Net Asset Value(s)

Scottish Oriental Smlr Co Tst PLC
22 November 2005


THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC
First State Investment Management (UK) Limited, managers of The Scottish
Oriental Smaller Companies Trust PLC (Scottish Oriental) announce that the
unaudited Net Asset Value of Scottish Oriental Ordinary shares as at 21st
November 2005 was 233.86p (assuming full conversion of all outstanding
warrants). This equates to an undiluted figure of 258.67p. Neither of these
figures include any income retention for the year to-date. These figures do not
include any provision for capital gains tax on net unrealised gains on holdings
of Indian securities.



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