RNS Number:4511U
Ivory & Sime ISIS Trust PLC
20 January 2004

Ivory & Sime ISIS Trust plc

To:          RNS

From:        Ivory & Sime ISIS Trust plc

Date:        20 January 2004



TRANSACTION IN OWN SHARES

On 20 January 2004 Ivory & Sime ISIS Trust plc bought 250,000 of its own
Ordinary Shares of 1p for cancellation at a price of 60.50p each. There are
70,796,790 shares in issue following this repurchase.


Martin A Cassels

ISIS Asset Management plc

Secretaries



Enquiries: 0131 465 1000


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