Interim Results

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC

ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS

for the six months ended 31 January 2004

Chairman's Statement

Introduction

I am pleased to present this statement which covers a period that has been
extremely rewarding for Asian stock markets. Against a background of a
recovering US economy and low interest rates, the region has seen strong growth
which, in turn, has led to good corporate earnings; in some cases better than
expected. During the six months to 31 January 2004, the Company's net asset
value rose by 19.5% against a 12.1% rise in the MSCI AC Asia Pacific Free ex.
Japan Index. Our Managers are to be congratulated on this good result. As is our
normal practice, we will consider a dividend at our year end. I am also pleased
to report that during the period the Company was awarded the Moneywise Magazine
award for best Far East ex. Japan Trust.

Overview

Growth in Asian economies was impressive over the period, led by a confluence of
factors, including rising consumer spending and accommodative fiscal and
monetary policies. With an improvement in the quality of company earnings, a
committed move towards enhancing shareholder value and an abundance of
liquidity, one had the requisite ingredients for stock markets to rally.

And rally they did. The recovery in share prices, which had begun to take shape
at the turn of the second quarter of last year in the wake of SARS, picked up
steam during the summer. In North Asia, a powerful reflation rally sparked a
rise in Taiwanese stocks, while China moved ahead sharply thanks to market
liberalisation, robust economic growth and avid foreign investor interest. Even
Hong Kong, whose economy was suffering, rebounded, supported by a recovering
property market and improving consumer confidence.

In South East Asia, Thailand, Indonesia and India were front runners. India's
performance was particularly impressive, with the stock market index doubling in
the space of six months. As the rally broadened, Singapore showed good gains,
while laggard Malaysia ended on a strong note, buoyed by a smooth transfer of
power as longstanding prime minister Dr Mahathir stepped down.

Your Company has been well positioned to profit from these trends, in view of
its historical overweight in "peripheral" markets (including India). This
contrarian allocation remains. We continue to have no exposure to smaller
companies in Australia and Taiwan due to their high valuations. In South East
Asia we have found numerous good-quality companies in our smaller stock universe
that trade at a discount to their larger capitalised peers. And many of these
'undiscovered gems' continue to boast stronger balance sheets.

Examples of these include Regional Container Lines in Thailand, a trans-shipment
operator, Singapore's leading retailer, Robinson & Co., and Dynaplast, a
plastics container and packaging company in Indonesia.

We increased the Company's gearing during the review period in keeping with our
bullish views on Asian economies and on valuation grounds. New holdings were
initiated in Binggrae, a Korean beverage and ice-cream maker, with a cheap
valuation and healthy dividend yield; Daegu Bank, an attractively valued
regional bank in South Korea; and Siam Makro, which operates discount stores in
Thailand and is also on a cheap valuation.

Outlook

While the strong rally in stock markets and the consequent flurry of new initial
public offerings merit a degree of caution in the short term, we are confident
as ever about the region's prospects. This year's economic growth should exceed
expectations and underscore the region's importance to global trade.
Importantly, earnings are coming through in the companies in which we are
invested, balance sheets are strong and valuations remain reasonable on a price
earnings multiple of around 13 times for the 2004 calendar year.

Nigel Cayzer

Chairman

14 April 2004


Statement of Total Return
(unaudited)                                    ------                       ------
-------------------------

                              Six months ended             Six months ended

                               31 January 2004             31 January 2003
                               ----------------             ----------------

                          Revenue   Capital   Total   Revenue   Capital    Total

                            £'000     £'000   £'000     £'000     £'000    £'000
-------------------------    ------    ------  ------    ------    ------  -------

Gains/(losses) on               -     8,457   8,457         -    (3,354)  (3,354)
investments



Income                        915         -     915       871         -      871

Investment management        (262)        -    (262)     (223)        -     (223)
fee

Other expenses               (218)        -    (218)     (188)        -     (188)

Exchange gains                  -       414     414         -       106      106
-------------------------    ------    ------  ------    ------    ------  -------

Net return before finance
costs and

taxation                      435     8,871   9,306       460    (3,248)  (2,788)



Interest payable and         (139)        -    (139)     (121)        -     (121)
similar charges              ------    ------  ------    ------    ------  -------
-------------------------

Return on ordinary
activities before

taxation                      296     8,871   9,167       339    (3,248)  (2,909)



Taxation on ordinary         (120)        -    (120)     (159)        -     (159)
activities                   ------    ------  ------    ------    ------  -------
-------------------------

Return on ordinary            176     8,871   9,047       180    (3,248)  (3,068)
activities after
taxation



Dividends in respect of         -         -       -         -         -        -
equity shares                ------    ------  ------    ------    ------  -------
-------------------------

Transfer to/(from)            176     8,871   9,047       180    (3,248)  (3,068)
reserves                     ------    ------  ------    ------    ------  -------
-------------------------



Return per Ordinary share
(pence):

Basic                        0.66     33.16   33.82      0.67    (12.14)  (11.47)
-------------------------    ------    ------  ------    ------    ------  -------



Fully-diluted                0.60     30.00   30.60      0.66    (11.88)  (11.22)
-------------------------    ------    ------  ------    ------    ------  -------

The revenue column of this statement represents the revenue account of the
Company.

The Statement of Total Return is presented in accordance with the Statement of
Recommended Practice for Financial Statements of Investment Trust Companies
issued in January 2003.

All revenue and capital items are derived from continuing operations.



Balance Sheet
-----------------------------     -----------      ---------     -----------

                                      As at          As at           As at

                              31 January 2004 31 July 2003   31 January 2003

                                (unaudited)      (audited)     (unaudited)
                                  -----------      ---------     -----------

                                      £'000          £'000           £'000
-----------------------------     -----------      ---------     -----------

Fixed assets

Investments                          61,010         51,979          39,788
-----------------------------     -----------      ---------     -----------



Current assets

Debtors                                 141            232              63

Cash at bank and in hand                973            795             222
-----------------------------     -----------      ---------     -----------

                                      1,114          1,027             285



Creditors: amounts falling           (4,200)        (3,812)         (2,450)
due within one year               -----------      ---------     -----------
-----------------------------

Net current liabilities              (3,086)        (2,785)         (2,165)
-----------------------------     -----------      ---------     -----------

Total assets less current            57,924         49,194          37,623
liabilities



Creditors: amounts falling
due after more

than one year

Bank loan                            (2,515)        (2,798)         (2,749)
-----------------------------     -----------      ---------     -----------

                                     55,409         46,396          34,874



Provisions for liabilities              (17)           (51)             (4)
and charges                       -----------      ---------     -----------
-----------------------------

Net assets                           55,392         46,345          34,870
-----------------------------     -----------      ---------     -----------



Share capital and reserves

Called-up share capital               6,689          6,689           6,689

Capital redemption reserve            2,062          2,062           2,062

Special reserve                      14,990         14,990          14,990

Other capital reserves:

Warrant reserve                       2,275          2,275           2,275

Capital reserve - realised           13,164         11,453          11,875

Capital reserve - unrealised         15,776          8,616          (3,456)


Revenue reserve                         436            260             435
-----------------------------     -----------      ---------     -----------

Equity Shareholders' funds           55,392         46,345          34,870
-----------------------------     -----------      ---------     -----------



Net asset value per Ordinary
share (pence):                            ---            ---             ---

Basic                                207.04         173.22          130.34
-----------------------------     -----------      ---------     -----------



Fully-diluted                        184.84         158.04          124.04
-----------------------------     -----------      ---------     -----------





Cash Flow Statement (unaudited)
---------------------------------           ------------     -----------

                                              Six months      Six months
                                                 ended           ended

                                         31 January 2004 31 January 2003
                                            ------------     -----------

                                                 £'000           £'000
       ---------------------------------    ------------     -----------

Net cash inflow from operating                     450             435
activities

Net cash outflow from servicing of                (155)           (131)
finance

Net cash (outflow)/inflow from financial          (575)            343
investment

Equity dividends paid                             (829)           (709)
---------------------------------           ------------     -----------

Net cash outflow before financing               (1,109)            (62)



Net cash inflow from financing                     873               -
---------------------------------           ------------     -----------

Decrease in cash                                  (236)            (62)
---------------------------------           ------------     -----------



Reconciliation of operating revenue to
net cash

inflow from operating activities

Net revenue before interest payable and            435             460
taxation

Decrease in accrued income                          96             176

Increase in other debtors                           (4)            (17)

Increase/(decrease) in other creditors              23             (78)

Overseas withholding tax suffered                 (100)           (106)
---------------------------------           ------------     -----------

                                                   450             435
       ---------------------------------    ------------     -----------



Reconciliation of net cash flow to
movements in net debt

Decrease in cash as above                         (236)            (62)

Cash inflow from drawdown of loans                (873)              -

Exchange movements                                 414             105
---------------------------------           ------------     -----------

Movement in net (debt)/funds in the               (695)             43
period

Opening net debt at 1 August                    (4,599)         (4,702)
---------------------------------           ------------     -----------

Closing net debt at 31 January                  (5,294)         (4,659)
---------------------------------           ------------     -----------



Represented by:

Bank balances and short term deposits              973             222

Debt falling due within one year                (3,752)         (2,132)

Debt falling due after more than one            (2,515)         (2,749)
year                                        ------------     -----------
---------------------------------

                                                (5,294)         (4,659)
       ---------------------------------    ------------     -----------



Notes:

1. In accordance with the stated policy no interim dividend has been declared
(2003 - nil).

2. The breakdown of income for the periods to 31 January 2004 and 31 January
2003 was as follows:

                                         31 January         31 January

                                               2004               2003

                                              £'000              £'000

Income from investments

Overseas dividends                              907                867



Other income

Deposit interest                                  8                  4
                                          -----------        -----------

Total income                                    915                871
                                          -----------        -----------

3. The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £176,000 (2003 - £180,000) and on
26,754,100 (2003 - 26,754,100) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the period.

The basic capital return per Ordinary share is based on net capital gains for
the period of £8,871,000 (2003 - losses of £3,248,000) and on 26,754,100 (2003 -
26,754,100) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

The calculation of the fully diluted revenue and capital returns per Ordinary
share are carried out in accordance with Financial Reporting Standard No.14,
'Earnings per Share'. For the purposes of calculating the diluted revenue and
capital returns per Ordinary share, the number of Ordinary shares is the
weighted average used in the basic calculation plus the number of Ordinary
shares deemed to be issued for no consideration on exercise of all Warrants by
reference to the average price of the Ordinary shares during the period. The
calculations indicate that the exercise of Warrants would result in an increase
in the weighted average number of Ordinary shares of 2,817,158 (2003 - 592,627)
to 29,571,258 (2003 - 27,346,727) Ordinary shares.

4. The basic net asset value per Ordinary share is based on net Shareholders'
funds at the period end, and on 26,754,100 (31 January 2003 - 26,754,100; 31
July 2003 - 26,754,100) Ordinary shares, being the number of Ordinary shares is
issue at the period end.

The fully-diluted net asset value per Ordinary share has been calculated on the
assumption that the 6,999,400 (31 January 2003 - 6,999,400; 31 July 2003 -
6,999,400) Warrants in issue were exercised on the first day of the financial
period at 100p per share, giving an average number of Ordinary shares in issue
of 33,753,500 (31 January 2003 - 33,753,500; 31 July 2003 - 33,753,500).

5. The financial information for the six months ended 31 January 2004 and 31
January 2003 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information for the year ended 31 July
2003 has been extracted from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was unqualified.
The interim accounts have been prepared on the same basis as the annual
accounts.

6. Copies of the Interim Report will be posted to Shareholders shortly and
further copies may be obtained from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.


Aberdeen Asset Management PLC

Secretaries

14 April 2004



Independent Review Report to Aberdeen

Asian Smaller Companies Investment Trust PLC


Introduction

We have been instructed by the Company to review the financial information for
the six months ended 31 January 2004 which comprises the Statement of Total
Return, Balance Sheet, Cash Flow Statement and the related notes 1 to 5. We have
read the other information contained in the Interim Report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.

This report is made solely to the company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.

Directors' responsibilities

The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data, and based thereon, assessing whether the
accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 January 2004.


Ernst & Young LLP

London

14 April 2004