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”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

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.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

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

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Tuesday 19 July, 2005

Elm Grove (Caymans)

Offer for UK Select Trust Ltd

Elm Grove (Caymans) Limited
19 July 2005

                               PRESS ANNOUNCEMENT


Not for release, publication or distribution, in whole or in part, in or into
the United States, Canada, Japan or Australia or any other jurisdiction where to
do so would constitute a violation of the relevant laws of such jurisdiction.


                             FOR IMMEDIATE RELEASE

                                  19 July 2005

                                   CASH OFFER

                                       By

                   ODL Securities Limited ('ODL Securities')

                                  on behalf of

                     Elm Grove (Caymans) Ltd ('Elm Grove')

                                      for

                        UK Select Limited ('UK Select')

SUMMARY

Introduction
     
-    The Board of Elm Grove announces the terms of an offer for the issued share 
     capital of UK Select not already owned or controlled by Millennium
     Partners, L.P. ('Millennium Partners').

-    Millennium Partners currently owns 11,952,948 ordinary shares of 10p each 
     ('UK Select Shares') representing 31.4 per cent. of the issued share
     capital of UK Select.

-    Elm Grove, which is incorporated in the Cayman Islands, is a recently 
     incorporated vehicle that has been established by Millennium Partners
     specifically for the purpose of making the Offer.

The Offer

-    The Offer will be made on the following basis:

          For each UK Select Share         cash equal to 99 per cent. of the FAV 
                                           per UK Select Share up to a maximum 
                                           of 150p per UK Select Share

-    The 'FAV' of each UK Select Share is its formula asset value calculated in 
     accordance with the formula set out in appendix 1 to this announcement.  
     The calculation of FAV will be undertaken as at the date on which the Offer 
     becomes or is declared unconditional as to acceptances (the 'Unconditional 
     Date').

-    For illustrative purposes only had the Unconditional Date been 15 July 2005 
     (being the latest practicable date prior to this announcement) Elm Grove 
     estimates that the FAV per UK Select Share would have been 108.36p,
     resulting in an Offer Price of 107.28p per UK Select Share which represents 
     a premium of 7.8 per cent. to the Closing Price of 99.50p per UK Select 
     Share on the same date.  On this basis the Offer values the entire issued 
     share capital of UK Select at approximately £41 million.

Background to and reasons for the Offer
     
-    Millennium Partners has been a substantial Shareholder in UK Select since 
     early 2002 and has lobbied the Board of UK Select, without success, to take 
     steps to address the poor liquidity and persistent discount it believes
     has bedevilled UK Select.

-    In the light of the inactivity of the Board of UK Select, Millennium 
     Partners has effectively takes it upon itself to offer Shareholders
     an exit for their investment on a favourable basis.

     Robert Knapp, a director of Elm Grove, said:

'In summary Millennium Partners believes Elm Grove is making a full and fair
offer for the UK Select Shares not already owned by Millennium Partners'

Enquiries:

Elm Grove (Caymans) Ltd.                 Robert Knapp            +1 212 841 4200

This summary should be read in conjunction with the full text of the following
announcement.  The sources and bases of certain information included in this
summary and in the following announcement are set out in appendix 4 to the
following announcement.  Appendix 5 to the following announcement contains
definitions of certain expressions used in this summary and in the following
announcement.

ODL Securities, which is regulated and authorised in the United Kingdom by the
Financial Services Authority, is acting only for Elm Grove and no one else in
connection with the Offer and will not regard any other person as its client or
be responsible to any person other than Elm Grove for providing the protections
afforded to clients of ODL Securities, or for providing advice in relation to
the Offer or the contents of this announcement.

The law of certain jurisdictions may affect the availability of the Offer to
persons not resident in the United Kingdom.  Persons who are not resident in the
United Kingdom, or who are subject to the laws of any jurisdictions other than
the United Kingdom, should inform themselves about, and observe, any applicable
requirements.  Further details in relation to overseas UK Select Shareholders
will be contained in the Offer Document.

This announcement does not constitute, or form part of, any offer, or
solicitation of any offer, for securities.  Any acceptance or other response to
the Offer should only be made on the basis of the information contained in the
Offer Document which Elm Grove intends to despatch to UK Select Shareholders as
soon as practicable and, in any event, within 28 days of this announcement.

The Offer will not be made, directly or indirectly, in or into, or by the use of
the mails of, or by any means of instrumentality (including, but not limited to,
facsimile, email, telex or other electronic transmission or telephone) of
interstate or foreign commerce of, or of any facility of a national, state or
other securities exchange of, the United States, Canada, Australia or Japan and
the Offer is not capable of acceptance by any such use, means, instrumentality,
facility or otherwise from within the United States, Canada, Australia or
otherwise sent, forwarded or distributed into, in or from the United States,
Canada, Australia or Japan, including to UK Select Shareholders with registered
addresses in the United States, Canada, Australia or Japan or to persons whom
Elm Grove or ODL Securities know to be custodians, nominees or trustees holding
UK Select Shares for persons with registered addresses in the United States,
Canada, Australia or Japan.  Persons receiving or accessing a copy of this
announcement (including, without limitation, custodians, nominees and trustees)
should not send, forward or distribute it into, in or from the United States, or
facility for any purpose, directly or indirectly, in connection with the Offer
and so doing may invalidate any acceptance of the Offer.





                             FOR IMMEDIATE RELEASE

                                  19 July 2005

                                   CASH OFFER

                                       By

                             ODL Securities Limited

                                  on behalf of

                            Elm Grove (Caymans) Ltd

                                      for

                               UK Select Limited



1.                                Introduction

The Board of Elm Grove announces the terms of an Offer, to be made by ODL
Securities on behalf of Elm Grove, for the issued share capital of UK Select not
already owned or controlled by Millennium Partners.

Elm Grove is a Cayman Island exempt company that has been established by
Millennium Partners specifically for the purposes of making the Offer.
Millennium Partners currently owns 11,952,948 UK Select Shares representing 31.4
per cent. of the issued share capital of UK Select.

2.                                The Offer

The Offer, which will be on the terms and subject to the conditions set out
below and in appendix 3 to this announcement and to be set out in the Offer
Document and Form of Acceptance, will be made on the following basis:

For each UK Select Share                             cash equal to 99 per cent. of the FAV per UK Select
                                                     Share up to a maximum of 150p per UK Select Share

Entitlements to cash consideration will be rounded up to the nearest whole
penny.

For illustrative purposes only had the Unconditional Date been 15 July 2005
(being the latest practicable date prior to this announcement) Elm Grove
estimates that the FAV per UK Select Share would have been 108.36p, resulting in
an Offer Price of 107.28p per UK Select Share which represents a premium of 7.8
per cent. to the Closing Price of 99.50p per UK Select Share on the same date.
On this basis the Offer values the entire issued share capital of UK Select at
approximately £41 million.

The UK Select Shares will be acquired by Elm Grove, pursuant to the Offer, fully
paid and free from all liens, equities, charges, encumbrances, rights of
pre-emption and any other interests of any nature whatsoever and together with
all rights now or hereafter attaching thereto, including voting rights now or
hereafter attaching thereto and to the right to receive and retain in full all
dividends and other distributions (if any) declared, made or paid on or after
the date of this announcement.

UK Select Shareholders should note that if they accept the Offer and the FAV per
UK Select Share is in excess of 150p per UK Select Share the consideration
payable to them will be 150p per UK Select Share.  In order for this to happen
the estimated FAV per UK Select Share as at 15 July 2005 (being the latest
practicable prior to this announcement) would have to increase by 39.8 per cent.
  Elm Grove believes that this is unlikely to happen.  The reason a limit has
been placed upon the cash consideration payable is so that Millennium Partners
can, in terms of providing finance to Elm Grove, commit an ascertainable sum to
the transaction and also to enable ODL Securities, as required by the City Code,
to confirm it is satisfied that resources are available to Elm Grove sufficient
to satisfy in full the cash consideration payable under the terms of the Offer.

3.                                Background to and reasons for the Offer

As Shareholders will be aware Millennium Partners has been a substantial
Shareholder in UK Select since early 2002.  Since that time Millennium Partners
has lobbied the Board, without success, to take steps to address the poor
liquidity and persistent discount that it believes has bedevilled UK Select.
Millennium Partners has also been concerned by the change in the manager from
that described in the tender offer circular sent to Shareholders in March 2002
and what it believes is the poor judgement displayed by convening an
extraordinary general meeting to appoint individuals to the Board who were not
re-elected at the Annual General Meeting of the Company held in April 2004.
These concerns were highlighted in a letter sent to Shareholders on 7 June 2004.
  Since that time Millennium Partners has continued, without success, in its
attempts to get the Board to properly consider options to address the liquidity
and discount issues which Millennium Partners believes can and should be solved.

The market capitalisation of UK Select on 15 July 2005 (being the latest
practicable date prior to the date of this announcement) was approximately £38
million.  Millennium Partners' holding of 31.4 per cent. and the holding of the
manager, Scottish Widows, of 21.7 per cent, combine to make the available
tradable float of UK Select less than 50 per cent. of the shares in issue, or in
terms of market capitalisation, less than £18 million.  This concentration of
share ownership coupled with the comparatively small size of UK Select results
in little tradable liquidity.  To date in 2005, through to 15 July (being the
latest practicable date prior to this announcement), according to Bloomberg, UK
Select Shares have traded on only 43 out of a possible 135 eligible trading
days, which is less than 7 days per month.

UK Select Shares are generally quoted by market makers with a 2.5p or even 3p
wide spread.  In percentage terms this represents an effective 2.5 to 3 per
cent. fee on purchases or sales even before commissions are considered.  In
combination, the lack of liquidity and implicit dealing costs make investing in
UK Select expensive.

When the discount is considered, the implicit cost of investing in UK Select
increases further.  During the period 29 June 2004 to 29 June 2005 the discount
has averaged 7.6 per cent.  An individual Shareholder wishing to realise his
investment is forced to forego 76 pence for every £10 worth of shares due to the
discount, then another 25p or so of cost due to the trading spread, all before
brokerage commissions.

Millennium Partners has lobbied the Board to consider proposals whereby UK
Select could be either reconstituted (for example, converted to an open ended
structure) or merged with a larger, and therefore more liquid, entity.  These
pleas have fallen on deaf ears

In the light of the above circumstances, and the inactivity of the Board,
Millennium Partners has effectively taken it upon itself to offer Shareholders
an exit for their investment on what, it believes, is a favourable basis and in
so doing, provide a mechanism by which it too can achieve an exit.

In summary Millennium Partners believes Elm Grove is making a full and fair
offer for the UK Select shares not already owned by Millennium Partners and
would urge you to accept the Offer.

4.                                Information relating to Elm Grove and Millennium Partners

Elm Grove is a recently incorporated limited company, incorporated and domiciled
in the Cayman Islands, established by Millennium Partners solely for the purpose
of making the Offer.  It has not traded since incorporation nor entered into any
obligations other than in connection with the Offer and the financing thereof.
Its Directors are Robert Knapp and Fred Stone and the sole shareholder of Elm
Grove is Millennium Partners.

Robert Knapp is a managing director of Millennium Partners.  Mr Knapp
specialises in investing in undervalued assets, turnaround situations and
various forms of arbitrage.  He has represented Millennium Partners on various
boards to include Vietnam Opportunity Fund Limited and MVC Capital Inc.  Mr
Knapp has a BSc in Electrical Engineering and Computer Science from Princeton
University and a BA in Politics, Philosophy and Economics from Oxford
University.

Fred Stone is a managing director and the general counsel of Millennium
Management, LLC, the managing partner of Millennium Partners.  Mr Stone has also
been an executive with a number of securities firms and was senior vice
president and the general counsel of the American Stock Exchange.  Mr Stone has
a JD from Harvard Law School and a LLM in Corporation Law from New York
University.

Millennium Partners is a Cayman Islands exempt limited partnership which was
originally organised in 1989.  The investment objective of Millennium Partners
is to achieve above-average capital appreciation by investing and trading in,
among other things, US and non-US equity and debt securities (both public and
non-public), mortgage-backed securities, currencies, futures and forward
contracts, options and other derivative instruments.  Millennium Partners is an
'institutional investment manager' as defined in Section 13(f) of the (United
States) Securities Exchange Act of 1934 and reported holdings of
US$6,317,804,000 of securities in its most recent (March 2005) quarterly report
on form 13F.

Millennium Management, LLC, a Delaware limited liability company, is the
managing partner of Millennium Partners and, as such, has general responsibility
and authority for the supervision of Millennium Partners' business and
operations.

5.                                 Information relating to UK Select

UK Select is an investment company incorporated and resident in Guernsey.  It is
a general trust and invests over 80 per cent. of its gross assets by value in
the United Kingdom.  Its investment policy is to provide a total return to its
Shareholders in excess of the net total return on the FTSE All-Share index and
with a progressive dividend policy.

UK Select has a simple capital structure comprising only ordinary shares in
issue.  The UK Select Shares are listed on the Official List and traded on the
London Stock Exchange.  In September 2002 UK Select entered into a revolving 5
year loan facility in an aggregate principal amount of £15,000,000, for the
purposes of future investment.  From the most recent report and accounts of UK
Select, Elm Grove believes that UK Select has drawn down £5.2 million of this
facility and in respect of which a coupon is payable at the rate of six month
sterling LIBOR plus 0.71 per cent.

The assets of UK Select are managed by Scottish Widows under an agreement with
UK Select dated 25 April 2002.  This agreement may be terminated by either party
giving six months' notice.  The basic remuneration payable to Scottish Widows is
0.125 per cent. payable quarterly in arrears, based on the value of UK Select's
portfolio at 31 March, 30 June, 30 September and 31 December in each year.
Scottish Widows is also entitled to receive a performance fee payable in arrears
linked to the excess total return of UK Select's net assets compared to the
total return of the FTSE All-Share Index.  The performance fee is payable at the
rate of 0.01 per cent. of the gross assets of UK Select at the end of the
financial year (31 December) for each 0.1 per cent. of the excess total return
averaged over the two preceding years.  The performance fee is capped at 0.25
per cent. in any year.  No performance fee was payable in respect of the year
ended 31 December 2004.

The Closing Price of 99.50p per UK Select Share as at 15 July 2005 represented a
discount of 8.4 per cent. to the net asset value of 108.60p per UK Select Share
as at that date (being the latest practicable date prior to the date of this
announcement).  Measured on a weekly basis, from 31 December 2002 to 15 July
2005 (being the latest practicable date prior to the date of this announcement)
UK Select Shares have not traded at a discount of less than 2.5 per cent.

6.                                Proposals for UK Select

Should the Offer become unconditional in all respects, Elm Grove will, at that
time, consider the options available to it.  These include UK Select continuing
as an entity with a different investment policy or winding up UK Select and
distributing its assets.  In any event Elm Grove's current intention is to seek
to have the listing of UK Select on the Official List of the UKLA cancelled.

Subject to the Offer becoming or being declared unconditional in all respects,
Elm Grove intends to review the existing arrangements between UK Select and
Scottish Widows and will, at that time, determine whether such arrangements
should be continued or terminated.

Shareholders should also note that if the Offer becomes or is declared
unconditional in all respects and Elm Grove and Millennium Partners control 75
per cent. or more of the issued share capital of UK Select, Elm Grove will,
subject to the laws of Guernsey, have the ability to pass a special resolution
to change the Articles of Association of UK Select.

7.                                Financing the Offer

The cash consideration payable under the Offer will be funded under the terms of
a loan agreement between Elm Grove and Millennium Partners.

8.                                Settlement

Subject to the Offer becoming or being declared unconditional in all respects
and except in the case of certain overseas UK Select Shareholders, settlement of
the consideration to which any UK Select Shareholder is entitled under the Offer
will be effected (i) in the case of acceptances received, complete in all
respects, by the date on which the Offer becomes or is declared unconditional in
all respects, within 14 days of such date or (ii) in the case of acceptances of
the Offer received, complete in all respects, after the date on which the Offer
becomes or is declared unconditional in all respects but whilst the Offer
remains open for acceptance, within 14 days of such receipt.

9.                                General

The Offer will comply with the applicable rules and regulations of the City
Code.  The Offer will be governed by English law and will be subject to the
terms and conditions set out in this announcement (including appendix 3 to this
announcement) and to be set out in the Offer Document and the Form of
Acceptance.  The Offer Document and the Form of Acceptance will be sent to UK
Select Shareholders in due course and, in any event, within 28 days of this
announcement.

The Directors of Elm Grove accept responsibility for the information contained
in this announcement, save that the only responsibility they accept in respect
of the information relating to UK Select, which has been compiled from published
sources, is to ensure that such information has been correctly and fairly
reproduced and presented.  Save as aforesaid, to the best of the knowledge and
belief of the Directors of Elm Grove (who have taken all reasonable care to
ensure that such is the case) the information contained in this announcement is
in accordance with the facts and does not omit anything likely to affect the
import of such information.

As at 15 July 2005 (being the latest practicable date prior to this
announcement), Millennium Partners, which is acting in concert with Elm Grove,
owned 11,952,948 UK Select Shares.  Save for that holding, neither Elm Grove nor
any of its directors, nor any person acting in concert with it, owns or controls
any UK Select Shares or has entered into any derivative referenced to UK Select
Shares nor does any such person have an 'arrangement' in relation to UK Select
Shares.  For these purposes 'arrangement' includes any indemnity or option
arrangement, any agreement, understanding, formal or informal, of whatever
nature, relating to UK Select Shares which may be an inducement to deal or
refrain from dealing in UK Select Shares.

Enquiries
Elm Grove (Caymans) Limited              Robert Knapp                          +1 212 841 4200



ODL Securities, which is regulated and authorised in the United Kingdom by the
Financial Services Authority, is acting only for Elm Grove and no one else in
connection with the Offer and will not regard any other person as its client or
be responsible to any person other than Elm Grove for providing the protections
afforded to clients of ODL Securities, or for providing advice in relation to
the Offer or the contents of this announcement.

The law of certain jurisdictions may affect the availability of the Offer to
persons not resident in the United Kingdom.  Persons who are not resident in the
United Kingdom, or who are subject to the laws of any jurisdictions other than
the United Kingdom, should inform themselves about, and observe, any applicable
requirements.  Further details in relation to overseas UK Select Shareholders
will be contained in the Offer Document.

This announcement does not constitute, or form part of, any offer, or
solicitation of any offer, for securities.  Any acceptance or other response to
the Offer should only be made on the basis of the information contained in the
Offer Document which Elm Grove intends to despatch to UK Select Shareholders as
soon as practicable and, in any event, within 28 days of this announcement.

The Offer will not be made, directly or indirectly, in or into, or by the use of
the mails of, or by any means or instrumentality (including, but not limited to,
facsimile, email, telex or other electronic transmission or telephone) of
interstate or foreign commerce of, or of any facility of a national, state or
other securities exchange of, the United States, Canada, Australia or Japan and
the Offer is not capable of acceptance by any such use, means, instrumentality,
facility or otherwise from within the United States, Canada, Australia or Japan.
  Accordingly, copies of this announcement must not be, mailed or otherwise
sent, forwarded or distributed into, in or from the United States, Canada,
Australia or Japan, including to UK Select Shareholders with registered
addresses in the United States, Canada, Australia or Japan or to persons whom
Elm Grove or ODL Securities know to be custodians, nominees or trustees holding
UK Select Shares for persons with registered addresses in the United States,
Canada, Australia or Japan.  Persons receiving or accessing a copy of this
announcement (including, without limitation, custodians, nominees and trustees)
should not send, forward or distribute it into, or from the United States,
Canada, Australia or Japan or use such mails or any such means, instrumentally
or facility for any purpose, directly or indirectly, in connection with the
offer and so doing may invalidate any acceptance of the Offer.

The Panel wishes to draw attention to certain UK dealing disclosure requirements
following the announcement of the Offer.  The offer period is deemed to commence
at the time when an announcement is made of a proposed offer, with or without
terms.

Under the provisions of Rule 8.3 of the City Code any person who, alone or
acting together with any other person(s) pursuant to an agreement or
understanding (whether formal or informal) to acquire or control relevant
securities of UK Select owns or controls, or becomes the owner or controller,
directly or indirectly, of one per cent. or more of any class of securities of
UK Select is required to disclose, by not later than 12.00 noon (London time) on
the London business day following the date of the relevant transaction, dealings
in such securities of UK Select (or in any option in respect of, or derivative
referenced to, any such securities) during the period to the date on which the
Offer becomes or is declared unconditional as to acceptances or lapses or is
otherwise withdrawn.

Under the provisions of Rule 8.1 of the City Code, all dealings in relevant
securities of UK Select by Elm Grove or by any of their respective 'associates'
(within the meaning of the City Code) must also be disclosed.

If you are in any doubt as to the application of Rule 8 to you, please contact
an independent financial adviser authorised under the Financial Services and
Markets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk or
contact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013.

              APPENDIX 1 - CALCULATION OF THE FORMULA ASSET VALUE

The FAV per UK Select Share shall be calculated as at the close of business on
the Unconditional Date and shall be the amount in pence which is the result of
the following formula, rounded to four decimal places (with 0.00005p being
rounded upwards):

                FAV per UK Select Share =  A - B
                                             C

where 'A,' is the aggregate of:
     
(i)                                the value of those investments of the Company
which are listed, traded, quoted or dealt in on a recognised stock exchange or
on AIM, a market of the London Stock Exchange, calculated by reference to the
bid quotations or prices or the last trade prices for those investments as at
the close of business on the Unconditional Date as derived from the relevant
exchange's recognised method of publication of prices for such investments;

(ii)                              the value of those investments of the Company
which are dealt in or traded on any publicly-available exchange or market
(including any 'over the counter' market but excluding any exchange or market
referred to in sub-paragraph A(i) above), calculated by reference to the average
of the daily average of the prices marked for such investments on each of the
five business days up to and including the Unconditional Date on which there
were dealings or trading in such investments as derived from the relevant
market's recognised method of publication of prices for such investments;

(iii)                             the value of those investments of the Company
which are units in unit trusts or shares in open-ended investment companies,
calculated by reference to the prices or, in the case of units or shares in
respect of which cancellation and bid prices are quoted, the lower of the
cancellation and bid prices quoted as at the close of business on the
Unconditional Date by the manager of the relevant unit trust or open-ended
investment company for holdings of the size held by the Company (and, for the
avoidance of doubt, any such investments which are listed, traded, quoted or
dealt in on a recognised stock exchange shall be valued under this sub-paragraph
(iii) and not under sub-paragraph A(i) above);

(iv)                            the value of those traded options and futures
contracts to which the Company is a party as at the close of business on the
Unconditional Date which are traded on a stock, commodities, financial futures
or other securities exchange, calculated by reference to the official
middle-market closing prices on the Unconditional Date as derived from the
relevant exchange's recognised method of publication of prices for such traded
options and futures contracts;

(v)                              the value of all other investments of the
Company, calculated as being their fair realisable values as at the close of
business on the Unconditional Date, as determined by agreement between ODL
Securities and UK Select's financial adviser (or, failing such agreement having
been reached within seven days after the Unconditional Date, as determined by an
independent expert);

(vi)                            the amount as at the close of business on the
Unconditional Date of any sums due from debtors (including, for this purpose,
any dividends or distributions receivable on investments quoted ex-dividend or
ex-distribution on the Unconditional Date and any interest accrued on any debt
securities as at the Unconditional Date and any recoverable tax credit in
relation thereto, but excluding any dividend, distribution or interest not yet
received which has been taken into account in the value of any of the
investments referred to in sub-paragraphs A(i) to (v) (inclusive) above or is
unlikely to be received), cash and deposits with or balances at banks, bills
receivable and any money market instruments of the Company (together with, in
each case, any accrued interest at that date less an accrual for any associated
tax) and the fair realisable value of any other tangible assets of the Company
not otherwise accounted for in sub-paragraphs A(i) to (v) (inclusive) above,
less any provision for diminution of value which may be appropriate in respect
of any of sub-paragraphs A(i) to (v) (inclusive) above (including provisions for
bad or doubtful debts), in each case as determined by agreement between ODL
Securities and UK Select's financial adviser (or, failing such agreement having
been reached within seven days after the Unconditional Date, as determined by an
independent expert);

'B' is the aggregate of:

(i)                                the principal amounts as at the close of
business on the Unconditional Date of any outstanding borrowings of the Company
plus any accrued but unpaid interest, commitment fees and other charges up to
and including that date and the higher of any premiums or penalties payable on
either early or final repayment (to include, without limitation, any premium,
penalties or break fees payable under the terms of the revolving loan facility
entered into by the Company on 24 September 1997);

(ii)                              the cost of closing as at the close of
business on the Unconditional Date any open foreign exchange or other forward
purchase or sale contract to which the Company is a party on that date (save to
the extent already taken into account in the FAV per share in the Company);

(iii)                             the costs of termination as at the close of
business on the Unconditional Date of any management, advisory and
administrative arrangements in force on that date, including, but not limited
to, any compensation or other payments to be made to any investment manager,
investment adviser, administrator, secretary, director or employee of the
Company, such amount to include irrecoverable value added tax (where applicable)
but to exclude any tax relief;

(iv)                            the cost of terminating as at the close of
business on the Unconditional Date any other contracts or arrangements
whatsoever in force on that date to which the Company is a party, but excluding,
for the purpose of this sub-paragraph B(iv), any investment management, advisory
and administrative arrangements in force at the close of business on the
Unconditional Date otherwise taken into account by virtue of sub-paragraph B
(iii);

(v)                              the costs of any dividend or other distribution
of the Company declared or announced on or before the Unconditional Date, so far
as not previously paid;

(vi)                            the aggregate of the amount of all paid
professional, advisory, legal and other fees and advertising costs and other
expenses incurred by the Company in connection with the Offer, such amount to
include irrecoverable value added tax (where applicable) but exclude any tax
relief, together with the amount of any accrued but unpaid professional,
advisory, legal and other fees and advertising and other costs and expenses
whatsoever incurred by the Company (whether in connection with the Offer or
otherwise), including all such fees, costs and expenses relating to or in
connection with the determination of the Formula Asset Value (including any
charges made by any independent expert appointed in connection with determining
the Formula Asset Value), such amount to include irrecoverable value added tax
(where applicable) but to exclude any tax relief; and

(vii)                           an amount which fully reflects all other
liabilities and obligations of the Company whatsoever, including a fair
provision for any contingent liabilities (including any additional liabilities
to taxation, whether or not deferred, and any liabilities arising on
liquidation) or losses (including disputed claims), as at the close of business
on the Unconditional Date determined by agreement between ODL Securities and UK
Select's financial adviser (or, failing such agreement having been reached
within seven days after the Unconditional Date, as determined by an independent
expert); and

'C' is the aggregate of the number of shares in the Company in issue as at the
close of business on the Unconditional Date.

Notes

1.                For the purpose of the above calculations, the value of any
investments, other assets or liabilities denominated or valued in currencies
other than sterling shall be converted into sterling at the closing mid-point
spot rate of exchange between sterling and such other currencies in London as at
the close of business on the Unconditional Date as published in the Financial
Times or, failing which, as certified by Elm Grove's auditors (acting as an
expert and not as an arbiter).

2.                In the case of sub-paragraphs A(i), (ii) and (iv) above, if
there has been any general suspension of trading on the relevant stock,
commodities, financial futures or other securities exchange or market, or if it
was closed for business on the Unconditional Date, the value of the relevant
investments, traded options or futures contracts shall be taken as at the close
of business on the immediately preceding date on which there was trading on such
exchange or market, provided that such date is not more than seven days prior to
the Unconditional Date and save that, if there has been a material adverse
change in the financial position of any such underlying investment, traded
option or futures contract since the date by reference to which its value is
calculated but prior to the close of business on the Unconditional Date, a fair
provision (as determined by agreement between ODL Securities and UK Select's
financial adviser (or, failing such agreement having been reached within seven
days after the Unconditional Date, as determined by an independent expert))
shall be made to take account of such adverse change in the value of the
relevant investment, traded option or futures contract.

3.                Subject to note 2 above, in the case of sub-paragraphs A(i) to
(iv) (inclusive) above:

(i)                               where any such investment, traded option or
futures contract is subject to restrictions on transfer or a suspension of
dealings or if no such published or quoted prices are available in respect of
any such investment, traded option or futures contract, in each case as at the
close of business on the Unconditional Date, the value of such investment,
traded option or futures contract will be calculated as at the close of business
on the Unconditional Date in accordance with sub-paragraph A(v) above; and

(ii)                              where any such investment, traded option or
futures contract is, at the close of business on the Unconditional Date, subject
to any right of any person to acquire the same or any obligation on the Company
to dispose of the same, whether as a result of the Offer being made or becoming
or being declared unconditional or otherwise, at a price more or less than would
otherwise be determined in accordance with sub-paragraphs A(i) to (iv)
(inclusive) above, such investment, traded option or futures contract shall be
valued at such greater or lesser price unless such right or obligation is
unconditionally and irrevocably waived or lapses prior to the calculation of the
FAV per share of the Company otherwise being agreed or determined.

4.                Subject to note 5 below, with regard to sub-paragraphs A(v)
and (vi) above, ODL Securities and UK Select's financial adviser and, if
appointed, any independent expert shall have regard, inter alia, to the
following when determining the value of any investment or other assets (which
shall be calculated on the basis of a notional sale by a willing seller to a
willing buyer, without regard to any additional value that might be attributed
to such investment or other asset by any special category of potential
purchaser):

(i)                               the existence or exercise of any pre-emption
rights or obligations in respect of such investment or other asset or any other
restrictions on the transfer or disposal of the same which may exist or which
may arise as a consequence of the proposed acquisition by Elm Grove of the
Company or any UK Select Shares or of the transfer of such investment or other
asset to any party or of the winding up of the Company;

(ii)                              the terms and volumes of any recent dealings
in, and marketability of, such investment or other asset; and



(iii)                            the amount of any bona fide offer to acquire
such investment or other asset which may be made by any person and brought to
the attention of ODL Securities and UK Select's financial adviser or, if
appointed, any independent expert.

5.                With regard to sub-paragraphs A(v) and (vi) above, ODL
Securities and UK Select's financial adviser and, if appointed, any independent
expert shall, except in the case of debtors and tangible assets, be bound by the
actual amount of cash items and, in the case of debtors and tangible assets,
shall adopt the accounting policies used by the Company in its latest audited
financial statements.

6.                If any liability referred to in sub-paragraphs B(i) to (vii)
(inclusive) above has not been determined by the date on which the calculations
and adjustments otherwise necessary to determine the FAV per share of the
Company have been made, there shall be included in 'B' such amount in respect of
any such liability as shall be considered to be an appropriate estimate by
agreement between ODL Securities and UK Select's financial adviser (or, failing
such agreement within seven days after the unconditional date, as determined by
an independent expert).

7.                In agreeing any fair realisable value (in the case of
sub-paragraph A(v) or (vi) above) or estimating or determining the amount of any
liabilities, obligations or losses (in the case of sub-paragraph B(vii) above),
or in making any determination under notes 2 and 6 above, ODL Securities and UK
Select's financial adviser shall act as experts and not as arbiters and any such
determination shall be final and binding on all persons and neither of them
shall be under any liability to any person by reason thereof or by reason of
anything done or omitted to be done by them for the purposes thereof or in
connection therewith.

8.                The independent expert referred to in this appendix 1 shall be
a member of the London Investment Banking Association (not connected with any of
the parties providing advice to the Company or Elm Grove in connection with the
Offer) selected by ODL Securities and UK Select's financial adviser or, in
default of such selection within 14 days after the Unconditional Date, by the
chairman for the time being of the London Investment Banking Association on the
application of either ODL Securities or UK Select's financial adviser. Such
member shall act as an expert and not as an arbiter and his determination shall
(subject to any agreement to the contrary between Elm Grove and the Company) be
final and binding on all persons and such member shall not be under any
liability to any person by reason of his appointment or by anything done or
omitted to be done by him for the purposes of such appointment or in connection
therewith.

9.                The Directors of UK Select shall be invited to prepare the
calculation of the FAV per UK Select Share for review by Elm Grove prior to its
submission for approval by ODL Securities on behalf of Elm Grove. In the event
of a dispute regarding the calculation of the FAV per UK Select Share, such
dispute shall be determined by a chartered accountant selected by agreement
having been reached between Elm Grove and the Company or, in default of such
agreement within 14 days after the Unconditional Date, selected by the President
for the time being of the Institute of Chartered Accountants in England and
Wales, which chartered accountant shall act as an expert and not as an arbiter
and whose determination shall (subject to any agreement to the contrary between
Elm Grove and UK Select) be final and binding on all persons, provided that such
chartered accountant shall (subject to any agreement to the contrary between Elm
Grove and UK Select) be bound by any values of investments or other assets or
any quantification of liabilities, obligations or losses agreed between ODL
Securities and UK Select's financial adviser or otherwise agreed between Elm
Grove and UK Select or determined by a decision of any independent expert
referred to in this appendix 1 in respect of any investment or other asset
valued by him or any liability, obligation or loss quantified by him. In the
absence of any such dispute, such calculation approved by, or on behalf of, Elm
Grove or the Company, as the case may be, shall be final and binding on all
persons.

10.              Notwithstanding note 9 above, if either the calculations of the
FAV per UK Select Share has not been so prepared and delivered to ODL Securities
or UK Select's financial adviser for their respective approval by the date seven
days after the Unconditional Date or (whether or not such delivery has been so
made) a final determination of the FAV per UK Select Share has not been made by
the date 14 days after the Unconditional Date, then, pending such final
determination, a provisional calculation of the FAV per UK Select Share (as the
case may be) shall be prepared by Elm Grove and ODL Securities on the basis of
such information as is available to them (and after making such assumptions as
they consider appropriate) and shall be arithmetically checked by Elm Grove.  In
that event, an initial consideration, equal to 85 per cent. of the cash which
would be due as consideration under the Offer were the provisional calculation
referred to above correct, rounded down to the nearest whole penny, shall be
paid to the persons entitled thereto on the prescribed settlement date in
respect of the Offer and any balance shall be paid within seven days after the
final determination referred to above has been approved or determined in
accordance with note 9 above and such approval or determination has been
notified to Elm Grove (but not earlier than the prescribed settlement date).

11.              Notwithstanding any of the above provisions, in the event that
the valuation of any investment or other asset of the Company in accordance with
any of such provisions, or the amount of any deduction made in accordance with
sub-paragraphs B(i) to (vii) (inclusive) above, is, in the opinion of ODL
Securities and UK Select's financial adviser, incorrect or unfair they may, if
they so agree after consultation with the auditors of Elm Grove and the Company,
adopt an alternative method of valuation or deduction, as the case may be.



                      APPENDIX 2 - CONDITIONS TO THE OFFER

The Offer is subject to the following conditions:

(i)                valid acceptances being received (and not, where permitted,
withdrawn) by no later than 3.00 pm on the first closing date of the Offer (or
such later time(s) and/or date(s) as Elm Grove may, subject to the rules of the
of the Code decide) in respect of such number of UK Select Shares (to include
those unconditionally allotted or issued before the Offer becomes or is declared
unconditional as to acceptances) as when aggregated with UK Select Shares held
by Millennium Partners (or its nominees) equals 75 per cent. (or such lesser
percentage as Elm Grove may decide) of the UK Select Shares in issue provided
that, unless agreed by the Panel, this condition will not be satisfied unless
Elm Grove and/or Millennium Partner (or their nominees) have acquired or agreed
to acquire (pursuant to the Offer or otherwise), directly or indirectly, UK
Select Shares carrying, in aggregate, over 50 per cent. of the voting rights
then normally exercisable at general meetings of UK Select on such basis as may
be required by the Panel (including for this purpose, to the extent (if any)
required by the Panel, any voting rights attaching to any UK Select Shares which
are unconditionally allotted or issued before the Offer becomes or is declared
unconditional as to acceptances, whether pursuant to the exercise of conversion
or subscription rights or otherwise);

(ii)               no event occurring or having incurred which causes or would
cause UK Select to cease to be, or cease to be capable of being, exempt from
Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordnances
1989 and 1992;

(iii)              no government or governmental, quasi-governmental,
supranational, statutory or regulatory body, or any court, institution,
investigative body, association, trade agency or professional or environmental
body or (without prejudice to the generality of the foregoing) any other person
or body in any jurisdiction to include, without limitation, the Guernsey
Financial Services Commission, (each, a 'Relevant Authority') having decided to
take, instituted, implemented or threatened any action, proceedings, suit,
investigation or enquiry or enacted, made or proposed any statute, regulation or
order or otherwise taken any other step or done anything, and there not being
outstanding any statute, legislation or order, that would or might:

(a)              restrict, restrain, prohibit, delay, impose additional
conditions or obligations with respect to or otherwise interfere with the
implementation of the Offer or the acquisition of any UK Select Shares by Elm
Grove or any matters arising therefrom;

(b)              result in a delay in the ability of Elm Grove, or render Elm
Grove unable, to acquire some or all of the UK Select Shares;

(c)              require, prevent, delay or affect the divestiture by Elm Grove
or UK Select of all or any portion of their respective businesses, assets or
property or of any UK Select Shares or other securities in UK Select or impose
any limitation on the ability of either of them to conduct their respective
businesses or own their respective assets or properties or any part thereof;

(d)              impose any limitation on the ability of Elm Grove to acquire or
hold or exercise effectively, directly or indirectly, all rights of all or any
of the UK Select Shares (whether acquired pursuant to the Offer or otherwise);

(e)              make the Offer or its implementation or the proposed
acquisition of UK Select or of any UK Select Shares or any other shares or
securities in, or control of, UK Select, illegal, void or unenforceable in or
under the laws of any jurisdiction; or

(f)               otherwise adversely affect any or all of the businesses,
assets, prospects or profits of Elm Grove or UK Select or the exercise of rights
of shares in UK Select;

and all applicable waiting periods during which such Relevant Authority could
institute, implement or threaten any such action, proceedings, suit,
investigation, enquiry or reference or otherwise intervene having expired,
lapsed or been terminated;

(iv)              all authorisations, orders, grants, consents, clearances,
licences, permissions and approvals, in any jurisdiction, deemed necessary or
appropriate by Elm Grove for or in respect of the Offer, the proposed
acquisition of any shares or securities in, or control of, UK Select by Elm
Grove or the carrying on of the business of UK Select or Elm Grove, or any
matters arising therefrom being obtained in terms satisfactory to Elm Grove from
all appropriate Relevant Authorities or (without prejudice to the generality of
the foregoing) from any persons or bodies with whom UK Select or Elm Grove has
entered into contractual arrangements and such authorisations, orders, grants,
consents, clearances, licences, permissions and approvals remaining in full
force and effect and there being no intimation of any intention to revoke or not
to renew the same and all necessary filings having been made, all appropriate
waiting and other time periods (including extensions thereto) under any
applicable legislation and regulations in any jurisdiction having expired,
lapsed or been terminated and all necessary statutory or regulatory obligations
in any jurisdiction in respect of the Offer or the proposed acquisition of UK
Select by Elm Grove or of any UK Select Shares or any matters arising therefrom
having been complied with;

(v)               appropriate assurances being received, in terms satisfactory
to Elm Grove, from the Relevant Authorities or any party with whom UK Select has
any contractual or other relationship that the interests held by UK Select under
licences, leases, consents, permits and other rights will not be adversely
amended or otherwise affected by the Offer or the proposed acquisition of UK
Select or any matters arising therefrom, that such licences, leases, consents,
permits and other rights are in full force and effect and that there is no
intention to revoke or amend any of the same;

(vi)              there being no provision of any agreement, instrument, permit,
licence or other arrangement to which UK Select is a party or by or to which it
or any of its assets may be bound or subject which, as a consequence of the
Offer or the acquisition of UK Select or because of a change in the control or
management of UK Select or any matters arising therefrom or otherwise, could or
might have the result that:

(a)              any mortgage, charge or other security interest is created over
the whole or any part of the business, property or assets of UK Select or any
such security (whenever arising) becomes enforceable;

(b)              any such agreement, instrument, permit, licence or other
arrangement, or any right, interest, liability or obligation of UK Select
therein, is terminated or adversely modified or affected or any action is taken
or onerous obligation arises thereunder;

(c)              the value of UK Select or its financial or trading position is
prejudiced or adversely affected;

(d)              any material asset or, other than in the ordinary course of
business, any asset of UK Select being or falling to be charged or disposed of;
or

(e)              the rights, liabilities, obligations or interests or business
of UK Select in or with any other person, firm or company (or any arrangement
relating to such interest or business) is terminated, modified or adversely
affected;

(vii)             since 31 December 2004 (being the date to which the last
audited accounts of UK Select were made up) and save as announced publicly and
in each case delivered to a Regulatory Information Service prior to the date of
this announcement UK Select not having:

(a)              issued or agreed to issue or authorised or proposed the issue
of additional shares of any class or issued or authorised or proposed the issue
of or granted securities convertible into or rights, warrants or options to
subscribe for or acquire such shares or convertible securities or redeemed,
purchased or reduced or announced any intention to do so or made any other
change to any part of its share capital;

(b)              recommended, declared, paid or made or proposed to recommend,
declare, pay or make any dividend, bonus or other distribution;

(c)              authorised or proposed or announced its intention to propose
any merger or acquisition or disposal or transfer of assets or shares or any
change in its share or loan capital;

(d)              issued or authorised or proposed the issue of any debentures or
incurred or increased any indebtedness or contingent liability;

(e)              disposed of or transferred, mortgaged or encumbered any asset
or any right, title or interest in any asset or entered into or varied any
contract, commitment or arrangement (whether in respect of capital expenditure
or otherwise) which is of a long term or unusual nature or which involves or
could involve an obligation of a nature or magnitude which is material or
authorised, proposed or announced any intention to do so;

(f)               entered into or varied or proposed to enter into or vary any
contract, reconstruction, amalgamation, arrangement or other transaction which
is of a long term or unusual or onerous nature or is otherwise than in the
ordinary course of business or announced any intention to do so;

(g)              entered into, or varied the terms of, any contract or agreement
with any of the Directors of UK Select;

(h)              entered into, or varied the terms of, any contract or agreement
with Scottish Widows or any of its holding companies or any subsidiary of any
such holding company;

(i)                taken or proposed any corporate action or had any legal
proceedings started or threatened against it for its winding-up, dissolution or
reorganisation or for the appointment of a liquidator, receiver, administrator
(whether out of court or otherwise), administrative receiver, trustee or similar
officer of all or any of its assets and revenues;

(j)                waived or compromised any claim other than in the ordinary
course of business;

(k)               made any amendment to its memorandum or articles of
association or other incorporation documents;

(l)                entered into any contract, transaction or arrangement which
is or may be restrictive on the business of UK Select or Elm Grove;

(m)             entered into any contract, commitment or agreement with respect
to any of the transactions or events referred to in this condition (vii); or

(n)              been unable or admitted that it is unable to pay its debts or
having stopped or suspended (or threatened to stop or suspend) payment of its
debts generally or ceased or threatened to cease carrying on all or a
substantial part of its business;

(viii)             since 31 December 2004 (being the date to which the last
audited accounts of UK Select were made up) and save as announced publicly and
in each case delivered to a Regulatory Information Service prior to the date of
this announcement:

(a)              no litigation, arbitration, prosecution or other legal
proceedings having been instituted, announced or threatened or become pending or
remained outstanding by or against UK Select or to which UK Select is or may
become a party (whether as plaintiff, claimant, defendant or otherwise);

(b)              no adverse change having occurred in the business, assets,
financial or trading position, profits or prospects of UK Select;

(c)              no investigation by any Relevant Authority having been
threatened, announced, implemented or instituted or remaining outstanding; and

(ix)             Elm Grove not having discovered that:

(a)              any business, financial or other information concerning UK
Select publicly disclosed at anytime by UK Select, either contains a
misrepresentation of fact or omits to state a fact necessary to make the
information contained therein not misleading; or

(b)              UK Select is subject to any liability, actual or contingent,
which is not disclosed in the annual report and accounts of UK Select for the
financial year ended 31 December 2004.

Elm Grove reserves the right to waive all or any of conditions (ii) to (ix)
(inclusive) above, in whole or in part.  Conditions (ii) to (ix) above must be
fulfilled or waived (where possible) within 21 days after the later of the first
closing date of the Offer and the date on which condition (i) is fulfilled (or
in each case such later date as the Panel may agree) provided that Elm Grove
shall be under no obligation to waive or treat as satisfied any of conditions
(ii) to (ix) (inclusive) by a date earlier than the latest date specified above
for the satisfaction thereof notwithstanding that the other conditions of the
Offer may at such earlier date have been waived or fulfilled and that there are
at such earlier date no circumstances indicating that any of such conditions may
not be capable of fulfilment.

If Elm Grove is required by the Panel to make an offer for UK Select Shares
under the provisions of Rule 9 of the Code, Elm Grove may make such alterations
to the conditions as are necessary to comply with the provisions of that Rule.




                 APPENDIX 3 - SOURCES AND BASES OF INFORMATION

1.                                Unless otherwise indicated, share prices have
been taken from Bloomberg.  The 'discount' or 'premium' at which a share trades
is the difference between its mid-market price and its net assets value
expressed as a percentage of that net asset value.  Where the share price is
higher than the net asset value per share, the share stands at a premium; if the
share price is lower than the net asset value per share, the share stands at a
discount.

2.                                The statements relating to or involving the
entire issued share capital of UK Select are based on the issued share capital
of UK Select as at 7 July 2005, being 38,123,640 ordinary shares of 10p each
(such number being derived from a confirmation received from UK Select).

3.                                The information regarding UK Select's total
assets, borrowings and net assets as at 15 July 2005 is based on information
contained in the report and accounts of UK Select for the year ended 31 December
2004 and from publicly announced sources which have been delivered to a
Regulatory Information Service by UK Select prior to 15 July 2004 (being the
latest practicable date prior to this announcement).

4.                                All other information contained in this
announcement relating to UK Select, has been taken from publicly announced
sources which have been delivered to a Regulatory Information Service by UK
Select prior to 15 July 2005 (being the latest practicable date prior to this
announcement).



                            APPENDIX 4 - DEFINITIONS

'Act' or 'Companies Act'        the Companies Act 1985 (as amended)

'Board' or 'UK Select Directors'   the board of directors of UK Select

'business day'                        a day (other than a Saturday, Sunday or
public holiday) when clearing banks are open for business in the City of London

'Closing Price'                       the closing middle market quotation of a
share on the relevant date as derived from the Daily Official List

'Code' or 'City Code'            the City Code on Takeovers and Mergers (as
amended or interpreted from time to time by the Panel)

'Daily Official List'                  the daily official list of the London
Stock Exchange

'Elm Grove'                           Elm Grove (Caymans) Ltd., a company
incorporated and resident in the Cayman Islands

'FAV per UK Select Share'       the formula asset value, calculated in accordance with the
                                formula set out in appendix 1 to this announcement, attributable
or 'FAV per share in the        to each UK Select Share in issue as at the close of business on
Company'                        the Unconditional Date

'Form of Acceptance'            the form of acceptance and authority for use by
UK Select Shareholders in connection with the Offer

'Formula Asset Value'           the FAV per UK Select Share

'ODL Securities Limited'       ODL Securities Limited, Salisbury House, London
Wall, London EC2M 5QQ

'Listing Rules'                        the Listing Rules of the UK Listing
Authority made pursuant to section 74 of the Financial Services and Markets Act
2000

'London Stock Exchange'     London Stock Exchange plc.

'Millennium Partners' or '         Millennium Partners, L.P. 666 Fifth Avenue, New York, NY 10103-0899,
Millennium'                        USA

'Offer'                                    the offer being made by ODL
Securities on behalf of Elm Grove to acquire the issued and to be issued share
capital of UK Select not already owned or controlled by Millennium Partners on
the terms and subject to the conditions set out in the Offer Document and the
Form of Acceptance (including, where the context so requires, any subsequent
waiver, revision, variation, extension or renewal of such offer)

'Offer Document'                  the document to be posted to UK Select
Shareholders containing, and setting out the terms and conditions of, the Offer

'Offer Period'                         the period commencing on the date of this
announcement until whichever of the following shall be the latest: (i) 3 p.m. on
the first closing date of the Offer, (ii) the Unconditional Date and (iii) the
date on which the Offer lapses

'Offer Price'                           cash equal to 99 per cent. of FAV per UK
Select Share up to a maximum of 150p per UK Select Share

'Official List'                           the Official List of the UK Listing
Authority

'Panel'                                   the Panel on Takeovers and Mergers

'Regulatory Information         any information service authorised from time to time by the UK
Service'                        Listing Authority for the purpose of dissemination of regulatory
                                announcements by the Listing Rules of the UK Listing Authority

'Scottish Widows'                 Scottish Widows Investment Partnership
Limited, Edinburgh One, Morrison Street, Edinburgh EH3 8BE

'UK Select ' or the 'Company'   UK Select Trust Limited, an investment company incorporated and
                                resident in Guernsey with registered number 475

'UK Select Shareholders'  or    registered holders of UK Select Shares
'Shareholders'

'UK Select Shares'              existing unconditionally allotted or issued and fully paid (or
                                credited as fully paid) ordinary shares of 10p each in the
                                capital of UK Select and any further shares which are
                                unconditionally allotted or issued fully paid or credited as
                                fully paid after the date of this announcement and before the
                                date on which the Offer ceases to be open for acceptance (or
                                such earlier date as Elm Grove may, subject to the Code, decide)
                                but excluding any such shares held or which become held in
                                treasury

'UK' or 'United Kingdom'      United Kingdom of Great Britain and Northern
Ireland

'UK Listing Authority'             the Financial Services Authority acting in
its capacity as the competent authority for the purposes of Part VI of the
Financial Services and Markets Act 2000

'Unconditional Date'              the date on which the Offer becomes or is
declared unconditional as to acceptances

'United States' or 'US'          the United States of America, its territories
and possessions, any state of the United States of America and the District of
Columbia and all other areas subject to the jurisdiction of the United States of
America

'US Person'                           a US person as defined in Regulation 5
under the US Securities Act

'US Securities Act'                the US Securities Act of 1933 (as amended)
and the rules and regulations promulgated under that act

'Wholly Unconditional Date'     the date on which the Offer becomes or is declared unconditional
                                in all respects






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