Holding in Company

3i Smaller Quoted Co's Trust PLC
7 November 2000


NOTIFICATION OF INTEREST(S) IN SHARES UNDER SECTION 198 COMPANIES 
ACT 1985 ('THE ACT')

3i SMALLER QUOTED COMPANIES TRUST plc

This notification supersedes any previous notification from AXA Investment
Managers UK Ltd.

We are writing on behalf of AXA S.A. of 40 rue du Colisee, 75008 Paris and its
subsidiaries who are deemed to have an interest in these shares.

AXA S.A. knows that they were interested in 2,636,727 ord 25p shares in the
57,718,523 share capital immediately after the time when the obligation of
disclosure arose pursuant to section 198 of the Act. These shares represent by a
material interest of 1,859,132 shares (3.22%) and a non-material interest of
777,595 shares (1.35%).

The identity of each registered holder of the shares to which this notice
relates, so far as known to AXA Investment Managers UK Ltd, as at 03/11/00, is
as per the Appendix below.

This notification of change is due to an increase in the material holdings from
2.96% to 3.22%.


                         DISCLOSURE OF INTEREST IN SHARES OF
            APPENDIX - NOTICE UNDER SECTION 198 OF THE COMPANIES ACT 1985
                  3I SMALLER QUOTED COMPANIES TRUST plc ord 25p shares

              Total number of shares held as at 03/11/00 was 2,636,727 the
              breakdown of which is set out below:


Name of the            Number of   Particulars of            Registered as
Company / Fund          Shares     Beneficial Owners


Pan Euro UK Secure       677,595   Pan Euro UK Secure        Barclays 
Growth                             Growth                    Nominees Ltd
(Non Material)  

Sun Life Global          100,000   Trustees of the Sun Life  Bank Generale  
Management Ltd                     Global Management         Luxembourg 
Distribution                       Distribution              Midland Bank
(Non Material)

Sun Life Pensions         34,800   Sun Life Pensions         HSBC Global 
Management Ltd A/c                 Management Ltd            Custody Nominee 
X (Material)                                                 (UK) Limited

Sun Life Pensions         37,200   Sun Life Pensions         HSBC Global       
Management Ltd A/c                 Management Ltd            Custody 
X (Material)                                                 Nominee 
                                                             (UK) Limited

Sun Life Pensions         37,200   Sun Life Pensions         HSBC Global
Management Ltd A/c                 Management Ltd            Custody 
X (Material)                                                 Nominees 
                                                             (UK) Limited

Sun Life Pensions         37,200   Sun Life Pensions         HSBC Global 
Management Ltd A/c                 Management Ltd            Custody 
X (Material)                                                 Nominees 
                                                             (UK) Limited

Sun Life Unit          1,693,989   Sun Life Unit             HSBC Global 
Assurance Ltd A/c                  Assurance Ltd             Custody Nominee
K (Material)                                                 (UK) Limited

Sun Life Pensions          7,500   Sun Life Pensions         Smith & 
Management Ltd                     Management Ltd            Williamson 
(Material)                                                   Nominees Ltd

Sun Life Pensions         11,243   Sun Life Pensions         RBSTB Nominees
Management Ltd                     Management Ltd            Designation 
(Material)                                                   Sunpen

                                   Holding as % of 
                                    Issued Capital

  Total Matrerial      1,859,132        3.22%

  Total Non-Material     777,595        1.35%

          TOTAL        2,636,727        4.57%