Holding(s) in Company

ISIS Smaller Companies Trust PLC
09 August 2004

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Name of company

ISIS Smaller Companies Trust plc

2. Name of shareholder having a major interest

Quilter & Co

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 Bank & Trust Company - 1,518,488

Morgan Stanley Quilter Nominees Limited - 32,460

5. Number of shares / amount of stock acquired




6. Percentage of issued class




7. Number of shares / amount of stock disposed

Not disclosed

8. Percentage of issued class

Not disclosed

9. Class of security

Ordinary

10. Date of transaction

21/07/04

11. Date company informed

9/08/04

12. Total holding following this notification

1,550,948

13. Total percentage holding of issued class following this notification

7.20

14. Any additional information




15. Name of contact and telephone number for queries

Brona Thomson 0131 465 1076

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

Gordon Hay Smith, Company Secretary

17. Date of notification

09/08/2004

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for loss of business or loss of profits) arising in contract, tort or otherwise
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it, or from any action or decision taken as a result of using this document or
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