UK Select Trust Limited (the "Company")

Portfolio update

2 August 2012

Following the appointment of Threadneedle Asset Management Limited ("Threadneedle") as the Company's investment manager with effect from 31 July 2012, the Board is pleased to confirm that the Company's portfolio has now been realigned with Threadneedle's UK Equity Alpha Strategy.

As at close of business on 1 August, the Company was fully invested and the top ten holdings in the Company's portfolio (amounting to 29.59 per cent. of net assets) were as follows:

Threadneedle's UK Equities Team, headed by Simon Brazier, manages £14bn of assets.  Mr Brazier is responsible for the Company's portfolio and will manage it in accordance with his successful UK Equity Alpha strategy. Mr Brazier applies this strategy in managing the Threadneedle UK Fund, which has delivered top quartile performance since he began managing it in April 2010 and is also top quartile over 3 and 5 years*. Threadneedle's UK equity investment approach uses the ideas and company research generated by its team of 12 UK equities fund managers and analysts, combined with insights generated by the broader 130-strong investment team.

Jim Le Pelley, Chairman of the Company, commented:

"The Board is delighted that Threadneedle have taken over the management of the Company's portfolio and looks forward to this new chapter for the Company, sharing in the success of Simon Brazier's UK Equity Alpha strategy."

Enquiries 

Kleinwort Benson (Channel Islands) Fund Services Ltd         +44 (0) 1481 710607

(Company Secretary)

Canaccord Genuity Limited                                                    +44 (0) 20 7523 8000

(Broker and Adviser)

Andrew Zychowski / Lucy Lewis

*To end June 2012.  Source: Threadneedle.

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as adviser to UK Select Trust Limited and is acting for no-one else in connection with the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Canaccord Genuity Limited nor for providing advice in connection with the contents of this announcement  or any other matter referred to herein.  Canaccord Genuity Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Canaccord Genuity Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.