Holding in Company

Fleming Smaller Co's Inv. Trust PLC
20 December 2000

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     UNITED FRIENDLY LIFE FUND

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

     IN RESPECT OF SHAREHOLDER IN 2) ABOVE

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

     CHASE NOMINEES LTD

5)   Number of shares/amount of stock acquired.

     N/A

6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

     50,000

8)   (0.18%) of issued Class

9)   Class of security

     ORDINARY 25p SHARES

10)  Date of transaction

     18-Dec-00

11)  Date company informed

     19-Dec-00

12)  Total holding following this notification

     771,500
               
              
13)  Total percentage holding of issued class following this notification

     2.89%

14)  Any additional information



15)  Name of contact and telephone number for queries

     FRASER EASTON: 020 7742 3425

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

     Date of Notification: 20-Dec-00