Holding in Company

Ivory & Sime UK Smlr.Co's Trust PLC
4 September 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     FRIENDS IVORY & SIME GROUP


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

     AS 2


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

     CITIFRIENDS NOMINEES LTD               1,156,000
     MIDLAND NOMINEES LTD                     935,000


5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

     116,750


8)   (0.53%) of issued Class

9)   Class of security

     ORDINARY SHARES


10)  Date of transaction

     31/8/2000


11)  Date company informed

     4/9/2000


12)  Total holding following this notification

     2,091,000

               
              
13)  Total percentage holding of issued class following this notification

     9.56%


14)  Any additional information

     FRIENDS PROVIDENT LIFE OFFICE               1,156,000
     LONDON & MANCHESTER (PORTFOLIO MANAGEMENT)    935,000


15)  Name of contact and telephone number for queries

     GARY FRASER
     0131 465 1016


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


     Date of Notification  4 SEPTEMBER 2000