Transaction in Own Shares

Ivory & Sime UK Smlr.Co's Trust PLC
14 June 2004



To:            RNS

From:          Ivory & Sime UK Smaller Companies Trust plc

Date:          14 June 2004





Purchase of Own Securities

On 10 and 11 March 2004, Ivory & Sime UK Smaller Companies Trust plc bought
17,500 and 17,000 of its own Ordinary Shares of 50p respectively, for
cancellation at a price of £1.63 each. There are 21,585,760 shares in issue
following these repurchases.

Gordon R Hay Smith

Company Secretary

Enquiries:     0131 465 1000




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