Holding in Company

3i Smaller Quoted Co's Trust PLC
10 September 2001


Letter to 3i Smaller Quoted Companies Trust Plc - dated 4 September 2001 

NOTIFICATION OF INTEREST(S) IN SHARES UNDER SECTION 198 COMPANIES
ACT 1985 ('THE ACT')
 
3i SMALLER QUOTED COMPANIES TRUST PLC
 
This notification supersedes any previous notification from AXA Investment
Managers UK Ltd.

We are writing on behalf of AXA S.A. of 25 Avenue Matignon, 75008 Paris and
its subsidiaries who are deemed to have an interest in these shares.
 
AXA S.A. knows that they were interested in 2,816,510 25P Shares in the
57,563,523 share capital immediately after the time when the obligation of
disclosure arose pursuant to section 198 of the Act. These shares are
represented by a beneficial interest of 2,466,510 shares (4.28%) and a
non-beneficial interest of 350,000 shares (0.61%).
 
The identity of each registered holder of the shares to which this notice
relates, so far as as known to AXA Investment Managers UK Ltd, as at
03/09/01, is as per the Appendix below. 
 
Letter from AXA Investment Managers UK Limited


                   DISCLOSURE OF INTEREST IN SHARES OF 
        APPENDIX - NOTICE UNDER SECTION 198 OF THE COMPANIES ACT 1985
                 3i SMALLER QUOTED COMPANIES TRUST PLC 25P Shares
 
   Total number of shares held as at 03/09/01 was 2,816,510 the breakdown of
                                which is set out below: 
                                                                              
  Name of the        Number of          Particulars of        Registered as  
  Company /          Shares             Beneficial                           
  Fund                                  owners                                
                                                                              
Pan Euro UK          250,000            Pan Euro UK Secure    Barclays Nominees 
Secure Growth                           Growth                Ltd
(Non - Beneficial)                                            a/c 6000BQ

Sun Life Global      100,000            Trustees of           Bank Generale
Management Ltd                          The Sun Life          Luxembourg
Distribution                            Global Management     Midland Bank
(Non - Beneficial)                      Distribution          a/c 750749

Sun Life Pensions     32,415            Sun Life Pensions     HSBC Global
Management Ltd                          Management Ltd        Custody Nominee
A/c X                                                         (UK) Limited
(Beneficial)                                                  a/c 887553
 
Sun Life Pensions     35,508            Sun Life Pensions     HSBC Global
Management Ltd                          Management Ltd        Custody Nominee
A/c X                                                         (UK) Limited
(Beneficial)                                                  a/c 887565

Sun Life Pensions     35,508            Sun Life Pensions     HSBC Global
Management Ltd                          Management Ltd        Custody Nominee
A/c X                                                         (UK) Limited
(Beneficial)                                                  a/c 887577

Sun Life Pensions     35,508            Sun Life Pensions     HSBC Global
Management Ltd                          Management Ltd        Custody Nominee
A/c X  (Beneficial)                                           (UK) Limited
                                                              a/c 887589
 
Sun Life Pensions     35,508            Sun Life Pensions     HSBC Global
Management Ltd                          Management Ltd        Custody Nominee
A/c X  (Beneficial)                                           (UK) Limited
                                                              a/c 887590
 
Sun Life Pensions     35,508            Sun Life              HSBC Global
Management Ltd A/c X                    Pensions              Custody Nominee
(Beneficial)                            Management            (UK) Limited
                                        Ltd                   a/c 887607

Sun Life Pensions     35,508            Sun Life              HSBC Global
Management Ltd                          Pensions              Custody Nominee
A/c X                                   Management            (UK) Limited
(Beneficial)                            Ltd                   a/c 887619

Sun Life Unit      1,693,989            Sun Life Unit         HSBC Global
Assurance Ltd                           Assurance Ltd         Custody Nominee
A/c X                                                         (UK) Limited
(Beneficial)                                                  a/c 867050
 
Sun Life Pensions      7,500            Sun Life              Smith & Williamson
Management Ltd                          Pensions              Nominees Ltd
(Beneficial)                            Management Ltd        a/c S66

Sun Life Pensions     91,963            Sun Life Pensions     RBSTB nominees
Management Ltd                          Management Ltd        designation Sunpen
(Beneficial) 
 

Sun Life International 427,595          Sun Life              Sun Life
(IOM) Ltd                               International         International
(Beneficial)                            (IOM) Ltd             a/c SLI 11
 

                                      Holding as % of Issued Capital

Total Beneficial
Interest             2,466,510                   4.28
Total Non-Beneficial
Interest               350,000                   0.61

         Total       2,816,510                   4.89%