Holding in Company

Perpetual UK Smaller Co's IT PLC
31 January 2001


1)    Name of Company

      Perpetual UK Smaller Companies Investment Trust plc

2)    Name of shareholder having a substantial interest

      Allianz (UK) Limited (holding company) shares held by its subsidiary
      Cornhill Insurance PLC & Merchant Investors Assurance Company Ltd

3)    Please state weather notification indicates that it is in respect of
      holding of the Shareholder

      Beneficial

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

      The Bank of New York (Nominees) Limited

5)    Number of shares/amount of stock acquired

      100,000 by Merchant Investors Assurance Company Ltd

6)    Percentage of issued Class

      0.71%

7)    Number of shares/amount of stock disposed

      NA

8)    Percentage of issued Class

      NA

9)    Class of security

      Ordinary

10)   Date of transaction

      29th January 2001

11)   Date company informed

      30th January 2001

 12)  Total holding following this notification

      Allianz (UK) Limited 1,352,700
      (consisting of Cornhill Insurance PLC - holding 150,000 and Merchant
      Investors Assurance Company Limited holding 1,202,700)

13)   Total percentage holding of issued class following this notification

      Allianz (UK) Limited 9.66%

      (consisting of Cornhill Insurance PLC with 8.59% and Merchant Investors
      Assurance Company Limited with 1.07%)

14)   additional information, price per share etc.

      NA

15)   Name of contact and telephone number for queries

      Vanessa Boyd

16)   Name of authorised company official responsible for making this
      notification

      Peter Gardner

17)   Date of notification

      31st January 2001