Directorate Change

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


                    3i Smaller Quoted Companies Trust plc

                               BOARD CHANGES

               GILL NOTT AND NICHOLAS FRY APPOINTED TO THE BOARD


The 3i Smaller Quoted Companies Trust plc today announces the appointment of
Gill Nott and Nicholas Fry as non-executive directors.

Both Gill Nott and Nicholas Fry have wide ranging experience.  Nicholas is
currently a non-executive director of Brixton plc, Absolute Return Trust Limited
and Cliniserve Holdings Limited, as well as Vice Chairman of KPMG Corporate
Finance. Nicholas's career has been in investment banking, principally with S.G.
Warburg & Co.Ltd (now part of UBS AG).  Latterly he was a partner in KPMG.

Gill is on the board of F & C Pacific Investment Trust and the Martin Currie
Portfolio Investment Trust.  She was a non-executive director of the Financial
Services Authority (FSA) for six years until November 2004 and has recently been
appointed to the Board of the Association of Investment Trust Companies (AITC).

Commenting, Gill said:

"I am delighted to have been appointed to the board.  The 3i Smaller Quoted
Companies Trust is an excellent vehicle for private investors seeking exposure
to smaller UK companies."

William Govett, Chairman of the 3i Smaller Quoted Companies Trust, added:

"Gill and Nicholas bring a breadth of experience to the Board as we move into a
new phase of the company's life with the appointment of Merrill Lynch Investment
Managers to manage the portfolio."


                                     ENDS


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