Investment Policy

Ivory & Sime UK Smlr.Co's Trust PLC
05 November 2003

To:          RNS

From:        Ivory & Sime UK Smaller Companies Trust plc

Date:        5 November 2003

The Board of Ivory & Sime UK Smaller Companies Trust plc ('UKSC') announces
that, while UKSC may from time to time hold shares in other listed investment
companies (including investment trusts), it is a stated investment policy of
UKSC that it will not invest more than 15 per cent of its gross assets in other
listed investment companies (including investment trusts). The implementation of
this investment policy will not require UKSC to dispose of any existing
shareholding.


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