SAR - Scottish Oriental Smlr Co Tst Plc

Lloyds TSB - Securities Administration
                  

FORM SAR 5

Date of disclosure…09/03/05…..

DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ("SARs")

Date of sale ……08/03/05…………………………………………………..….…..

Sale of………SCOTTISH ORIENTAL SMALLER COMPANIES TRUST……………(name of company)


(1)Class of voting shares     Number of shares/rights over  If rights over shares
   (eg ordinary shares)        shares sold                  sold, as opposed to the
                                                            shares themselves,
                                                            specify nature of rights

   Ordinary Shares           .............250,000........   ...............N/A
                              shares




(2)Resultant total holding of    Resultant total holding of rights  Total percentage
 voting shares (and % of total   over shares (and % of total
 voting shares in issue)         voting shares in issue)

  ......3,603,537....            ..............................    .......3,603,537...
         (14.138%)                     (   %)                              (14,138 %)


(3) Party making disclosure ……………Lloyds TSB Group Plc……………...

(4) (a) Name of person selling shares or rights over shares ……Scottish Widows
Investment Partnership and, if different, beneficial owner
…………………………………………………………………….

(b) Names of any other persons acting by

agreement or understanding ……………..……………………………………………………………

Signed, for and on behalf of the party named in (3) above …………………………………………………….

(Also print name of signatory) …………Matthew Shircore….………

Telephone and extension number ……020 7522 5133………………………………………

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