Investment Policy

Scottish Oriental Smlr Co Tst PLC
16 October 2003

THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC

Investment Policy

The Board of The Scottish Oriental Smaller Companies Trust Plc (the 'Company')
notes the publication of the Investment Entities (Listing Rules and Conduct of
Business) Instrument 2003 and announces that it is the Company's policy to
invest no more than 15% of its gross assets in other listed investment companies
(including listed investment trusts).



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