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Jupiter Split Trust (JRTC)

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Monday 08 March, 2004

Jupiter Split Trust

Final Results

Jupiter Split Trust PLC
08 March 2004

                             JUPITER SPLIT TRUST PLC

                              CHAIRMAN'S STATEMENT

Your Company's total assets for the year to 31st December 2003 rose by 27.0 per
cent. to £370.0 million. This compares with a rise of 16.6 per cent. in the
Company's benchmark, the FTSE All-Share Index over the same period. In the
longer term, during the three years to 31st December 2003, the Company's total
assets rose by 14.6 per cent. compared with a fall in the FTSE All-Share Index
of 26.0 per cent. Over the five years preceding 31st December 2003 the Company's
total assets rose by 53.4 per cent. compared with a fall of 17.4 per cent. in
the FTSE All-Share Index.

The Company's revenues after tax for the year under review were £7.30 million,
which compares with £6.54 million for 2002. On 3rd March 2004 the Board declared
a special dividend of 5p (net) per Income share for the year ended 31st December
2003. Together with the two regular interim dividends paid in 2003, the total
dividend for the year amounts to 15p (net) (2002: 9.9p (net)).

The special dividend will be paid on 2nd April 2004 to Income shareholders on
the register of members as at 12th March 2004. Shareholders who hold their
Income shares through a PEP or an ISA will be entitled to recover a ten per
cent. tax credit in respect of this dividend. Regrettably, a change in
legislation means that this tax credit will no longer be available in respect of
dividends paid after 5th April 2004.

Your Company's significant outperformance of its benchmark index resulted
principally from the shift during the year away from more defensive retail
companies and towards companies more geared into strengthening economies and
equity markets. More detail on the Company's investment portfolio is provided in
the Manager's Review.

The geographical split of the Company's total investments at the end of the year
was 64.8 per cent. in UK equities, 27.9 per cent. in European equities, with 6.5
per cent. in Far Eastern and North American equities and 0.8 per cent in fixed
interest securities. The current financial year has started with a material rise
in shareholders' funds and recovering business confidence is leading to a policy
of remaining virtually fully invested. This policy may continue until October
2004, when the Company is due to be wound up. However, should conditions
warrant, gains may be protected by increasing liquidity at an earlier stage.

Careful consideration is being given by the board to options for shareholders
who may wish to roll over their investments in a tax efficient manner in October
2004. As an alternative to a full cash exit for all share classes, it is likely
that Income shareholders will be offered an equity income option and that
Capital shareholders will be offered a capital growth option. For Zero Dividend
Preference shareholders it is hoped that a like-for-like rollover will be
available. The Company's roll over proposals are expected to be combined with
the roll over proposals of Jupiter Enhanced Income Investment Trust PLC, whose
shareholders agreed in January 2004 to an extension of its winding up date to
31st October 2004, in order to coincide with your Company's winding up date.

G Howard-Spink
8th March 2004

                              MANAGER'S REVIEW

Certain themes remained constant in the portfolio during 2003, but many changes
were also implemented as March marked the end of a long bear market and the
beginning of a much more positive market. Until March an extremely cautious
approach was taken, emphasising mainly consumer-orientated businesses with low
valuations and defensive profiles. Since March, a return to much more favourable
conditions for world economies and equities has appeared probable and the
portfolio has been adjusted to reflect this likelihood.

Movements in sector exposure are detailed under 'Classification of Investments'.
Some of the major reductions in sector weightings were in oil and gas,
construction and building materials and banks. These sectors typically remain
defensively valued but we anticipate a shift in investor sentiment towards
higher growth companies. Moreover, we expect that even modest rises in UK
interest rates will put some pressure on consumer sentiment.

There has also been a reduction in the speciality and other finance weighting by
4.1 per cent. but this was still almost one quarter of the portfolio at the year
end. Some profits have been taken on our major holding in ICAP but we remain
positive about this company, as it is likely to gain market share in an
expanding market place. Growth of hedge fund businesses and more buoyant equity
markets should provide a powerful lift to a number of investment banking and
asset management groups in this sector and a significant exposure looks

The largest increases in sector exposures have been in media, telecommunication
services and life assurance. Media is highly leveraged into global economic
recovery and advertising looks poised for recovery after a number of years of
gloom. Exposure to telecommunications services is through operators of mobile
networks, with most of the investment being represented by Vodafone. We expect
to see strong growth in revenue per subscriber, based on new services, and do
not feel that the stockmarket has fully anticipated this. We anticipate that
many life assurance companies will benefit from improved balance sheets as
equity markets rise and we also feel that valuations of such companies will
rally from historically depressed levels.

The Chairman's Statement refers to the split of assets at the year end. Fixed
interest holdings have been reduced to minimal levels as selective equities are
preferred. European equities continue to be a significant part of the portfolio.
Most of these are in Ireland, where valuations remain low and economic growth
prospects look particularly strong.

The portfolio continues to be managed to achieve a reasonable spread of
investments but without regard for index weightings of companies. An improved
world economic outlook provides reasonable grounds for optimism for satisfactory
returns in the final year of the Company.

Philip Gibbs
Jupiter Asset Management
8th March 2004

                     for the year ended 31st December 2003

                                           2003                           2002
                   Revenue    Capital     Total   Revenue    Capital     Total
                      £'000     £'000     £'000      £'000     £'000     £'000

on investments            -    51,395    51,395          -    (8,653)   (8,653)
ease) in
of investments            -    43,934    43,934          -    (7,490)   (7,490)
Total capital
on investments            -    95,329    95,329          -   (16,143)  (16,143)
losses                    -       (85)      (85)         -       (45)      (45)
Income               10,017         -    10,017      9,153         -     9,153
management fee       (1,438)   (1,439)   (2,877)    (1,335)   (1,335)   (2,670)
fee                       -   (13,401)  (13,401)         -         -         -
Other expenses         (479)        -      (479)      (362)        -      (362)
                    _______    _______   _______   _______    _______   _______

Net return
before finance        
costs and
taxation              8,100    80,404    88,504      7,456   (17,523)  (10,067)
payable                  (1)        -        (1)       (75)      (75)     (150)
                    _______    _______   _______   _______    _______   _______
Return on
before tax            8,099    80,404    88,503      7,381   (17,598)  (10,217)
Tax on
activities             (795)      744       (51)      (840)      649      (191)
                    _______    _______   _______   _______    _______   _______

Return on
after tax for the
financial year        7,304    81,148    88,452      6,541   (16,949)  (10,408)
Dividends in
respect of
shares               (9,758)        -    (9,758)    (7,226)        -    (7,226)
in respect of
equity shares             -   (10,266)  (10,266)         -    (9,325)   (9,325)
                    _______    _______   _______   _______    _______   _______
Transfer to /
reserves             (2,454)   70,882    68,428       (685)  (26,274)  (26,959)
                     ======     ======    ======    ======     ======    ======

Return per
income share          10.05p        -     10.05p      8.52p        -      8.52p
Return per
capital share             -    202.31p   202.31p         -    (74.99)p  (74.99)p
                     ======     ======    ======    ======     ======    ======

   • The revenue column of this statement is the profit and loss account of
     the Group.
   • All revenue and capital items in the above statement derive from
     continuing operations.
   • No operations were acquired or discontinued during the year.

                           CONSOLIDATED BALANCE SHEET
                            as at 31st December 2003

                                                             2003         2002
                                                            £'000        £'000
Fixed assets
Investments                                               370,552      256,712
                                                          _______      _______
Current assets
Investments                                                   627        1,128
Debtors                                                     3,268        2,456
Cash at bank                                               15,580       35,562
                                                          _______      _______
                                                           19,475       39,146
Creditors: amounts falling due within one year            (20,026)      (4,551)
                                                          _______      _______

Net current assets                                           (551)      34,595
                                                          _______      _______
Total assets less current liabilities                     370,001      291,307
                                                          ======       ======
Capital and reserves
Called up share capital                                     4,243        4,243
Share premium                                              73,978       73,978
Special reserve                                            90,000       90,000
Capital reserve - realised                                 99,065       72,117
Capital reserve - unrealised                               40,097       (3,837)
Redemption reserve                                         60,003       49,737
Revenue reserve                                             2,615        5,069
                                                          _______      _______
Total non equity shareholders' funds                      370,001      291,307
                                                          ======       ======
Net asset value per share:
Annuity                                                      0.01p        0.01p
Zero Dividend Preference                                   199.04p      182.63p
Income                                                      97.40p       94.00p
Capital                                                    503.36p      317.77p

Approved by the Board of Directors on 8th March 2004 and signed on its behalf.

G Howard-Spink (Chairman)

                     for the year ended 31st December 2003

                                                             2003         2002
                                                            £'000        £'000
Operating activities
Net cash inflow from operating activities                   7,009        9,125
                                                          _______      _______
Servicing of finance
Interest paid                                                  (1)        (253)
Non-equity dividends paid                                  (7,226)      (6,978)
                                                          _______      _______
Net cash outflow from servicing of finance                 (7,227)      (7,231)
                                                          _______      _______
Net tax paid                                                 (587)        (209)
                                                          _______      _______
Capital expenditure and financial investment
Purchase of fixed asset investments                      (683,868)    (374,602)
Sale of fixed asset investments                           664,776      413,039
                                                          _______      _______
Net cash (outflow) / inflow from capital expenditure
and financial investment                                  (19,092)      38,437
                                                          _______      _______

Loan repaid                                                     -      (10,000)
                                                          _______      _______
Net cash outflow from financing                                 -      (10,000)
                                                          _______      _______

(Decrease)/increase in cash                               (19,897)      30,122
                                                          ======       ======


                                                             2003         2002
                                                            Group        Group
                                                            £'000        £'000
Income from investments
UK dividend income (net)                                    6,959        4,877
UK unfranked investment income                                432        1,101
Overseas dividends                                          1,928        1,768
Scrip dividends                                                 -            2
                                                          _______      _______
                                                            9,319        7,748

Other income
Deposit interest                                              601          842
Profits less losses on dealings by subsidiary                  78          552
Underwriting commission                                        19           11
                                                          _______      _______
                                                              698        1,405
                                                          _______      _______
Total income                                               10,017        9,153
                                                          ======       ======
Total income comprises:
Dividends                                                   8,887        6,647
Interest                                                    1,033        1,943
Other income                                                   97          563
                                                          _______      _______
                                                           10,017        9,153
                                                          ======       ======
Income from investments
Listed in the UK                                            7,391        5,970
Listed overseas                                             1,928        1,770
Unlisted                                                        -            8
                                                          _______      _______
                                                            9,319        7,748
                                                          ======       ======


                                                            2003         2002
                                                           £'000        £'000

Revenue before interest payable and taxation               8,100        7,456
(Increase)/decrease in prepayments and accrued income       (237)         141
Increase/(decrease) in accruals                           13,485         (268)
Current asset investment dealings                            501        3,131
Less items dealt with in capital reserves:
Investment management fee (including VAT)                 (1,439)      (1,335)
Investment performance fee                               (13,401)           -
                                                        _________    _________
                                                           7,009        9,125
                                                        ========     ========


               1st January       Cash Flow        Foreign        31st December
                      2003                       Exchange                 2003
                     £'000           £'000          £'000                £'000

Cash at bank        35,562         (19,897)           (85)              15,580
                  ========         ========       ========            ========


During the year dividends totalling 13.2p net were paid to Annuity shareholders.
An interim dividend of 3.62p net was paid to Income shareholders on 31st July
2003 and an increased second interim dividend of 6.38p net was paid on 30th
January 2004. The Company declared a special dividend for the year ended 31st
December 2003 to Income shareholders of 5.0p net which will be paid on 2nd April

The preliminary announcement is prepared on the same basis as set out in the
Statutory Accounts for the year ended 31st December 2003 and was approved by the
Board of Directors on 8th March 2004. The above financial information does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The Auditors have reported on the Statutory accounts for the year ended
31st December 2003; their report was unqualified, and did not contain statements
under s237(2) or (3) Companies Act 1985. Statutory accounts for the year ended
31st December 2003 including an unqualified audit report will be delivered to
the Registrar of Companies in due course.

The Annual Report and Accounts are expected to be posted to all registered
shareholders shortly and copies may be obtained from the registered office of
the Company at 1 Grosvenor Place, London SW1X 7JJ

By order of the Board

Jupiter Asset Management Limited
8th March 2004

All enquiries:

Jupiter Asset Management Limited- Richard Pavry - 020 7314 4822


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