Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
2 July 2002


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     FRIENDS IVORY & SIME PLC

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 AND FRIENDS PROVIDENT PLC AS PARENT COMPANY

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

     HENDERSON NOMINEES    -   837,735

     NDF NOMINEES          -   108,719

     CITIFRIENDS NOMINEES  -   699,764

     HSBC GS NOMINEES      - 1,656,000
     
     LITTLEDOWN NOMINEES   - 1,000,000

5)   Number of shares/amount of stock acquired.

     -

6)   ( N/A %) 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

     N/A

11)  Date company informed

     01/7/02

12)  Total holding following this notification

     4,302,218
               
13)  Total percentage holding of issued class following this notification

     19.67%

14)  Any additional information

     AS A RESULT OF THE ACQUISITION OF ROYAL & SUN ALLIANCE INVESTMENTS BY
     FRIENDS IVORY & SIME PLC ON 1st JULY 2002

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
                                   
                                   C.R.HAY SMITH, COMPANY SECRETARY

     Date of Notification ...2nd JULY 2002



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