Holding in Company

Ivory & Sime UK Smlr.Co's Trust PLC
7 November 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

EXETER ASSET MANAGEMENT LIMITED

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

AS 2

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

BANK OF NEW YORK NOMINEES LIMMITED

5)   Number of shares/amount of stock acquired.

300,000

6)   (1.37%) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

ORDINARY SHARES

10)  Date of transaction

3/11/00

11)  Date company informed

6/11/00

12)  Total holding following this notification

1,300,000
               
              
13)  Total percentage holding of issued class following this notification

5.94%

14)  Any additional information

EXETER SMALLER COMPANIES INCOME FUND          4.57%
EXETER CAPITAL GROWTH FUND                    1.37%

15)  Name of contact and telephone number for queries

GARY FRASER
0131 465 1016

16)  Name and signature of authorised company official responsible for 
     making this notification   KEITH HANNAY - COMPANY SECRETARY

     Date of Notification .....7/11/2000.........