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BSX Approves Listing of up to 100,000,000 LIBOR PLUS Class Units of the Schroder Offshore U.S. Dolla

Hamilton, Bermuda, 2 December 2002 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of up to 100,000,000 LIBOR PLUS Class Units of the Schroder Offshore U.S. Dollar Bond Fund ("the Fund"). The listing was effective as of 14 October, 2002.

The Fund was organized as an open-ended unit trust under the laws of Bermuda pursuant to a Trust Deed dated 1 October 1992. The Fund has been classified as a Standard Scheme pursuant to the Bermuda Monetary Authority (CIS) Regulations 1998.

The LIBOR PLUS Class Units will be managed with the paramount goal of maintaining the value of amounts invested. The Investment Adviser will also aim to maintain reasonable liquidity. After satisfying the need for maintaining the value of amounts invested and liquidity, the Investment Adviser will endeavor to earn a high total return. Investments will be made principally in US dollar denominated fixed income securities.

LOM Capital Limited sponsors the listing of the LIBOR PLUS Class Units of the Fund. The securities are being listed under the Listing Regulations for Collective Investment Schemes and the provisions for General Marketing.

"The additional yield provided by this Class will be attractive to investors at this time of historic low interest rates. It is currently yielding approximately 1.82% which combined with weekly dealing provides a tremendous combination of yield and liquidity", said Peter Everson, President of Schroders (Bermuda) Limited.

"We are pleased to welcome the LIBOR PLUS Class Units to listing", said Mr. James S. McKirdy, Listing & Compliance Manager of the BSX.

"LOM Capital is proud to sponsor the LIBOR PLUS Class Units listing on the BSX" said David Surmon of LOM.

For further information on the LIBOR PLUS Class Units of the Schroder Offshore U.S. Dollar Bond Fund, please contact Robin Richmond at telephone: 292 4995 or facsimile: 292 2437.