RNS Number:0728U
Scottish Oriental Smlr Co Tst PLC
09 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 8th January
2004 was 170.15p (assuming full conversion of all outstanding warrants). This
equates to an undiluted figure of 183.22p. 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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