Transaction in Own Shares

Ivory & Sime UK Smlr.Co's Trust PLC
18 March 2004

To:          RNS

From:        Ivory & Sime UK Smaller Companies Trust plc

Date:        18 March 2004



Purchase of Own Securities


On 18 March 2004 Ivory & Sime UK Smaller Companies Trust plc bought 50,000 of
its own Ordinary Shares of 50p for cancellation at a price of £1.735 each. There
are 21,620,260 shares in issue following this repurchase.


Gordon R Hay Smith

Company Secretary


Enquiries:     0131 465 1000



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