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Schroder Split InvFd (SCS)

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Thursday 23 December, 2004

Schroder Split InvFd

Final Results

Schroder Split Investment Fund PLC
23 December 2004


                                                                23 December 2004

PRESS RELEASE

                              PRELIMINARY RESULTS

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 for the Group's year ended 31 October 2004.


Highlights         31 October 2004           31 October 2003               %
                                                                        change
Net asset value per

Zero Dividend         122.82p                    113.96p                + 7.77%
Preference Share      
Ordinary Share         82.73p                     73.19p                +13.03%

Share price per
Zero Dividend         130.00p                    119.00p                + 9.24%
Preference Share      
Ordinary Share         65.50p                     67.75p                - 3.32%

Total return to    Results for the year to   Results for the period to
shareholders       31 October 2004           31 October 2003
                       £'000                      £'000

Zero Dividend          2,433                      2,252                   N/A
Preference Shares      
Ordinary Shares        6,485                      5,644                   N/A

CHAIRMAN'S STATEMENT

Performance

I am pleased to report that during the year ended 31 October 2004, the Group's
gross asset value outperformed the FTSE All-Share Index: producing a total
return of 13.1% compared to the FTSE All-Share Index total return of 11.6%.
Adjusting for gearing, this produced total return on net assets attributable to
ordinary shares of 21.5% and zero dividend shares of 7.77%, or an overall return
on total funds attributable of 14.5%.

Since launch, the Group's return on total funds attributable has out-performed
the FTSE All-Share Index, producing a total return of 14.2% compared with the
FTSE All-Share Index total return of 2.7% over the same period.

Throughout the year under review, the proportion of equity assets to bond and
other assets remained at similar levels, approximately 75% and 25% of gross
assets respectively, in line with the indications set out in the prospectus. As
the assets have grown, the gearing level has reduced. Thus, the Company's bank
loan of £12.1 million represented 15.1% of gross assets at the end of the year,
a reduction from 16.4% at the beginning of the year.

The continued good performance has reduced the hurdle rate on the ordinary
shares from 3.5% at the beginning of the year to 1.5% (based on a share price of
74.0p per share and net asset value of 87.2p per share at 16 December 2004).
This is the annual rate of growth in the total assets (less bank debt and
current liabilities) required to match the current share price at the end of the
planned life of the Company in November 2007 and after redemption of the zero
dividend preference shares.

Dividends

I am also pleased to report that the total dividends for the year ended 31
October 2004 amounted to 6.20 pence per share, following the declaration of a
fourth interim dividend of 2.00 pence per share, payable on 31 December 2004.
This dividend increase of 3.3% is the first increase since launch.


Share Price Performance

The discount to net asset value on the Company's ordinary shares significantly
widened from 7.4% at the beginning of the financial year to 20.8% at 31 October
2004. Since the end of the year the discount, which remains volatile and
dependent on changes in general market sentiment, has narrowed somewhat and as
at 16 December 2004 stood at 15.1%, which is still disappointingly high. The
premium on the Zero Dividend Preference Shares slightly increased during the
year from 4.4% at the beginning of the year to 5.8% at 16 December 2004.

Corporate Governance

During the year under review, the governance environment for investment trusts
has changed significantly. The Financial Reporting Council published a revised
Combined Code in July 2003 and the new Code applied to the Company for the year
ended 31 October 2004. The Board has reviewed all aspects of governance and we
believe that your Company complies where appropriate with the revised Code.
Further details are included in the Corporate Governance section of the Annual
Report and Accounts to be sent to shareholders.

Annual General Meeting

The Annual General Meeting will be held on Thursday 24 February 2005 at 3.00
p.m. and shareholders are invited to attend. The meeting will follow its usual
format, which includes a presentation on our investment strategy and the
prospects for the economy generally.

Outlook

The year under review has produced good net asset value total returns in both
absolute and relative terms.

The Board and Managers will endeavour to maintain this strong performance as
market conditions change. I should note that our investment manager considers
that the attraction of higher yielding equities has now been fully discounted in
the market and that opportunities in the future may include stocks which have
not, for income reasons, featured heavily in our portfolio to date.

John Padovan
Chairman

Unaudited Group Statement of Total Return

                   Results for the year ended   Results for the period ended
                          31 October 2004            31 October 2003

                   Revenue   Capital    Total   Revenue   Capital     Total
                     £'000     £'000    £'000     £'000     £'000     £'000

Gains on                 -     6,768    6,768         -     5,787     5,787
investments              

Income               3,568         -    3,568     3,517         -     3,517

Investment            (165)     (247)    (412)     (138)     (206)     (344)
management fee        

Other                 (276)        -     (276)     (332)        -      (332)
administrative
expenses              
------------------   -------   -------  -------   -------   ------- ---------
Return on            3,127     6,521    9,648     3,047     5,581     8,628
ordinary
activities before
finance costs and
taxation             

Interest payable      (292)     (438)    (730)     (293)     (439)     (732)

Provision for the        -    (2,433)  (2,433)        -    (2,252)   (2,252)
redemption of Zero
dividend
preference shares
in the subsidiary        
------------------   -------   -------  -------   -------   ------- ---------
Return on            2,835     3,650    6,485     2,754     2,890     5,644
ordinary
activities before
taxation             

Taxation on           (179)      179        -      (181)      181         -
ordinary
activities            
------------------   -------   -------  -------   -------   ------- ---------
Return after         2,656     3,829    6,485     2,573     3,071     5,644
taxation
attributable to
ordinary
shareholders         

Dividends:
ordinary shares

- first interim       (577)        -     (577)     (577)        -      (577)
dividend paid         

- second interim      (577)        -     (577)     (577)        -      (577)
dividend paid         

- third interim       (577)        -     (577)     (577)        -      (577)
dividend paid         

- fourth interim      (824)        -     (824)     (742)        -      (742)
dividend proposed     
------------------   -------   -------  -------   -------   ------- ---------
Transfer to            101     3,829    3,930       100     3,071     3,171
reserves               
------------------   -------   -------  -------   -------   ------- ---------
Return per share
------------------   -------   -------  -------   -------   ------- ---------
Ordinary shares       6.45p     9.29p   15.74p     6.24p     7.45p    13.69p
------------------   -------   -------  -------   -------   ------- ---------
Dividends per
share                 6.20p        -     6.20p     6.00p        -      6.00p
------------------   -------   -------  -------   -------   ------- ---------


Zero dividend preference       8.86p     8.86p        -      8.20p     8.20p
shares                         
------------------   -------   -------  -------   -------   ------- ---------






Unaudited Abridged Group Cash  Results for the    Results for the 
Flow Statement                 Year ended 31      period ended                   
                               October 2004       31 October 2003
                                 £'000               £'000

Net cash inflow from             3,026               2,934
operating activities             

Bank loan                         (731)               (732)
interest paid                     

Dividends paid                   (2,473)            (2,431)

UK tax                              160                (24)
received/(paid)                     

Net cash inflow/(outflow)         2,035               (635)
from investing activities         

Net cash outflow from                -                 (16)
financing                            

Net cash                          2,017               (904)
inflow/(outflow)                  


                     Summary         Summary         Summary         Summary
                     Unaudited       Unaudited       Unaudited       Unaudited
                     Balance Sheets  Balance Sheets  Balance Sheets  Balance Sheets
                     at 31 October   at 31 October   at 31 October   at 31 October
                     2004            2004            2003            2003
                     Group           Company         Group           Company
                     £'000           £'000           £'000           £'000

Fixed Asset
Investments
Equities                60,101          60,101          54,019          54,019
listed in the
United Kingdom          
Fixed interest          18,160          18,160          18,059          18,059
investments             
Investment in                -              50               -              50
subsidiary                   
                   -------------   -------------   -------------   -------------
                        78,261          78,311          72,078          72,128

Net current              1,660           1,610           1,480           1,430
assets                   

Creditors:
Amounts falling
due after more
than one year
Loan facility           12,100          12,100          12,100          12,100
Amount owed to               -          33,735               -          31,302
group
undertaking                  
Zero dividend           33,735               -          31,302               -
preference
shares in the
subsidiary              

Net Assets              34,086          34,086          30,156          30,156

Funds
attributable
to
Ordinary                34,086                          30,156
shares                  
Zero dividend           33,735                          31,302
preference
shares in the
subsidiary              
Total funds             67,821                          61,458
attributable*           

Net asset               122.82p                         113.96p
value per zero
dividend
preference
share                   
Net asset                82.73p                          73.19p
value per
ordinary share           

*Total Funds Attributable are defined here as the net assets attributable to
ordinary shares plus value attributable to 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 2004 or the period ended 31 October 2003. The statutory
accounts for the year to 31 October 2003 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 2004 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.

This announcement is prepared on the basis of the accounting policies as set out
in the most recent published set of annual financial statements.

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 2004 of the Company dealt with in the accounts of the Group was
£2,656,000 (31 October 2003: £2,573,000).

This statement was approved by the Board of Directors on 23 December 2004.

Report and Accounts

The Report and Accounts for the year ended 31 October 2004 will be mailed to
shareholders at their registered addresses in January 2005 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.






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