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Schroder Ventures (SVI)

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Monday 19 June, 2000

Schroder Ventures

AU System/Ferretti-Rplcmt

Schroder Ventures Intl Inv Tst PLC
19 June 2000


The following alteration should be made to the 'Stmnt re AU Systems/Ferretti'   
announcement released today at 08:10am under RNS No 4489M.

In paragraph 2 of the Notes to Editors the figure in the first line should read:
'£9.6 million' and not '£9.6' as previously stated.    

All other details remain unchanged.

The full corrected version is shown below.



SCHRODER VENTURES INTERNATIONAL INVESTMENT TRUST PLC
FLOTATION OF AU SYSTEM AND FERRETTI


The Board of Schroder Ventures International Investment Trust plc ('SVIIT')
today announces that it has been advised by Schroder Ventures that AU System
will be listing on the OM Stockholm Exchange. Trading in AU System shares is
scheduled to commence on 21 June 2000, with shares being placed at 47.5 SKr per
share, capitalising the company at 4.1 billion SKr. 

Funds advised by Schroder Ventures will realise 32% of their shareholding in the
company at flotation. SVIIT's approximate net consideration of this realisation
will be £10 million.

The post flotation valuation of remaining shares (after the application of
discounts) in addition to the cash proceeds represents an approximate increase
of 18p in SVIIT's net assets.

In addition, the Board has been advised by Schroder Ventures that Ferretti will
be listing on the Milan Exchange. Trading in Ferretti shares is scheduled to
commence on 23 June 2000, with shares being placed at EUR 2.46 per share,
capitalising the company at EUR 382 million (£238 million). 

Funds advised by Schroder Ventures will realise 57.4% of their shareholding in
the company at flotation. SVIIT's net consideration of this realisation will be
approximately £12.2 million.

The post flotation valuation of remaining shares (after the application of
discounts) in addition to the cash proceeds represents an approximate increase
of 11p in SVIIT's net assets.

SVIIT's portfolio, including its remaining holdings in AU System and Ferretti,
will be subject to revaluation at 30 June 2000 in accordance with BVCA
guidelines.


For further information, please contact:

Schroder Ventures International Investment Trust plc     Tel: 020 7658 3206
John McLachlan     

Schroder Ventures                                        Tel: 020 7632 1050
Alice Todhunter 

GCI Financial                                            Tel: 020 7398 0800
James Chandler          




Notes to Editors:

AU System
Funds in which SVIIT invests acquired their holding in AU System in May 1999.
Due to the nature of the companies in the group and their different exit plans,
the investment was structured as a demerger into three separate companies
resulting in three separate new investments for the funds; AU System, Across
Wireless (realised in April 2000) and iD2 Technologies.

SVIIT's interest in AU System was valued at £9.6 million at 31 December 1999.
The valuation basis was cost; and the holding represented 2.60% of SVIIT's net
assets.

Funds advised by Schroder Ventures still retain a majority stake in iD2
Technologies. 

Ferretti
Funds in which SVIIT invests acquired their holding in Ferretti in February
1998. Ferretti is the world's leading producer of luxury motor yachts. The
company's current position is built on a series of acquisitions, in Italy and
the US. SVIIT's interest in Ferretti was valued at £8 million at 31 December
1999. The valuation basis was PE; and the holding represented 2.16% of SVIIT's
net assets.