Directorate Change

Ivory & Sime UK Smlr.Co's Trust PLC
24 June 2003

Ivory & Sime UK Smaller Companies Trust plc






To: RNS


From: Ivory & Sime UK Smaller Companies Trust plc


Date: 24 June 2003


Subject: Directorate Changes






The Board of Directors of Ivory & Sime UK Smaller Companies Trust plc announces
that, at the conclusion of the Company's Annual General Meeting held today, Mr
Ian Inglis retired as a Director. He had served on the Board since 1992.


The Board also announces that Mr Bruce Graham (aged 55) has, with immediate
effect, been appointed a non-executive Director of the Company. He was, until
December 2001, a partner of PricewaterhouseCoopers. Since then he has been
involved in the provision of forensic accounting services to third parties. He
is not a director of any other publicly quoted companies nor has he been at any
time in the last five years, and there are no details requiring to be disclosed
under paragraphs 6.F.2(b) to (g) of the Listing Rules.


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