Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
01 March 2004


                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Name of company
Ivory & Sime UK Smaller Companies Trust plc

2. Name of shareholder having a major interest
Quilter & Co

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
State Street Bank & Trust Co -2,380,000

Morgan Stanley Quilter Nominees Ltd - 36,300

5. Number of shares / amount of stock acquired
N/A

6. Percentage of issued class
N/A

7. Number of shares / amount of stock disposed
N/A

8. Percentage of issued class
N/A

9. Class of security
Ordinary

10. Date of transaction
17/12/03

11. Date company informed
01/03/04 - See additional information below.

12. Total holding following this notification
2,416,300

13. Total percentage holding of issued class following this notification
11.1

14. Any additional information
Disclosure dated 18/12/03 though sent to an old address. Received by company on 01/03/04

15. Name of contact and telephone number for queries
Andrew Nicholson 0131 465 1071

16. Name and signature of authorised company official responsible for making
this notification
Gordon Hay Smith, Company Secretary

17. Date of notification
01/03/2004

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