RNS Number:4976U
Scottish Oriental Smlr Co Tst PLC
21 January 2004


THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC

First State Investment Management (UK) Limited, managers of The Scottish
Oriental Smaller Companies Trust PLC (Scottish Oriental) announce that the
unaudited Net Asset Value of Scottish Oriental Ordinary shares as at 20th
January 2004 was 172.59p (assuming full conversion of all outstanding warrants).
This equates to an undiluted figure of 186.11p. Neither of these figures include
any income retention for the year to-date. These figures do not include any
provision for capital gains tax on net unrealised gains on holdings of Indian
securities.






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