Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
8 April 2002


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     BRITANNIC INVESTMENT MANAGERS 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.

     CITIBANK NOMINEES LIMITED

5)   Number of shares/amount of stock acquired.

     -

6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

     150,000

8)   ( 0.69% ) of issued Class

9)   Class of security

     ORDINARY

10)  Date of transaction

     3/4/02

11)  Date company informed

     4/4/02

12)  Total holding following this notification

     823,349
               
13)  Total percentage holding of issued class following this notification

     3.76%

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   G.R. HAY SMITH

     Date of Notification  8/4/02


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