Debenture Stock Repayment

Standard Life UK Small.Co's Tst PLC
23 August 2007



RIS ANNOUNCEMENT

STANDARD LIFE UK SMALLER COMPANIES TRUST PLC

23 August 2007

Redemption of debenture stock and cancellation of listing


Standard Life UK Smaller Companies Trust plc (the "Company") refers to the
announcements made by it on 17 July 2007 and 21 August 2007 and the notices of
redemption published by it on 17 July 2007 and announces that it has today
redeemed all the Company's 73/4 per cent. debenture stock 2023 (the "Debenture
Stock").

At the time of redemption, the Company had 9,648,055 units of Debenture Stock in
issue. The price payable for early redemption was £12,438,561.95 in capital
value plus accrued interest of £294,992.17.  The redemption price was financed
using cash held by the Company and by drawing down £3,000,000 under the new
£10,000,000 revolving credit facility with Lloyds TSB Bank plc at an all-in
interest rate of 6.89%.

It is expected that the listing of the Debenture Stock on the Official List of
the UK Listing Authority will be cancelled at 8.00 am on 24 August 2007.



Enquiries

Richard England
Press Manager, Standard Life Investments
Tel. [phone]

Harry Nimmo
Head of UK Smaller Companies, Standard Life Investments
Tel. [phone]

Gordon Humphries
Head of Investment Companies, Standard Life Investments
Tel. [phone]

Nathan Brown
Winterflood Securities, Corporate Broker to the Company
Tel. [phone]





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