Holding in Company

Ivory & Sime UK Smlr.Co's Trust PLC
7 November 2001

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     EXETER ASSET MANAGEMENT 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.

     THE BANK OF NEW YORK NOMINEES

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

     6/11/01

11)  Date company informed

     7/11/01

12)  Total holding following this notification

     750,000
               
13)  Total percentage holding of issued class following this notification

     3.43%

14)  Any additional information

     EXETER SMALLER COMPANIES INCOME FUND - 500,000
     EXETER CAPITAL GROWTH FUND - 250,000

15)  Name of contact and telephone number for queries

     ANDY NICHOLSON
     0131 465 1071

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

     Date of Notification ... 7TH NOVEMBER 2001