Holding(s) in Company

3i Smaller Quoted Co's Trust PLC
13 January 2005

                                  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:

Asset Value Investors Limited

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:

Non-Beneficial

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

BoNY Nominees: 625,799 shares - Beneficial Holder:  AVI Value Fund LLC
Chase Nominees: 1,264,435 shares - Beneficial Holder:  British Empire Securities
State Street Nominees: 76,717 - Beneficial Holder:  Carnegie Corporation
BoNY Nominees: 173,507 shares - Beneficial Holder:  CF AVI Global Fund
Mellon: 139,833 shares - Beneficial Holder:  Columbia University
Pictet: 125,004 shares - Beneficial Holder:  Lord North Street
Chase Nominees: 82,168 shares - Beneficial Holder:  Rockefeller University
Nortrust Nominees: 512,537 - Beneficial Holder:  Yale University

5) Number of shares/amount of stock acquired:

3,000,000

6) Percentage of issued class:

5.86%

7) Number of shares/amount of stock disposed since last notification:

N/A

8) Percentage of issued class:

N/A

9) Class of security:

Ordinary shares of 25p each

10) Date of transaction:

12 January 2005

11) Date company informed:

13 January 2005

12) Total holding following this notification:

3,000,000

13) Total percentage holding of issued class following this notification:

5.86%

14) Any additional information:

N/A

15) Name of contact and telephone number for queries:

Ms C Driscoll- 020 7743 2427

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

Ms C Driscoll
For Merrill Lynch Investment Managers Group Services Limited
Secretary

17) Date of notification:

13 January 2005


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