Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

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CONTACT

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UK Select Trust Ld (UKT)

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Thursday 10 March, 2005

UK Select Trust Ld

Final Results and Dividend

UK Select Trust Limited
10 March 2005

To:       Quotations Department, The Stock Exchange, London



From:   UK Select Trust Limited



FINAL RESULTS AND PROPOSED DIVIDEND



The unaudited figures for the year ended 31 December 2004 are as follows:


Revenue
                                                    31 December 2004                31 December 2003

                                                         £'000's                            £'000's

Dividends and interest                                    1,536                              1,500
Commissions                                               -                                      -
Return on ordinary activities after taxation              1,122                              1,130
Amount absorbed by dividends                             (1,125)                            (1,190)
Amount transferred from
revenue reserves -                                           (8)                               (60)

Interim and final dividend per ordinary
share                                                      2.93p                              2.83p
Earnings per ordinary share                                2.77p                              2.69p


Capital
                                                    31 December 2004                31 December 2003

                                                         £'000's                           £'000's

Market value of investments                               42,277                           43,727
Total net assets (ex-dividend)                            36,976                           38,127
Net asset value per ordinary share

10p each (ex-dividend)                                     95.84p                           90.71p







The directors propose that ordinary shareholders should be offered the right to
elect to receive new ordinary shares in lieu of the cash final dividend.



The Directors have decided to recommend a final dividend of 2.10p (2003: 2.00p)
for the year ended 31 December 2004, making a total dividend of 2.93p (2003:
2.83p).



The final dividend will be payable on 4 May 2005 on such of the ordinary shares
in respect of which the holders had not, prior to 19 April 2005, elected to
receive an allotment of new ordinary shares.



The record date for the final dividend in respect of the year ended 31 December
2004 is 18 March 2005.



CHAIRMAN'S STATEMENT





Review of 2004 Performance



UK Select Trust Limited produced a net asset value total return of +9.03% for
the year to 31 December 2004, which compares with a total return of +12.84% for
the FTSE All-Share index.  Whilst I am disappointed that this result means your
Company has underperformed the established benchmark over the last year, the
Board continues to be supportive of the Investment Manager's view that the
investment strategy employed will yield superior investment returns over the
longer term.



The Investment Manager's policy of migrating towards a more concentrated
portfolio is now complete.  The Board, whilst recognising that this policy will
increase the volatility of short term investment performance, believes that this
approach should achieve the objectives of your company.



Share price and discount



The share price has traded 5% higher over the year. The discount, at which your
shares trade relative to their net asset value stood at 9.1% at the end of the
financial period, which was unchanged from the previous year end.



Gearing



The Investment Manager's positive stance towards the UK equity market resulted
in the Company employing an average gearing level of 10.3% during the year.



Earnings per share and dividend



Earnings per share for the year showed a healthy increase of 3% from 2.69p in
2003 to 2.77p in 2004.  I am happy to recommend a 5% increase in the final
dividend to 2.10p for 2004, up from 2.00p in 2003.  A total dividend of 2.93p
for 2004 represents a 4% increase over the previous year.



Share buy back authority



At the annual general meeting, the authority to purchase up to 14.99% of your
Company's shares was renewed.  As you know, it is the policy of the Company to
buy back for cancellation at least as many shares as are issued by way of scrip
dividend should suitable opportunities arise.  During the year, your Company
purchased 3,786,371 shares for cancellation at an average discount of 7.7%.



Prospects



Your Company has had a good start to 2005.  Net asset value performance on a
total return basis, from 1st Jan 2005 to the 8th March 2005 is 7.3%, versus the
FTSE All-Share total return of 4.8%.  The pace of corporate profit recovery
witnessed over the past two years has left equity valuations trading at
attractive levels despite the share price gains recorded over this period.  The
prospect of further merger and acquisition activity in the UK corporate sector
combined with another year of economic growth leaves equity markets well placed
to deliver another year of positive returns.



Future of the Company



The Board has again been asked by the Company's largest shareholder, who holds
31.05% of the present issued share capital, to consider whether the Company
should continue in its present form.  Although a continuation vote was passed at
an extraordinary general meeting of the Company held in June last year, the
Board feels that it would be appropriate to put forward a further continuation
vote to shareholders at the forthcoming AGM, in order to establish that there is
sufficient support for the Company going forward.



The Board acknowledges that even in the event of the continuation vote being
passed, it would be in the interests of all parties to address the concerns of
the largest shareholder.  Accordingly, the Board will, in any event, conduct a
review of all possible courses of action available to the Company.  Should the
Board identify a solution which is in the best interests of shareholders as a
whole and which is likely to carry the necessary shareholder support, the
Board's intention is to put such a solution forward in due course for
shareholder consideration.








APPROVED BY THE BOARD

JM LE PELLEY

Chairman





10 March 2005










                      This information is provided by RNS
            The company news service from the London Stock Exchange