Holding(s) in Company

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

     BRITANNIC INVESTMENT MANAGERS 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.

     CITIBANK NOMINEES LIMITED     

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

     40,851

8)   ( 0.19%) of issued Class

9)   Class of security

     ORDINARY

10)  Date of transaction

     22/02/02

11)  Date company informed

     25/02/02

12)  Total holding following this notification

     1,081,849
               
13)  Total percentage holding of issued class following this notification

     4.95%

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

                             

       Date of Notification  25th FEBRUARY, 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange