Holding in Company

Ivory & Sime UK Smlr.Co's Trust PLC
25 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

PILKINGTON SUPERANNUATION SCHEME


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.

AS 2


5)   Number of shares/amount of stock acquired.

-


6)   ( - %) of issued Class


7)   Number of shares/amount of stock disposed

500,000


8)   (2.29%) of issued Class


9)   Class of security

ORDINARY SHARES


10)  Date of transaction

21/9/00


11)  Date company informed

22/9/00


12)  Total holding following this notification

895,355
               
              
13)  Total percentage holding of issued class following this notification

4.09%


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

     Date of Notification        25/09/2000