RNS Number:6053T
Scottish Oriental Smlr Co Tst PLC
23 December 2003


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 22nd
December 2003 was 168.73p (assuming full conversion of all outstanding
warrants). This equates to an undiluted figure of 181.53p. 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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