Holding in Company

Perpetual UK Smaller Co's IT PLC
10 November 2000

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

PERPETUAL UK SMALLER COMPANIES INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

ALLIANZ (UK) LIMITED
CORNHILL INSURANCE PLC
MERCHANT INVESTORS ASSURANCE COMPANY LIMITED

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

BENEFICIAL 

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

THE BANK OF NEW YORK (NOMINEES) LIMITED

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

MERCHANT INVESTORS   250,000

8)   (1.78%) of issued Class

9)   Class of security

ORDINARY

10)  Date of transaction

8.11.00

11)  Date company informed

9.11.00

12)  Total holding following this notification

ALLIANZ (UK) LIMITED 1,252,700 OF WHICH MERCHANT INVESTORS ASSURANCE LTD
1,102,700 AND CORNHILL INSURANCE PLC 150,000
               
              
13)  Total percentage holding of issued class following this notification

ALLIANZ (UK) LIMITED  8.93% OF WHICH MERCHANT INVESTORS ASSURANCE LTD 7.861% AND
CORNHILL INSURANCE PLC 1.069%

14)  Any additional information



15)  Name of contact and telephone number for queries

ALEX CAMPBELL  01491 416222

16)  Name and signature of authorised company official responsible for 
     making this notification


     Date of Notification ....10 NOVEMBER 2000 ...