Management Arrangements

3i Smaller Quoted Co's Trust PLC
28 October 2004

3i Smaller Quoted Companies Trust plc



3i Smaller Quoted Companies Trust plc (the "Company") announced on 8 October
2004 that agreement had been reached, on a conditional basis, for the
appointment of DWS Investment Trust Managers Limited ("DWS"), the investment
trust management arm of Deutsche Asset Management, as investment manager to the
Company.  The Board of Directors of the Company has now been informed that,
following changes to the senior management structure of Deutsche Asset
Management, DWS is unable to proceed with arrangements for the transfer of the
Company's investment management to DWS on the agreed terms.  Accordingly, DWS
will not be appointed investment manager to the Company.


The Board is currently considering the most appropriate course of action as
regards the future management arrangements of the Company.  The Asset Management
division of 3i Investments plc has confirmed that it will continue to provide
investment management services to the Company on the current basis until such
arrangements are put into place.  A further announcement will be made by the
Company in due course.



28 October 2004


Enquiries


William Govett                                              020 7835 0516
Chairman


Andrew Zychowski/David Yovichic                             020 7623 8000
Dresdner Kleinwort Wasserstein



Dresdner Kleinwort Wasserstein Securities Limited, which is authorised and
regulated by the Financial Services Authority in the conduct of investment
business, is acting for 3i Smaller Quoted Companies Trust plc and no one else in
respect of its investment management arrangements and will not be responsible to
anyone other than 3i Smaller Quoted Companies Trust plc for providing the
protections afforded to clients of Dresdner Kleinwort Wasserstein Securities
Limited in relation thereto.






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