Directorate Change

Ivory & Sime UK Smlr.Co's Trust PLC
29 January 2003

Ivory & Sime UK Smaller Companies Trust plc


To:          RNS

From:        Ivory & Sime UK Smaller Companies Trust plc

Date:        29 January 2003


At the Company's forthcoming Annual General Meeting, expected to be held during
June 2003, Mr I Inglis will retire by rotation. He has informed the Board that
he will not seek re-election and will therefore retire as a Director at the end
of the Meeting. A further announcement will be issued when the date of the AGM
is known.

Mr Inglis has served on the Board since 1992.

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