Transaction in Own Shares

3i Smaller Quoted Co's Trust PLC
24 December 2003

3i Smaller Quoted Companies Trust plc



On 2 and 3 December 2003, 3i Smaller Quoted Companies Trust plc announced that
it had purchased 500,000 and 1,000,000 respectively of its own Ordinary Shares
of 25p each, for cancellation.  The Company now confirms that all these shares
were cancelled on 24 December 2003.

The Company's issued share capital is now 53,938,523 Ordinary Shares of 25p
each.


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