Holding(s) in Company

3i Smaller Quoted Co's Trust PLC
29 July 2003

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Name of company

3i Smaller Quoted Companies Trust plc

2. Name of shareholder having a major interest

The Royal Bank of Scotland Group plc

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18

as above

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them

Registered holder                                                 No. of shares

BNY GIL Client A/C Nominees Ltd                                       2,321,539
NatWest FIS Nominees Ltd SX Account                                       1,334
BNY (OCS) Nominees Ltd                                                2,382,500
Total interest of The Royal Bank of Scotland Group plc                4,705,373

5. Number of shares / amount of stock acquired

not known

6. Percentage of issued class

not known

7. Number of shares / amount of stock disposed

not known

8. Percentage of issued class

not known

9. Class of security

Ordinary shares of 25p each

10. Date of transaction

not known

11. Date company informed

29 July 2003

12. Total holding following this notification

4,705,373

13. Total percentage holding of issued class following this notification

8.41%

14. Any additional information

(a)  The Royal Bank of Scotland plc has an interest in all the shares 
     detailed in 4 above.
(b)  RBS Pension Trustee Ltd has an interest in 4,684,539 of the shares detailed 
     in 4 above.
(c)  National Westminster Bank plc has an interest in 4,684,539 of the shares 
     detailed in 4 above, to the extent mentioned below:

Registered holder                                                 No. of shares

BNY GIL Client A/C Nominees Ltd                                       2,321,539
BNY (OCS) Nominees Ltd                                                2,363,000

(d)   None of the shares detailed in 4 above relate to interests as mentioned in 
      section 208 (5) of the Companies Act 1985.

15. Name of contact and telephone number for queries

Robin Jack-Kee - 020 7975 3515

16. Name and signature of authorised company official responsible for making
this notification

For and on behalf of 3i plc, Secretaries to 3i Smaller Quoted Companies Trust 
plc

Date of notification

29 July 2003


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