New Accounting Ref Date

Scottish Oriental Smlr Co Tst PLC
20 November 2002

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 19th
November 2002 was 120.19p (assuming full conversion of all outstanding
warrants). This equates to an undiluted figure of 123.96p. 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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