Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
19 February 2002


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     SCOTTISH WIDOWS INVESTMENT PARTNERSHIP LTD.

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.

     STATE STREET NOMINEES LTD A/C W39F

5)   Number of shares/amount of stock acquired.

     1,250,000

6)   (5.716%) of issued Class

7)   Number of shares/amount of stock disposed

     -

8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY

10)  Date of transaction

     -

11)  Date company informed

     18/02/02

12)  Total holding following this notification

     1,250,000
               
13)  Total percentage holding of issued class following this notification

     5.716%

14)  Any additional information

     -

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      G R HAY SMITH 

     Date of Notification ...19TH FEBRUARY 2002........





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