Holding in Company

Ivory & Sime UK Smlr.Co's Trust PLC
8 August 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     EXETER SMALLER COMPANIES INCOME FUND 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.

     THE BANK OF NEW YORK NOMINEES

5)   Number of shares/amount of stock acquired.

     -

6)   ( - %) of issued Class

7)   Number of shares/amount of stock disposed

     125,000

8)   (0.57%) of issued Class

9)   Class of security

     ORDINARY SHARES

10)  Date of transaction

     26/7/01

11)  Date company informed

     7/8/01

12)  Total holding following this notification

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

     4.57%

14)  Any additional information

     EXETER ASSET MANAGEMENT LIMITED   5.94%

15)  Name of contact and telephone number for queries

     ANDY NICHOLSON      0131 465 1071

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

     Date of Notification .....8/8/01...................