Issue of Equity

Scottish Oriental Smlr Co Tst PLC
10 February 2003

THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC

First State Investment Management (UK) Limited, Secretary to Scottish Oriental
Smaller Companies Trust Plc, announce that 2,800 new Ordinary shares of 25p each
were allotted on 10th February 2003 as a result of the exercise of 2,800 of the
Scottish Oriental Smaller Companies Trust Plc warrants. The total issued capital
has therefore increased to 25,469,050 Ordinary shares and the warrants in issue
have reduced to 4,744,600.

Dealings in the 2,800 new shares are expected to commence on 12th February 2003.


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