Holding in Company

3i Smaller Quoted Co's Trust PLC
8 January 2001


LETTER TO: COMPANY ANNOUNCEMENTS OFFICE

'THE LISTING RULES'
- Chapter 9, Paragraph 9.11

In accordance with the above, we are writing to let you know that notification
of a change in interest in 3i Smaller Quoted Companies Trust plc under S.198 of
the Companies Act 1985 (as amended) was received in our London Offices today. A
copy of the notification letter is below.

LETTER FROM: 3i SMALLER QUOTED COMPANIES TRUST PLC



LETTER TO: 3i SMALLER QUOTED COMPANIES TRUST PLC
DATED 3 JANUARY 2001

SECTION 198 COMPANIES ACT 1985

We, The Royal Bank of Scotland Group plc, for ourselves and on behalf of:

  National Westminster Bank Plc

write to advise you pursuant to Section 198 of the Companies Act 1985 (the Act)
that:

1.  This notification relates to the ordinary 25p share capital of 3i Smaller
    Quoted Companies Trust plc.

2.  The number of shares of the person(s) with an interest, for the purposes of
    sections 208 and 209 of the Act, immediately after the time when the        
    obligation arose, are shown on the schedule below.

3.  The identities of the registered holders of these shares and the number of
    shares held by each holder, so far as is known to us at the date of this    
    notification, are shown on the schedule below.

4.  The percentages quoted on the schedule below are based on your issued       
    ordinary share capital of 57,718,523, as advised to us by FT Information.

5.  None of the shares on the schedule below relates to interests as mentioned  
    in Section 208(5) of the Act.

6.  NatWest Pension Trustees Ltd are interested in 2,170,339 shares, but have   
    not come under an obligation to make a disclosure as defined under Section  
    199  of the Act.

LETTER FROM: THE ROYAL BANK OF SCOTLAND GROUP PLC

     
Schedule of registered holders for notification S198-L01/RJH/319

Registered Holder                                  Number of Shares  Percentage

BNY GIL, Client A/C Nominees Ltd                        2,170,339
NatWest FIS Nominees Ltd                                    5,500
National Westminster Bank Plc                              91,000

Total interest of National Westminster Bank Plc         2,266,839     3.92

ADAM & COMPANY (NOMINEES) LTD                               6,000
BNY GIL Client A/C Nominees Ltd                            43,607

Total interest of The Royal Bank of Scotland Group plc  2,316,446     4.01