Final Results

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
for the year ended 31 July 2004


Chairman's Statement

Results and Dividend

During the the financial year under review, Asia saw good economic growth,
Against this backdrop, I am delighted to report that on a total return basis the
Company's diluted net asset value ("NAV") increased by 12.7 per cent and the
share price by 13.9%. This compares to a rise of 7.3 per cent in the MSCI AC
Asia Pacific Free ex-Japan Total Return Index.

The outperformance was once again due to your Manager's philosophy of investing
in well managed companies with stong balance sheets and good growth prospects
This was assisted by renewed investor interest in the asset class and the
judicious use of gearing in a rising market.

Your Board is pleased to recommend the payment of a final dividend of 3.10 pence
per share, which is equal to last year's final dividend, payable on 26 November
2004 to Shareholders on the register on 15 October 2004.

Overview

The growth in the Asian economies was supported by a pick-up in regional loan
growth, investment and improvement in domestic demand.  As was noted in the
interim report, stocks rose in tandem during the first half only for markets to
consolidate later.

Last year's better performers (such as India and Thailand), being the most
vulnerable to profit-taking, fell most during the first quarter of 2004. There
were, however, good domestic reasons for this. India's election result, which
resulted in a change of  Goverment and Thailand's unrest in the south both upset
the impression of leaders in control . A reported slowdown in China compounded
regional uncertainty. More ominously, a raft of external influences, including
rising US interest rates, geopolitical terror and, crucially, sustained high oil
prices, then emerged.

With good news evaporating, investors became less attuned to corporate activity
and more swayed by headlines from Wall Street. While this was explicable, the
plain fact was that the general tone of reporting from the companies in which we
invest remained very positive. Your Managers noted consistent earnings growth
from them, unlike their US peers for whom earnings may be nearing a cyclical
peak.

Outlook

Looking ahead, we are cautious about the US economic outlook. US interest rates
are now rising after a long period of loose money. In the summer this was
greeted as evidence of brisker activity, but demand has wavered in the face of
weak job creation and flat incomes. The presidential election now complicates
the picture.

How quickly (and satisfactorily) these issues are resolved will affect sentiment
towards Asia because of underlying trade. The dependence is, however,
diminishing and domestic demand is a growing feature of regional recovery. This
is pertinent to the portolio of this company where domestic growth is a more
important driver than international trade.

There is some debate over China's slowdown or 'soft landing'. Credit controls
are curbing supply bottlenecks, which may ease fixed asset over-investment. This
will be offset, though, by the consumer spending. With rising incomes, savings
at 30-40% and almost zero real interest rates, growth can be sustained at high
levels for some time yet.

More concerning is Korea, where the economy is struggling with a slowdown that
was amplified by a credit bubble. Thailand is a little further behind in the
cycle, while the recovery in the rest of  Southeast Asia has only really
started. On the plus side, both personal and corporate balance sheets are
healthy almost everywhere. Also, government reserves have been rebuilt and
current accounts are in surplus.

In short, the ability to withstand external shocks has much improved. Investors,
often driven by short-term returns, can be insensitive to such changes. So much
was evident from pre-election market swings ahead of polls in Malaysia, the
Philippines, Taiwan and now Indonesia. Yet policy was not a point of difference
among leadership contenders - because they are generally orthodox and working -
and voters were left to focus on personalities.

If exaggerated mood swings remain the lot of Asian markets, they do at least
create opportunities. Our Managers have been characteristically forthright in
identifying potential where others may only see flux. India is one market where
quality companies stand out. Another is Hong Kong, where the asset reflation
story has gathered steam - core CPI has turned inflationary for the first time
in six years.

A fixation on markets may however be misleading. As I have noted before, the
incidence of good value may well be at variance with market size or underlying
economic growth. It may be more helpful to describe what stock choices have in
common. Across markets the key factor currently in our holdings is the strength
of cashflow and balance sheets.

While companies in the recent past have used funds to reduce gearing, the
situation now is trending towards excess. How companies deal with this pleasant
problem is one thing that our Managers will be watching. The temptation to
invest at any cost has generally been resisted and money is still being
returned. The next phase in the cycle will likely see more commitment to new
investment.

Currently, the portfolio is on a prospective price earnings ratio of just over
10.7 times based upon 2005 estimated earnings, with a gross dividend yield of
3.8%. This is markedly cheaper than the MSCI AC Asia Pacific ex Japan Index,
reflecting a longstanding discount. It also means we are almost back to where we
were 12 months ago - with the single difference that markets have since gained
7.3%.

If earnings continue to meet expectations, the portfolio will only look more
solid. True, headline market catalysts are in retreat but, twelve months hence
it will be disappointing if we can't say that those who missed last year's run
didn't get a second chance.

Gearing

The Board has continued using the Company's gearing facilities and the benefits
of the policy are demonstrated by the Company's excellent performance in the
last year. The Board, which is responsible for the gearing policy, continues to
review the gearing levels with the Manager on a regular basis and take
appropriate action. As at 31 July 2004, gearing stood at 15.7% of the net asset
value of the Company.

The Board

I would like to welcome Mr Iain Saunders to the Board following his appointment
earlier this month. Mr Saunders brings to the Board an extensive experience of
emerging markets including the Far East and the investment trust sector and this
further strengthens the skills and knowledge of the
existing Board members.

Mr Hugh Young resigned as a Director of the Company on 16 September 2004, prior
to the changes to the UKLA Listing Rules that come into operation on 1 April
2005 regarding the number of management representatives on the board of an
investment company. Despite this change the Board will continue to enjoy Mr
Young's wise counsel in his role of Investment Manager and also as Mr Gilbert's
alternate.

Annual General Meeting

This year's Annual General Meeting will be held on Thursday 25 November at 12
noon and your Board looks forward to seeing Shareholders there.


Nigel Cayzer
Chairman
28 September 2004




Statement of Total Return
                                   Year ended             Year ended
                                  31 July 2004           31 July 2003
                                   (unaudited)            (audited)

                             Revenue Capital   Total Revenue Capital  Total
                               £'000  £'000   £'000   £'000   £'000  £'000
Gains on investments               -  5,276   5,276       -   8,340  8,340

Income                         3,077      -   3,077   2,338       -  2,338
Investment management fee      (558)      -   (558)   (454)       -  (454)
Administration expenses        (449)      -   (449)   (331)       -  (331)
Exchange gains                     -    468     468       -      62     62
Net return before finance      2,070  5,744   7,814   1,553   8,402  9,955
costs and taxation

Interest payable and similar   (283)      -   (283)   (248)       -  (248)
charges
Return on ordinary             1,787  5,744   7,531   1,305   8,402  9,707
activities before taxation

Taxation on ordinary           (715)      -   (715)   (471)       -  (471)
activities
Return on ordinary             1,072  5,744   6,816     834   8,402  9,236
activities after taxation

Dividends in respect of        (829)      -   (829)   (829)       -  (829)
equity shares
Transfer to reserves             243  5,744   5,987       5   8,402  8,407

Return per Ordinary share
(pence):
Basic                           4.01  21.47   25.48    3.12   31.40  34.52
Fully-diluted                   3.62  19.39   23.01    3.02   30.40  33.42

The revenue column of this statement is the revenue account of the Company..
All revenue and capital items in the above statement derive from continuing
operations.



Balance Sheet
                                           As at 31 July    As at 31 July
                                                    2004             2003
                                                   £'000            £'000
                                             (unaudited)        (audited)
Fixed assets
Investments                                       60,712           51,979

Current assets
Debtors                                              193              232
Cash at bank and in hand                           1,181              795
                                                   1,374            1,027

Creditors: amounts falling due within            (9,723)          (3,812)
one year
Net current liabilities                          (8,349)          (2,785)
Total assets less current liabilities             52,363           49,194

Creditors: amounts falling due after
more than one year
Bank loan                                              -          (2,798)
                                                  52,363           46,396

Provisions for liabilities and charges              (31)             (51)
Net assets                                        52,332           46,345

Share capital and reserves
Called-up share capital                            6,689            6,689
Capital redemption reserve                         2,062            2,062
Special reserve                                   14,990           14,990
Other capital reserves:
   Warrant reserve                                 2,275            2,275
   Capital reserve - realised                     14,409           11,453
   Capital reserve - unrealised                   11,404            8,616
Revenue reserve                                      503              260
Equity Shareholders' funds                        52,332           46,345

Net asset value per Ordinary share
(pence):
Basic                                             195.60           173.22
Fully-diluted                                     175.78           158.04




Cash Flow Statement
                                      Year ended          Year ended
                                     31 July 2004        31 July 2003
                                      (unaudited)          (audited)

                                      £'000     £'000     £'000     £'000
Net cash inflow from operating                  1,768               1,218
activities

Servicing of finance
Bank and loan interest paid                     (300)               (248)

Taxation
Net taxation paid                               (173)               (106)

Financial investment
Purchases of investments            (9,741)             (7,388)
Sales of investments                  6,382               7,274
Net cash outflow from financial               (3,359)               (114)
investment

Equity dividend paid                            (829)               (709)
Net cash (outflow)/inflow before              (2,893)                  41
financing

Financing
Drawdown of loans                    33,577              21,122
Repayment of Loans                 (30,251)            (20,520)
Net cash inflow from financing                  3,326                 602
Increase in cash                                  433                 643

Reconciliation of net cash flow
to movements in
Net debt
Increase in cash as above                         433                 643
Cash inflow from drawdown of                  (3,326)               (602)
loans
Change in net debt arising from               (2,893)                  41
cash flows
Exchange movements                                468                  62
Movement in net (debt)/funds in               (2,425)                 103
the year
Opening net debt                              (4,599)             (4,702)
Closing net debt                              (7,024)             (4,599)



Notes:

1. Income
                          2004       2003
                         £'000      £'000
Income from
investments
UK dividend income          92         80
Overseas dividends       2,962      2,246
                         3,054      2,326
Other income
Deposit interest            23         12
Total income             3,077      2,338


2. Return per Ordinary share
                              2004                    2003
                   Revenue  Capital   Total Revenue  Capital   Total
Return per               p        p       p       p        p       p
Ordinary share
Basic                 4.01    21.47   25.48    3.12    31.40   34.52
Diluted               3.62    19.39   23.01    3.02    30.40   33.42

The basic revenue return per Ordinary share is based on net revenue on ordinary
activities after taxation of £1,072,000 (2003 - £834,000) and on 26,754,100
(2003 - 26,754,100) Ordinary shares, being the weighted average number of
Ordinary shares in issue during the year.

The basic capital return per Ordinary share is based on net capital gains for
the year of £5,744,000 (2003 - £8,402,000) and on 26,754,100 (2003 - 26,754,100)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the year.

The calculation of the fully diluted revenue and capital returns per Ordinary
share are carried out in accordance with Financial Reporting Standard No. 14,
"Earnings per Share". For the purposes of calculating diluted revenue and
capital returns per Ordinary share, the number of Ordinary shares is the
weighted average used in the basic calculation plus the number of Ordinary
shares deemed to be issued for no consideration on exercise of all Warrants by
reference to the average share price of the Ordinary shares during the year. The
calculations indicate that the exercise of Warrants would result in an increase
in the weighted average number of Ordinary shares of 2,871,422 (2003 - 888,522)
to 29,625,522 (2003 - 27,642,622) Ordinary shares.


3. Net asset value per share
The net asset value per share and the net asset values attributable to Ordinary
Shareholders at the year end calculated in accordance with the Articles of
Association were as follows:

                  Net asset value                 Net asset values
               per share attributable               attributable

                   2004           2003           2004           2003
                      p              p          £'000          £'000
Basic            195.60         173.22         52,332         46,345
Fully-           175.78         158.04
diluted

The movements during the year of the assets attributable to Ordinary shares were
as follows:-

                                                  2004          2003
                                                 £'000         £'000
Net assets attributable at 1 August             46,345        37,938
Capital return for the year                      5,744         8,402
Return on ordinary activities after              1,072           834
taxation
Dividend appropriated in the year                (829)         (829)
Total net assets attributable at 31 July        52,332        46,345


The basic net asset value per Ordinary share is based on net assets, and on
26,754,100 (2003 - 26,754,100) Ordinary shares, being the number of Ordinary
shares in issue at the year end.

The fully-diluted net asset value per Ordinary share has been calculated on the
assumption that 6,999,400 (2003 - 6,999,400) Warrants in issue were exercised on
the first day of the financial year at 100p per share, giving an average of
33,753,500 (2003 - 33,753,500) Ordinary shares.


4.  The  financial information set out above does not constitute  the  Company's
statutory  accounts  for  the years ended 31 July 2004  or  2003  The  financial
information for 2003 is derived from the statutory accounts for 2003 which  have
been delivered to the Registrar of Companies.  The auditors have reported on the
2003  accounts;  their report was unqualified and did not  contain  a  statement
under  section 237(2) or (3) of the Companies Act 1985.  The statutory  accounts
for  2004  will be finalised on the basis of the financial information presented
by  the Directors in this preliminary announcement and will be delivered to  the
Registrar of Companies in due course.


5.  Copies  of  the  Annual  Report will be posted to Shareholders  shortly  and
further  copies may be obtained from the registered office, One Bow  Churchyard,
Cheapside, London EC4M 9HH.


Aberdeen Asset Management PLC,
Secretaries.
28 September 2004