Interim Management Statement

Aberdeen Asian Smaller Co's Inv Tst
30 November 2007



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 31 October 2007



To the members of Aberdeen Asian Smaller Companies Investment Trust PLC

This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.



This interim management statement relates to the period from 1 August 2007 to 31
October 2007, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.



Investment objective

To maximise total return to shareholders over the long term from a portfolio of
smaller quoted companies (with a market capitalisation of up to approximately
US$750m at time of investment) in the economies of Asia and Australasia,
excluding Japan.



Benchmark

There is no meaningful smaller companies index against which to compare the
performance of the Company. Accordingly, the manager and Board utilise a general
regional index, the MSCI AC Asia Pacific ex Japan, as well as peer group
comparisons.



Material events

On 26 September 2007 the Company repaid its HKD 52,413,225.00 bank facility
reducing its gearing to approximately 3% at the period end.



On 18 October 2007 the Company released its preliminary announcement of results
and on that day the Directors resolved to amend the investment objective of the
Company to permit the Manager to invest in smaller companies whose market
capitalisation s are up to approximately $750 million at the time of investment.



During the period under review, the Company purchased for cancellation 110,000
Warrants and since 31 October 2007 the Company has purchased Ordinary shares in
the market.  To date the Company has purchased 344,280 Ordinary shares for
treasury and there are now 32,235,317 Ordinary shares in issue.



On 29 November 2007 the Company held its Annual General Meeting at which all
resolutions were passed.  The special business included resolutions to allow the
Company to issue shares (up to 10% of the issued share capital without
pre-emption); to buy back shares (up to 14.99% of the issued share capital); to
adopt new Articles of Association which allow facilitate electronic
communications with shareholders and to authorise the Company to communicate
electronically with its shareholders.



The Company's final dividend of 3.45p and special dividend of 2.7p per Ordinary
share will be paid today.



For latest NAV and share price information please refer to the trust's website,
www.asian-smaller.co.uk.



Ten largest equity holdings at 31 October 2007
                                           %

Bukit Sembawang Estates                  5.5
Bank NISP                                4.3
Korean Reinsurance                       3.2
AEON Credit Service                      2.8
Wheelock Properties                      2.8
AEON Stores                              2.8
LPI Capital                              2.5
ICI India                                2.4
Siam Makro                               2.4
Pacific Basin Shipping                   2.4
                                   _________
Total                                   31.1




Country allocation as at 31 October 2007


                                           %

Singapore                               20.2
Hong Kong                               16.6
Malaysia                                12.0
India                                   11.6
Thailand                                10.3
Korea                                    6.7
Indonesia                                6.0
Philippines                              5.1
Sri Lanka                                3.9
Other Asia                               2.3
Pakistan                                 1.6
New Zealand                              0.3
Cash                                     3.4
Total                                  100.0





General description of Company's financial position and performance as at 31
October 2007


                                                    £m
Gross Assets                                        133.8
Debt                                                4.0

Actual gearing                                      3.1%




Cumulative Performance


                                      as at      1 month     3 months     6 months    1 year   3 years   5 years
                                 31/10/2007
Share Price                           312.3          0.3         -0.4          1.0       6.6      83.1     223.6
Diluted NAV                           360.8          1.7          2.2          7.2      23.1     106.4     223.0
Undiluted NAV                         398.7          1.3          0.2          6.6      19.8      92.1     215.3
Warrant 2010 Price                    216.5         -0.7         -0.9          1.9       9.6     129.1     481.2
MSCI AC Asia Pacific ex -Japan                       7.6         19.5         33.9      53.9     142.3     234.8




Discrete Performance


                                 31/10/2007  31/10/2006   31/10/2005   31/10/2004    31/10/2003
Share Price                             6.6        17.4         46.2          8.6          62.7
Diluted NAV                            23.1        21.4         38.1          4.7          49.5
Undiluted NAV                          19.8        15.5         38.8          3.3          58.9
Warrant 2010 Price                      9.6        24.2         68.3         16.0         118.8
MSCI AC Asia Pacific ex Japan          53.9        24.1         26.9          7.4          28.7

Total Return; NAV-to-NAV, Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental
Data





The Board is not aware of any significant events or transactions which have
occurred between 31 October 2007 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to the
Company's website, www.asian-smaller.co.uk.



Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
  Investors may not get back the amount they originally invested.



For Aberdeen Asian Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

30 November 2007


                      This information is provided by RNS
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