Holding in Company

3i Smaller Quoted Co's Trust PLC
16 November 2000


Letter to 3i Smaller Quoted Companies Trust plc
13 November 2000


SECTION 198 COMPANIES ACT 1985

We, The Royal Bank of Scotland Group plc, for ourselves and on behalf of:

National Westminster Bank 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 
   obligation arose, are shown 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 to us at the date of this
   notification, are shown on the schedule below.

4. The percentages quoted on the schedule below are based on your issued
   ordinary share capital of 57,718,523, 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. NatWest Pension Trustees Ltd are interested in 2,170,339 shares, but have  
   not come under a further obligation to make a disclosure as defined under  
   Section 199 of the Act. This interest is included on the schedule below.


   Schedule of registered holders for notification S198-LO1/RJH/298

   Registered Holder                              Number of Shares   Percentage
                                     
   BNY GIL Client A/C Nominees Ltd                       2,213,946
   NatWest FIS Nominees Ltd.                                 5,500
   National Westminster Bank Plc                            91,000

   Total interest of National Westminster Bank Plc       2,310,446      4.00

   ADAM & COMPANY (NOMINEES) LTD                             6,000
   Nutraco, Nominees Ltd                                     7,200

   Total interest of The Royal Bank of Scotland Plc         13,200      0.02

   Total interest of The Royal Bank of Scotland 
   Group Plc                                             2,323,646      4.02

Letter from R J Hopkins 
Share Aggregation
The Royal Bank of Scotland Group