RNS Number:1422U
Ivory & Sime ISIS Trust PLC
12 January 2004

NAV's as at close of business on 09/01/04

ISIS Asset Management plc Investment Trusts announces the unaudited Net Asset
Value for the following Investment Trust.

                                                               (Pence per share)

Ivory & Sime ISIS Trust                                                    65.88

Note: NAVs are diluted, where appropriate.



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