Purchase of Own Securities

Ivory & Sime UK Smlr.Co's Trust PLC
31 March 2003


To:            RNS

From:          Ivory & Sime UK Smaller Companies Trust plc

Date:          31 March 2003


Purchase of Own Securities


On 31 March 2003 Ivory & Sime UK Smaller Companies Trust plc bought 100,000 of
its own Ordinary Shares of 50p for cancellation at a price of 105p each. There
are 21,670,260 shares in issue following this repurchase.


Gordon R Hay Smith

Company Secretary

Enquiries:     0131 465 1000



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