Director Shareholding

Perpetual UK Smaller Co's IT PLC
19 February 2001


1)    Name of Company

      Perpetual UK Smaller Companies Investment Trust plc

2)    Name of Director

      A L M O'Hare

3)    Please state whether notification indicates it is in respect of holding
      of the director named in 2 above or holding of that person's spouse
      or children under the age of 18 or in respect of a non-beneficial
      interest:

      Director's spouse

4)    Name of registered holder(s) and, if more than one holder, the number of
      shares held by each of them (if notified):

      RBSTB (Nominees) Limited

5)    Please state whether notification relates to a person(s) connected with
      the director named in 2 above and identify the connected person(s):

      Mrs L A O'Hare

6)    Please state the nature of the transaction. For PEP transactions please
      indicate whether general /single coPEO and if dsicretionary/non
      discretionary:

      Savings and Investment Plan

7)    Number of shares/amount of stock acquired:

      40

8)    Percentage of issued class:

      0.0%

9)    Number of shares/amount of stock disposed:

      Not applicable

10)   Percentage of issued class:

      Not applicable

11)   Class of security:

      ordinary

12)   Price per share:

      500p

 13)  Date of transaction:

      15th February 2001

14)   Date company informed:

      16th February 2001

15)   Total holding following this notification:

      14,642

16)   Total percentage holding of issued class following this notification:

      0.1%

17)   Date of grant:

      Not applicable

18)   Period during which or date on which exercisable

      Not applicable

19)   Total amount paid (if any) for grant of the option:

      Not applicable

20)   Description of shares or debentures involved: class, number:

      Not applicable

21)   Exercise price (if fixed at time of grant) or indication that price is to
      be at time of exercise:

      Not applicable

22)   Exercise price (if fixed at the time of the grant) or indication that
      price is to be fixed at time of exercise:

      Not applicable

23)   Contact name for queries

      Alex Campbell

24)   Contact telephone number

      01491 416222

25)   Name of official responsible for making notification:

      Ian White