Transaction in Own Shares

ISIS Smaller Companies Trust PLC
27 May 2005


To:                RNS

From:              ISIS Smaller Companies Trust plc

Date:              27 May 2005


Purchase of Own Securities

On 27 May 2005 ISIS Smaller Companies Trust plc bought 1,825,000 of its own
Ordinary Shares of 50p for cancellation at a price of 240p each.  There are
19,728,260 shares in issue following this repurchase.

Gordon R Hay Smith
Company Secretary


Enquiries:        0131 465 1000


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