Change of Benchmark

Ivory & Sime UK Smlr.Co's Trust PLC
22 June 2004


Ivory & Sime UK Smaller Companies Trust plc

     
To:   RNS

From: Ivory & Sime UK Smaller Companies Trust plc

Date: 22 June 2004

Subject: Change of Benchmark Index



On 22 June 2004 the shareholders of the Company passed an ordinary resolution to
change the Company's benchmark index from the FTSE SmallCap (ex Investment
Companies) Index to the Hoare Govett Smaller Companies (ex Investment Companies)
Index. The effective date for the change is 1 July 2004.


Gordon R Hay Smith
Company Secretary


Enquiries:     0131 465 1000


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