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3i UK Select Trust (UKT)

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Thursday 25 April, 2002

3i UK Select Trust

AGM, EGM, Tender Offer

3i UK Select Trust Ld
25 April 2002

                           3i UK Select Trust Limited

                    To be renamed 'UK Select Trust Limited'

 Result of annual and extraordinary general meetings and tender offer elections

3i UK Select Trust Limited (the 'Company') announces that at its annual general
meeting held earlier today all resolutions, including that proposing that the
Company continue in existence, were passed.

The Company also announces the passing of the ordinary resolution put to an
extraordinary general meeting, which was also held earlier today, authorising
the Company to make on-market purchases of its ordinary shares pursuant to the
terms of the tender offer set out in the circular to shareholders of the Company
dated 28 March 2002 ('Circular').

In addition, a special resolution for the Company's name to be changed to 'UK
Select Trust Limited', conditional on the tender offer being completed, was also

With the adoption of the aforementioned resolutions, the Board is pleased to
confirm that the appointment of Scottish Widows Investment Partnership Limited
('SWIP') as the Company's new investment manager has now become effective.

The Company further announces that Dresdner Kleinwort Wasserstein Securities
Limited ('Dresdner Kleinwort Wasserstein') has received valid tender elections
for approximately 24.2 million ordinary shares (representing approximately 42.3
per cent. of the Company's issued ordinary share capital) from shareholders.
14.6 million of the tendered ordinary shares are accounted for by 3i Group plc
tendering its holding in full.  As the aggregate figure represents less than
two-thirds of the Company's issued share capital, all shares validly tendered
will be purchased by Dresdner Kleinwort Wasserstein without any scaling back on
completion of the tender.

Pursuant to the terms of the tender offer, SWIP will purchase, on behalf of its
clients, approximately 8.2 million ordinary shares from Dresdner Kleinwort
Wasserstein at the tender price so as to result in an aggregate holding of
approximately 20 per cent. of the continuing Company.  The remaining ordinary
shares to be purchased by Dresdner Kleinwort Wasserstein under the tender offer
(approximately 15.9 million) will subsequently be repurchased by the Company for
cancellation.  Following the completion of the tender offer and the issue of an
additional 400,551 ordinary shares pursuant to the scrip dividend alternative,
there will be approximately 41.6 million ordinary shares of the Company in issue
and, based on the net asset value of the Company as at 23 April 2002 of 102.8p
per ordinary share, this would leave the Company with total net assets of
approximately £43 million.

Following the realisation of a proportion of the Company's portfolio required to
fund the repurchase of ordinary shares by the Company, the tender price per
ordinary share validly tendered will be calculated in accordance with the terms
of the tender offer, as set out in the Circular.  A further announcement
specifying the amount of the tender price is expected to follow on or around 2
May 2002, with cheques despatched to tendering shareholders on or after 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.


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 customers 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

a d v e r t i s e m e n t