Purchase of Own Securities

IVORY & SIME UK SMALLER COMPANIES TRUST PLC
15 September 1999


The Board of Ivory & Sime UK Smaller Companies Trust plc announces that on 14
September 1999 it purchased for cancellation 60,000 of its warrants in the
Company at a price of 104.5p each.

Following this purchase there are 982,445 warrants outstanding.

Contact:  Stephen Grant/ Keith Hannay
Friends Ivory & Sime plc, Managers       0131 465 1000