Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
5 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

FRIENDS PROVIDENT GROUP

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.

HSBC GS NOMINEES LTD - 1,656,000
CITIFRIENDS NOMINEES LTD - 700,000

5)   Number of shares/amount of stock acquired.

700,000

6)   ( 3.2 %) 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

01/02/02

11)  Date company informed

04/02/02

12)  Total holding following this notification

2,356,000
               
13)  Total percentage holding of issued class following this notification

10.77%

14)  Any additional information

FPL CORPORATE - 1,656,000
FP EQUITY TRUST - 17,040
FIS UK MID/SMALLER COMPANIES - 603,980
FP UK GROWTH TRUST - 20,130
FIS MPF UK SMALLER COMPANIES - 58,850

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, COMPANY SECRETARY

     Date of Notification      5TH FEBRUARY 2002 


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