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UK Select Trust Ld (UKT)

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Friday 12 August, 2005

UK Select Trust Ld

Circular to Shareholders

UK Select Trust Limited
12 August 2005


Announcement required by Rule 8.4 of the City Code

On 3 August 2005 Scottish Widows Investment Partnership Limited (SWIP) delivered
a letter of intent to UK Select Trust Limited (the Company) setting out SWIP's
intentions in respect of 8,247,000 shares (representing 21.6% of the existing
issued share capital of the Company which SWIP held on behalf of its clients)
regarding the offer announced by Elm Grove (Caymans) Limited (Elm Grove) on 19
July 2005 and the Company's alternative proposals to shareholders.  In that
Letter of Intent SWIP indicated that it intended to reject the Offer made by Elm
Grove unless it became or was declared unconditional as to acceptances. At that
time SWIP's position was and continues to be that SWIP supports the Company's
alternative proposals to shareholders as set out in the circular to shareholders
issued on 4 August 2005.

Due to an administrative error, the Offer made by Elm Grove was accepted on 9
August 2005 in respect of 1,947,000 shares (representing approximately 5.1% of
the existing issued share capital of the Company), which formed part of the
shareholding covered by the Letter of Intent.

This position is contrary to SWIP's intentions as stated in the Letter of Intent
issued to the Company on 3 August 2005 and the Company's circular issued to
shareholders, with SWIP's approval, on 4 August 2005.  SWIP's intentions remain
as previously stated in respect of all other shares in the Company which it
holds on behalf of its clients.  The error commits SWIP to accepting Elm Grove's
Offer in respect of the 1,947,000 shares.  As the acceptance was made in error
SWIP has requested Elm Grove to permit the relevant Form of Acceptance to be

In any event, SWIP intends to withdraw the acceptance on 6 September 2005, which
is the 42nd day following the posting of the Elm Grove Offer document if the
Offer at that time is still conditional as to acceptances.


Andy Frepp                                          0131 655 8500
Scottish Widows Investment Partnership Limited

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