Investment Policy

3i Smaller Quoted Co's Trust PLC
22 October 2003


3i Smaller Quoted Companies Trust plc


For the purposes of Rule 21.9 (I) of the Financial Services Authority's Listing
Rules, which is to take effect from 1 November 2003, 3i Smaller Quoted Companies
Trust plc hereby confirms that, as part of its investment policy, it will not
invest more than 15% of its gross assets in other listed investment companies
(including listed investment trusts).


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