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Press Release - 1 June 2005

Split Capital Investment Trust Settlement
Channel Islands Splits Adjudication Scheme

The Jersey Financial Services Commission (the “JFSC”) announces the launch of the Channel Islands Splits Adjudication Scheme (“CISAS”).

CISAS has been established by the JFSC, the Guernsey Financial Services Commission (“GFSC”) and the Firms named at the end of this statement pursuant to the Split Capital Investment Trust (“Splits”) settlement agreement dated 24 December 2004, details of which were given in the announcement made by the JFSC on that date. A copy of the announcement can be found on the JFSC’s website at www.jerseyfsc.org.

CISAS is entirely separate and independent from Fund Distribution Limited (“FDL”), which has also been established under the settlement agreement mentioned above to distribute payments to eligible investors in zero dividend preference shares (“Zeros”) and in other financial products that invested in Zeros. However, CISAS will not be able to consider a complaint about an investment if the investor is waiting for the results of an application for a distribution from FDL in respect of the same investment or has accepted a distribution from FDL.

CISAS has been set up to provide customers of establishments maintained by the Firms in Jersey or Guernsey with an independent adjudication service for the resolution of complaints relating to investments purchased through those establishments in the Jersey, Guernsey and UK Splits sectors. It will operate independently from the JFSC, GFSC and the Firms.

In dealing with complaints, CISAS has been designed to mirror as fully as practicable the scope of, and remedies available through, the UK Financial Ombudsman Service (“FOS”). Before making a complaint to CISAS, customers with a complaint relating to a participating firm must have complained to the firm. Complainants will also need to comply with the scheme’s conditions for eligibility and with certain deadlines, which are explained more fully on the CISAS website, details of which appear at the end of this statement.

The JFSC, GFSC and the Firms have appointed Littleton Dispute Resolution Service Limited to operate CISAS.

Full details of the scheme and how to make a complaint to the scheme can be obtained from the CISAS website at www.Channelislandssplitsadjudicationscheme.com or from the following address:

Channel Islands Splits Adjudication Service,
3 King’s Bench Walk North
Temple,
London EC4Y 7HR
Tel: 020 7936 5063
Email:enquiries@cisplitsas.com

The firms participating in CISAS are:

• Aberdeen Asset Managers Jersey Limited

• Aberdeen Private Wealth Management Limited

• Brewin Dolphin Securities Limited

• Collins Stewart (CI) Limited

• HSBC Investments (International) Limited (formerly HSBC Investment Management (International) Limited) as the continuing company post merger of Le Masurier James & Chinn Limited*

• Insinger de Beaufort (International) Limited

• Legg Mason Investments Europe Limited.

* The scheme will only handle complaints about the activities of Le Masurier James & Chinn Limited.

For further information please contact: -

David Carse, Director General
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822011
Fax:+ 44 (0) 1534 822001
Email:To Mr Carse's PA:l.johns@jerseyfsc.org

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