Holding(s) in Company

3i Smaller Quoted Co's Trust PLC
14 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:

HBOS 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:

Beneficial and Non-Beneficial

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

HSDL Nominees Limited:  10 shares
State Street Nominees Limited A/C FE1F:  24,600 shares
State Street Nominees Limited A/C FE1G:  50,000 shares
HSBC Global Custody Nominees (UK) Ltd (Fund EQINV):  500,000 shares
Chase Nominees A/C CMIG (Fund 2314):  1,712,463 shares
HSBC Global Custody Nominees (UK) Ltd (Fund EQPEL):  4,420,000 shares

5) Number of shares/amount of stock acquired:

5,159,602

6) Percentage of issued class:

10.08%

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:

13 January 2005

11) Date company informed:

14 January 2005

12) Total holding following this notification:

6,707,073

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

13.11%

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:

14 January 2005


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