                                            (82)        (124)            (206)
Other administrative expenses                                                       (178)            -            (178)
Return / (deficit) on ordinary                                                      1,605      (6,599)          (4,994)
activities before finance costs
and taxation
Interest payable                                                                    (145)        (218)            (363)
Return / (deficit) on ordinary                                                      1,460      (6,817)          (5,357)
activities before taxation
Taxation on ordinary activities                                                      (86)           86                -
Return / (deficit) on ordinary                                                      1,374      (6,731)          (5,357)
activities before taxation
Provision for the redemption of                                                         -      (1,042)          (1,042)
Zero dividend preference shares in
the subsidiary
Return/(deficit) attributable to                                                    1,374      (7,773)          (6,399)
ordinary shareholders
Dividends : ordinary shares
- first interim dividend                                                            (577)      -                  (577)
- second interim dividend                                                           (577)      -                  (577)
- third interim dividend                                                                -      -                      -
- fourth interim dividend                                                               -            -                -
Transfer to reserves                                                                  220      (7,773)          (7,553)




Return per share
Zero dividend preference shares                                                       -         3.79p            3.79p
Ordinary shares                                                                   3.33p      (18.86)p         (15.53)p
Dividends per share                                                               2.80p             -            2.80p


Abridged Group Cash Flow Statement                                                             Period Ended

                                                                                               31 July 2002
                                                                                                  £'000

Net cash inflow from operating activities                                                                      1,343

Bank loan interest paid                                                                                        (363)

Dividends paid                                                                                                 (577)

UK tax paid                                                                                                     (94)

Net cash outflow from investing activities                                                                  (20,051)

Net cash inflow from financing                                                                                20,437

Net cash inflow                                                                                                  695


Summary Balance Sheets at 31 July 2002                               Group                        Company

Assets                                                               £'000                         £'000

Investments
Equities listed in the United Kingdom                                51,798                       51,798
Fixed interest investments                                           18,925                       18,925

                                                                     70,723                       70,723

Net current assets                                                      310                          310

Creditors : Amounts falling due after more than one year
Loan facility                                                      (12,100)                     (12,100)
Amount owed to group undertaking                                       -                        (28,509)
Zero dividend preference shares in the subsidiary                  (28,509)                         -

Net Assets                                                           30,424                       30,424


Funds attributable to
Ordinary shares                                                      30,424

Zero dividend preference shares in the subsidiary                    28,509

                                                                     58,933


Net asset value per zero dividend preference share                  103.79p

Net asset value per ordinary share                                   73.85p







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).


2.The Group accounts consolidate the accounts of the Company and it's 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 of the Company
dealt with in the accounts of the Group was £1,374,000.




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





                      This information is provided by RNS
            The company news service from the London Stock Exchange               KBZBBF