Preliminary Results

Schroder Split Investment Fund PLC
22 December 2005

                                                                22 December 2005

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 2005.


Highlights                                    31 October 2005              31 October 2004          % change
                                                   Pence                        Pence

Net asset value per
Zero Dividend Preference Share                    132.34p                      122.82p                  +7.75%
Ordinary Share                                    101.33p                       82.73p                 +22.48%

Share price per
Zero Dividend Preference Share                    137.75p                      130.00p                  +5.96%
Ordinary Share                                     87.00p                       65.50p                 +32.82%

Total return  to shareholders           Results for the year to 31   Results for the year to 31
                                                October 2005                 October 2004
                                                   £'000                        £'000

Zero Dividend Preference Shares                    2,614                        2,433                  NA
Ordinary Shares                                    10,425                       6,485                  NA



CHAIRMAN'S STATEMENT

Performance

During the year ended 31 October 2005, the Group's assets, or funds
attributable,  produced a total return of 19.2%, very slightly lagging the FTSE
All-Share Index (19.8%) and the FTSE 350 Higher Yield Index (19.9%).

Since launch, the Group's assets performance has been significantly ahead of the
FTSE All-Share Index, producing a total return of 34.1% whilst the Index
produced a total return of 21.1% over the same period.

During the year under review, the equity portion of the investment portfolio
rose from 77% to 79%; the fixed income portion fell from 23% to 21%. The
Company's fixed rate bank loan of £12.1 million represented 13.4% of total
assets less current liabilities at the end of the year, a reduction from 15.1%
at the beginning of the year.

The hurdle rate for our ordinary shares to achieve an asset value equivalent to
the 31 October 2005 market price (87p), had reduced to just 0.1%. Asset cover
for our ZDP shares improved from 1.60 times to 1.84 times during the year to 31
October 2005.

Dividends

I am also pleased to report that the total dividends for the year ended 31
October 2005 amounted to 6.70p per share, following the declaration of a fourth
interim dividend of 2.20p per share, payable on 31 December 2005.  Total
dividends for the year to 31 October 2005 have increased by 8.1% compared with
2003/2004.

Share Price Performance

The discount to net asset value on the Company's ordinary shares significantly
narrowed during the year from 20.8% at the beginning of the year to 14.1% at 31
October 2005, as investor sentiment towards the sector improved.  The discount
remains volatile and dependent on changes in general market sentiment but I
believe that in due course the discount should reduce. The premium on the Zero
Dividend Preference Shares slightly reduced during the year from 5.9% at the
beginning of the year to 4.1% at 31 October 2005.

International Financial Reporting Standards (IFRS)

From 1 November 2005 the Schroder Split Investment Fund plc is required to
prepare its Group financial statements in accordance with IFRS, as adopted for
use in the European Union. The interim results for the six months ended 30 April
2006 will be the first set of results prepared on this basis and the full year
audited accounts will also do so, although the application of IFRS to investment
trust companies may continue to evolve further in the meantime.

Annual General Meeting

The Annual General Meeting will be held on 8 March 2006 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.

Current Performance

Since 31 October 2005, the total assets less current liabilities and bank loan
of the Group at 15 December 2005 increased by 4.5% (the Index up by 4.8%) to
109.04p attributable to each ordinary share.  The share price has increased from
87p to 94.75p in this period, a rise of 8.9%.

Outlook

The year under review has again produced strong absolute net asset value total
returns, building on the gains seen in the previous 2 years. In addition, the
level of dividend paid on the ordinary shares has substantially increased. The
mixture of investments in the portfolio and the conservative model for the Group
has enabled us to outperform the market since its launch.  I remain confident
that solid comparative performance will continue in the future.

John Padovan
Chairman


Unaudited Group Statement of Total Return

                                        Results for the year ended         Results for the year ended
                                              31 October 2005                   31  October 2004
                                        Revenue    Capital      Total     Revenue     Capital        Total
                                          £'000      £'000      £'000       £'000       £'000        £'000
Gains  on investments                         -     10,724     10,724           -       6,768        6,768
Income                                    3,797          -      3,797       3,568           -        3,568
Investment management fee                 (201)      (303)      (504)       (165)       (247)        (412)
Other administrative expenses             (239)          -      (239)       (276)           -        (276)
Return  on ordinary activities            3,357     10,421     13,778       3,127       6,521        9,648
before finance costs and taxation
Interest payable                          (295)      (444)      (739)       (292)       (438)        (730)
Provision for the redemption of Zero          -    (2,614)    (2,614)           -     (2,433)      (2,433)
dividend preference shares in the
subsidiary
Return  on ordinary activities            3,062      7,363     10,425       2,835       3,650        6,485
before taxation
Taxation on ordinary activities           (149)        149          -       (179)         179            -
Return  after taxation attributable       2,913      7,512     10,425       2,656       3,829        6,485
to ordinary shareholders
Dividends  : ordinary shares
- first interim dividend                  (618)          -      (618)       (577)           -        (577)
- second interim dividend                 (618)          -      (618)       (577)           -        (577)
- third interim dividend                  (618)          -      (618)       (577)           -        (577)
- third interim dividend                  (906)          -      (906)       (824)           -        (824)
Transfer to reserves                        153      7,512      7,665         101       3,829        3,930
Return per ordinary share - pence         7.07p     18.23p     25.30p       6.45p       9.29p       15.74p
Return per Zero Dividend Preference
Share in the subsidiary - pence               -      9.52p      9.52p           -       8.86p        8.86p
Dividend per ordinary share - pence       6.70p          -      6.70p       6.20p           -        6.20p




Unaudited Group Cash Flow Statement                         Results for the                       Results for the
                                                 Year ended 31 October 2005            year ended 31 October 2004
                                                                      £'000                                 £'000

Net cash inflow from operating                                        3,032                                 3,026
activities

Bank loan interest paid                                               (739)                                 (730)

Dividends paid                                                      (2,678)                               (2,473)

UK tax received                                                           -                                   160

Net cash (outflow)/inflow from                                      (1,138)                                 2,034
investing activities

Net cash  (outflow)/inflow                                          (1,523)                                 2,017





                 Summary Unaudited Balance   Summary Unaudited       Summary Balance     Summary Balance Sheet at
                 Sheet at 31 October 2005    Balance Sheet at 31     Sheet at 31 October     31 October 2004
                                             October 2005            2004
                         Group                                                                   Company
                                                     Company                 Group
                         £'000                                                                   £'000
                                                      £'000                  £'000
Fixed  Asset
Investments
Equities listed            72,033                    72,033                60,101                 60,101
in the United
Kingdom
Fixed interest             18,523                    18,523                18,160                 18,160
investments
Investment in                 -                        50                     -                     50
subsidiary
                           90,556                    90,606                78,261                 78,311

Net current                 (356)                     (406)                 1,660                 1,610
(liabilities)/
assets

Creditors :
Amounts falling
due after more
than one year
Loan facility             (12,100)                  (12,100)              (12,100)               (12,100)
Amount owed to                -                     (36,349)                  -                  (33,735)
group
undertaking
Zero dividend             (36,349)                      -                 (33,735)                  -
preference
shares in the
subsidiary

Net Assets                 41,751                   41,751                  34,086              34,086

Group assets  or
Funds
attributable* to
Ordinary shares            41,751                                          34,086
Zero dividend              36,349                                          33,735
preference
shares in the
subsidiary
                           78,100                                          67,821

Net asset value            132.34p                                         122.82p
per zero
dividend
preference share
Net asset value            101.33p                                          82.73p
per ordinary
share





*Group assets, or funds attributable are defined as the net assets attributable
to ordinary shares plus net assets 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 2005 or the year ended 31 October 2004. The statutory accounts
for the year to 31 October 2004 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 2005 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.  This announcement is prepared on the
basis of the accounting policies as set out in the most recent published set of
annual financial statements.



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 2005 of the Company dealt with in the accounts of the Group was
£2,913,000 (31 October 2004: £2,656,000.)



This statement was approved by the Board of Directors on 22 December 2005.



Report and Accounts



The Report and Accounts will be mailed to shareholders at their registered
addresses in January 2006 and, from the date of release, copies will be
available to the public at the Company's registered office: 31 Gresham Street,
London, EC2V 7QA.



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