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Ivory & Sime UK Smlr (MTE)

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Tuesday 08 April, 2003

Ivory & Sime UK Smlr

Holding(s) in Company

Ivory & Sime UK Smlr.Co's Trust PLC
08 April 2003

                                  SCHEDULE 10


1. Name of company
Ivory & Sime UK Smaller Companies Trust plc

2. Name of shareholder having a major interest
Deutsche Bank AG

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
Not disclosed

5. Number of shares / amount of stock acquired
Not disclosed

6. Percentage of issued class
Not disclosed

7. Number of shares / amount of stock disposed

8. Percentage of issued class

9. Class of security

10. Date of transaction
Not disclosed

11. Date company informed

12. Total holding following this notification

13. Total percentage holding of issued class following this notification

14. Any additional information

15. Name of contact and telephone number for queries
Gordon Hay Smith 0131 465 1000

16. Name and signature of authorised company official responsible for making
this notification
Gordon Hay Smith, Company Secretary

Date of notification

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