Holding in Company

Ivory & Sime UK Smlr.Co's Trust PLC
16 October 2000

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     EXETER SMALLER COMPANIES INCOME FUND 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

     AS 2

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

     BANK OF NEW YORK NOMINEES LIMITED

5)   Number of shares/amount of stock acquired.

     500,000

6)   ( 2.29 %) of issued Class

7)   Number of shares/amount of stock disposed

     -

8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY SHARES

10)  Date of transaction

     13/10/00

11)  Date company informed

     16/10/00

12)  Total holding following this notification

     1,000,000
               
              
13)  Total percentage holding of issued class following this notification

     4.57%

14)  Any additional information



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

     KEITH HANNAY
     COMPANY SECRETARY

     Date of Notification .....16 OCTOBER 2000...................