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3i UK Select Trust (UKT)

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Thursday 02 May, 2002

3i UK Select Trust

Result of Tender Offer

3i UK Select Trust Ld
2 May 2002



                           3i UK Select Trust Limited

              (pending change of name to UK Select Trust Limited)


Completion of tender offer, resignation of directors and change of name


Tender price


3i UK Select Trust Limited (the 'Company') is pleased to announce the successful
completion of the tender offer for 24,181,432 ordinary shares (representing
approximately 42 per cent. of the Company's issued ordinary share capital).

The tender price at which all such validly tendered shares have today been
purchased by Dresdner Kleinwort Wasserstein is 98.027734p per share.  The
Company has repurchased 15,934,432 of these shares for cancellation.  Scottish
Widows Investment Partnership Limited ('SWIP'), the Company's new investment
manager, has purchased the remaining 8,247,000 shares at the tender price on
behalf of its clients (such aggregate amount representing approximately 19.8 per
cent of the Company's issued ordinary shares, following the issue of 400,551
ordinary shares pursuant to the Company's scrip dividend alternative).

It is expected that cheques will be despatched to tendering shareholders on or
around Wednesday 8 May.

The Board is pleased that the tender process has enabled 3i Group plc and other
shareholders who wished to realise their investment in the Company pursuant to
the tender offer to do so in full and also enables the Company to move forward
with a new investment manager.


Composition of Board

The Company announces that, following the successful completion of the tender
offer, John Davies and Kevin Lycett have resigned from the Board.  The Company
wishes to express its gratitude to both directors for their valuable
contribution over the years.


New Company name

The resolution to change the Company's name to UK Select Trust Limited has now
also become unconditional and will become effective as soon as it has been
approved by the Royal Court of Guernsey.


Enquiries:


Jim Le Pelley 01481 721234
Chairman, 3i UK Select Trust Limited

Andrew Zychowski 020 7623 8000
Dresdner Kleinwort Wasserstein

Caroline Partridge 0131 655 6527
Head of Corporate Communications
Scottish Widows Investment Partnership


In relation to the tender offer, Dresdner Kleinwort Wasserstein, which is
regulated by the Financial Services Authority, is acting for 3i UK Select Trust
Limited and no one else and will not be responsible to any other person for
providing the protections afforded to its clients or for providing advice in
relation to the tender offer or any other matter referred to herein. Dresdner
Kleinwort Wasserstein is the marketing name for the investment bank of Dresdner
Bank AG, a member of the Allianz Group.



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