Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
24 January 2002


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     FPL CORPORATE

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.

     HSBC GS NOMINEES LTD

5)   Number of shares/amount of stock acquired.

     500,000

6)   ( 2.29 %) of issued Class

7)   Number of shares/amount of stock disposed

      --

8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY 

10)  Date of transaction

     22/01/02

11)  Date company informed

     23/01/02

12)  Total holding following this notification

     1,656,000
               
13)  Total percentage holding of issued class following this notification

     7.57%

14)  Any additional information



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      24TH JANUARY 2002 


LETTER TO I&S UK Smaller IT

23rd January 2002 

In accordance with the provisions of Sections 198-202 of the Companies Act
1985, we give notice that, as a result of a purchase of 500,000 ordinary shares
of 50p each in the relevant share capital of your company ('Shares') on 22
January 2002, the following client of Friends Ivory & Sime Plc has a material
interest in the Shares shown below:

Name of Client             No. of Shares          %               Name of
                                                             Registered Holder

FPL Corporate              1,656,000             7.57          HSBC GS
                                                               Nominees Ltd

This notification supersedes all previous notifications given by members of the
Friends Provident Group in relation to Shares for this client.

From Friends Ivory & Sime


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