Interim Results

Schroder Split Investment Fund PLC
20 June 2003


                                                                    20 June 2003


PRESS RELEASE

                                Interim results

The Directors of Schroder Split Investment Fund plc announce the unaudited
interim results of the Group for the six months ended 30 April 2003.





Highlights                                                        30 April 2003        31 October 2002
                                                                                                                % change
                                                                          Pence                  Pence
Net asset value per
- Zero Dividend Preference Share                                        109.75p                105.76p              3.77
- Ordinary Share                                                         61.97p                 65.50p            (5.39)

Share price per
- Zero Dividend Preference Share                                        117.00p                105.25p             11.16
- Ordinary Share                                                         56.00p                 49.00p             14.29

Total return to shareholders                                    Results for the
                                                                    6 months to
                                                                  30 April 2003
                                                                          £'000

Zero Dividend Preference Shares                                           1,096
Ordinary Shares                                                           (302)


Chairman's Statement


Performance

Although in absolute terms performance has been disappointing, on a comparative
basis, performance has been strong for the six month period to 30 April 2003. To
illustrate this, the Group's net asset value has significantly outperformed both
the FTSE All-Share Index and the FTSE 350 Higher Yield Index. Group assets have
fallen by 0.6% whilst the Indices have fallen 3.4% and 6.4% respectively. We are
pleased to report that the Company's level of discount to net asset values has
narrowed during the period.


Dividend


The Board has announced two interim dividends for the accounting year ending 31
October 2003 of 1.40 pence each per share.


The Directors currently expect that they will be able to declare dividends
totalling 6.00 pence per share in the current year. This compares with the total
of 4.50 pence per share paid in respect of the nine-month period from the
commencement of operations to the end of the first accounting period on

31 October 2002. These amounts are therefore directly comparable and in line
with the dividend expectations set out in the Prospectus.


Portfolio and Gearing


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


Approximately 28.2% of our total assets are invested in fixed interest
securities whilst our Bank loan of £12.1m represented 17.9% of total assets at
30 April 2003.

Outlook

The high quality of the Group's equity portfolio coupled with the Group's
exposure to investment grade bonds has continued to impact positively on
performance. Furthermore, between 30 April 2003 and 12 June 2003, net assets
rose by 7.6% compared to an increase in the FTSE All Share Index of 7.3%.




John Padovan

Chairman

20 June 2003


Unaudited Group Statement of Total Return
                                             Results for the six months              Results for the period ended

                                                   30 April 2003                           31 October 2002
                                         Revenue         Capital        Total    Revenue          Capital          Total
                                              £'000        £'000        £'000         £'000         £'000          £'000

Realised losses on investments                    -      (2,216)      (2,216)             -         (293)          (293)
Unrealised losses on investments                  -        1,789        1,789             -       (8,925)        (8,925)
Income                                        1,913            -        1,913         2,756             -          2,756
Investment management fee                      (60)         (90)        (150)         (117)         (175)          (292)
Other administrative expenses                 (179)            -        (179)         (253)             -          (253)
Return / (deficit) on ordinary                1,674        (517)        1,157         2,386       (9,393)        (7,007)
activities before finance costs and
taxation
Interest payable                              (145)        (218)        (363)         (219)         (329)          (548)
Provision for the redemption of Zero              -      (1,096)      (1,096)             -       (1,583)        (1,583)
dividend preference shares in the
subsidiary
Return / (deficit) on ordinary                1,529      (1,831)        (302)         2,167      (11,305)        (9,138)
activities before taxation
Taxation on ordinary activities                (87)           87            -         (127)           127              -
Return/(deficit) after taxation
attributable to ordinary shareholders
                                              1,442      (1,744)        (302)         2,040      (11,178)        (9,138)
Dividends : ordinary shares
- first interim dividend                      (577)            -        (577)         (577)             -          (577)
- second interim dividend                     (577)            -        (577)         (577)             -          (577)
- third interim dividend                          -            -            -         (700)             -          (700)
Transfer to reserves                            288      (1,744)      (1,456)           186      (11,178)       (10,992)

Return per ordinary share                     3.50p      (4.23)p      (0.73)p         4.95p      (27.13)p       (22.18)p
Dividends per share                           2.80p            -        2.80p         4.50p             -          4.50p


Zero dividend preference shares                   -         3.99p        3.99p            -        5.76p          5.76p



Unaudited Abridged Group Cash Flow Statement                                   Results for the           Results for the
                                                                                    six months              period ended
                                                                                 30 April 2003           31 October 2002
                                                                                         £'000                     £'000

Net cash inflow from operating activities                                                1,205                     2,025

Bank loan interest paid                                                                  (363)                     (548)

Dividends paid                                                                         (1,277)                   (1,154)

UK tax paid                                                                               (24)                     (136)

Net cash inflow/(outflow) from investing activities                                         57                  (19,631)

Net cash (outflow)/inflow from financing                                                  (9)                    20,437

Net cash (outflow)/inflow                                                                (411)                       993
                                                                                        


                                          Summary Unaudited    Summary Unaudited     Summary Balance     Summary Balance
                                         Balance Sheets at 30 Balance Sheets at 30    Sheets at 31        Sheets at 31
                                              April 2003           April 2003         October 2002        October 2002

                                                     Group              Company               Group             Company
                                                     £'000                £'000               £'000               £'000

Fixed Asset Investments
Equities listed in the United Kingdom               48,340               48,340              48,839              48,839
Fixed interest investments                          19,126               19,126              18,715              18,715
Investment in subsidiary                                 -                   50                   -                  50
                                                    67,466               67,516              67,554              67,604

Net current assets                                     309                  259                 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 undertaking                         -             (30,146)                   -            (29,050)
Zero dividend preference shares in                (30,146)                    -            (29,050)                   -
the subsidiary

Net Assets                                          25,529               25,529              26,985              26,985
                                                    


Funds attributable* to
Ordinary shares                                     25,529                                    26,985
                                              

Zero dividend preference shares in
the subsidiary                                      30,146                                   29,050


                                                    55,675                                   56,035


Net asset value per zero dividend                  109.75p                                  105.76p
preference share

Net asset value per ordinary share                  61.97p                                   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 have been
delivered to the Registrar of Companies.




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 30 April 2003 of the Company dealt with in the accounts of the Group was
£1,442,000 (31 October 2002 : £2,040,000.)



This statement was approved by the Board of Directors on 20 June 2003.


The Interim Report for the period ended 30 April 2003 will be mailed to
shareholders at their registered addresses in July 2003 and from the date of
release copies of the Interim Report 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)

20 June 2003











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