Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
2 May 2002



1)   NAME OF COMPANY

     IVORY & SIME UK SMALLER COMPANIES TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     FRIENDS PROVIDENT GROUP PLC

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.

     HENDERSON NOMINEES                -     828,676
     
     NEW DIRECTION FINANCE NOMINEES    -     101,518
     
     HSBC GS NOMINEES                  -   1,656,000

     CITIFRIENDS NOMINEES              -     699,764
            
5)   Number of shares/amount of stock acquired.

     -

6)   ( N/A %) 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

     01/05/02

12)  Total holding following this notification

     3,285,958
               
13)  Total percentage holding of issued class following this notification

     15.02

14)  Any additional information

     TRUSTLINK PLC                       -    930,194
     FPLP STRATEGIC INVESTMENT FUND      -  1,656,000
     FP UK SMALLER COMPANIES             -    603,980
     FP UK GROWTH TRUST                  -     20,130
     FP UK EQUITY                        -     16,804
     FISMPF UK SMALLER                   -     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
                              
     Date of Notification ....2nd MAY 2002


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