Holdings in Company

3i Smaller Quoted Co's Trust PLC
10 March 2000


LETTER TO:    3i SMALLER QUOTED COMPANIES TRUST PLC

                         SECTION 198 COMPANIES ACT 1985

We, National Westminster Bank Plc on behalf of The Royal Bank of Scotland Group
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
   obligations 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 at the date of this 
   notification, are shown on the schedule below.

4. The percentage quoted on the schedule below is based on your issued 
   ordinary share capital of 57,918,523, 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. National Westminster Bank Plc is interested in 2,329,657 shares.  Of this
   figure NatWest Pension Trustees Ltd are interested in 2,170,399 shares.
   Neither of these companies have come under an obligation to make a 
   disclosure to make a disclosure as defined under Section 1999 of the Act.
   The above interests are included on the schedule below.

LETTER FROM:  NATWEST GROUP


Schedule of registered holders for notification S198-L01/JCM/83
                                                   

Registered Holder                                        Number of   Percentage
                                                            Shares

BNY GIL Client A/C Nominees Ltd                         2,170,339 
NatWest FIS Nominees Ltd                                    5,500
National Westminster Bank Plc                             140,618
Nutraco Nominees Ltd                                        7,200
Adam & Company (Nominees) Ltd                               6,000

Total interest of The Royal Bank of Scotland Group plc  2,329,657       4.02