Preliminary Interim Results

Aberdeen Asian Smaller Co's Inv Tst
27 March 2001


ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months ended 31 January 2001


The last six months have been difficult for Asian stock markets, but for once
this has been largely due to factors from outside the region, primarily the
slowdown in demand for new technology products and the impact of such a
slowdown on global stock market ratings, starting with the US NASDAQ.  As such
Asia has been relatively spared.  I use the word 'relative', given that your
Company's net asset value has fallen 8.6% during the six month period under
review to 31 January 2001. This compares to a fall of 9.2% in the MSCI AC Asia
Pacific ex Japan index.

The downturn in US demand is undoubtedly having an effect upon Asia,
especially on those countries with a large electronics sector, such as Korea,
Singapore and Taiwan.  As far as your Company is concerned, however, we have a
small exposure to technology/electronics counters having taken the opportunity
of last year's boom to take profits.

Our concerns at the macro level in Asia still have more to do with the pace of
reform, the maintenance of social harmony and the battle against corruption. 
There remains much to be achieved on all these fronts, but overall steady
progress is being maintained.

Within your portfolio, there has been a continuation of the stream of
corporate activity we have been seeing over recent years.  For example, we
sold our holding of Clipsal, a leading maker of plastic light switches, to
Schneider of France, who are seeking to expand their presence in Asia.  As of
the time of writing most companies in which we invest have released their 2000
year end results.  Generally these have shown a strong year-on-year
improvement, and it is encouraging to see that reflected in raised dividend
payments.  It is too early to predict the outcome for 2001 with a high degree
of confidence, but we do expect profits for our investee companies to register
another year of growth of around 10-15%, albeit at a lower rate than 2000. The
value offered by Asian smaller companies is still outstanding.

As expected, since the period end the NASDAQ has led declines in Asia's more
developed markets, after a sharp rally early in the year. By contrast our
preferred markets have held up well, and earnings visibility continues to look
good.

Nigel Cayzer
Chairman
27 March 2001
 
The unaudited results were:

Statement of total return (incorporating the revenue account *)
For the six months to 31 January 2001

Six months ended 31 January 2001
                                               (unaudited)
                                Revenue          Capital          Total
                                  £'000            £'000          £'000

Losses on investments                 -           (3,268)        (3,268)

Income                              828                -            828
Investment management fee          (214)               -           (214)
Other expenses                     (116)               -           (116)
Exchange losses                       -              (29)           (29)
                                 _______          _______        _______
Net return before finance
costs and taxation                  498           (3,297)        (2,799)
Interest payable and
similar charges                     (93)               -            (93)
                                 _______          _______        _______
Return/(loss) on ordinary
activities before taxation          405           (3,297)        (2,892)
Tax on ordinary activities         (156)               -           (156)
                                 _______          _______        _______
Transfers to/(from) reserves        249           (3,297)        (3,048)
                                 =======          =======        =======
Return/(loss) per Ordinary share
(pence):
Basic                              0.84           (11.08)        (10.24)
                                 =======          =======        =======


                                     Six months ended 31 January 2000
                                               (unaudited)
                                Revenue          Capital          Total
                                  £'000            £'000          £'000

Gains on investments                  -            8,137          8,137

Income                              508                -            508
Investment management fee          (156)               -           (156)
Other expenses                     (148)               -           (148)
Exchange gains                        -               11             11
                                 _______          _______        _______
Net return before finance
costs and taxation                  204            8,148          8,352
Interest payable and
similar charges                     (54)               -            (54)
                                 _______          _______        _______
Return on ordinary
activities before taxation          150            8,148          8,298
Tax on ordinary 
activities                          (53)               -            (53)
                                 _______          _______        _______
Return on ordinary
activities after taxation            97            8,148          8,245
Dividends and other appropriations    -                -              - 
                                 _______          _______        _______
Transfers to reserves                97            8,148          8,245
                                 =======          =======        =======
Return per Ordinary share
(pence):
Basic                              0.28            23.33          23.61
                                 =======          =======        =======

* The Statements of Total Return above are presented in accordance with the
Statement of Recommended Practice for Financial Statements of Investment Trust
Companies
 Balance Sheet of the Company as at 31 January 2001

                             31 January       31 January        31 July
                                   2001             2000           2000
                             (unaudited)      (unaudited)      (audited)
                                  £'000            £'000          £'000
Fixed assets
Investments                      37,407           42,294         38,693
                                ________         ________       ________
Current assets
Debtors                             434              178            160
Cash at bank and in hand            674            1,298          1,010
                                ________         ________       ________
                                  1,108            1,476          1,170
Creditors: amounts falling
due within one year              (3,028)          (5,235)        (1,321)
                                ________         ________       ________
Net current liabilities          (1,920)          (3,759)          (151)
                                ________         ________       ________
Total assets less current
liabilities                      35,487           38,535         38,542
Provision for liabilities
and charges                         (15)              (9)           (22)
                                ________         ________       ________
Total net assets                 35,472           38,526         38,520
                                ========         ========       ========
Share capital and reserves
Called-up share capital           7,439            7,875          7,439
Capital redemption reserve        1,312              875          1,312
Special reserve                  17,746           19,593         17,746
Other reserves
   Warrant reserve                2,275            2,275          2,275
   Capital reserve - realised     5,171           (3,751)         4,837
   Capital reserve - unrealised   1,040           11,323          4,671
Revenue reserve                     489              336            240
                                ________         ________       ________
Total equity shareholders'
funds                            35,472           38,526         38,520
                                ========         ========       ========
Net asset value per Ordinary
share (pence):
Basic                            119.22           122.30         129.46
                                ========         ========       ========
Diluted                          115.56           118.25         123.85
                                ========         ========       ========

Cash Flow Statement of the Company 
For the six months to 31 January 2001

                                    Six months ended  Six months ended
                                          31 January        31 January 
                                                2001              2000
                                          (unaudited)       (unaudited)
                                               £'000             £'000
Net cash inflow from operating activities        413               203
Net cash outflow from servicing of finance       (89)              (57)
Net tax recovered                                  -               268
Net cash outflow from financial investment    (2,268)             (510)
Equity dividends paid                           (363)              (91)
                                              _______           _______
Net cash outflow before financing             (2,307)             (187)
Net cash inflow/(outflow) from financing       2,000              (153)
                                              _______           _______
Decrease in cash                                (307)             (340)
                                              =======           =======
Reconciliation of operating revenue to net 
cash inflow from operating activities
Net revenue before interest 
payable and taxation                             498               204
Decrease in accrued income                        12                54
Decrease/(increase) in other debtors               2                (5)
Increase in other creditors                       14                18
UK Income tax deducted at source                  (3)              (14)
Overseas withholding tax suffered               (110)              (54)
                                              _______           _______
                                                 413               203
                                              =======           =======
Reconciliation of net cash flow 
to movement in net funds/(debt)
Decrease in cash as above                       (307)             (340)
Cash inflow from increase in loans            (2,000)                -
Exchange movements                               (29)               (5)
                                              _______           _______
Movement in net debt in the period            (2,336)             (345)
Net funds/(debt) at 1 August                     260              (107)
                                              _______           _______
Net debt at 31 January                        (2,076)             (452)
                                              =======           =======
Represented by:
Cash at bank                                     674             1,298
Debt falling due within one year              (2,750)           (1,750)
                                              _______           _______
                                              (2,076)             (452)
                                              =======           =======

Notes:

1  In accordance with stated policy no interim dividend has been declared
(2000 - nil).

2  The breakdown of income for the periods to 31 January 2001 and 31 January
2000 was as follows:
                                    31 January      31 January
                                          2001            2000
                                         £'000           £'000
Income from investments
Unfranked investment income                820             471
                                           
Other income
Deposit interest                             8              37
                                        _______         _______
Total income                               828             508
                                        =======         =======

3  The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £249,000 (2000 - £97,000) and on
29,754,100 (2000 - weighted average of 34,924,513) Ordinary shares, being the
number of Ordinary shares in issue throughout the period. 

The basic capital loss per Ordinary share is based on net capital losses of
£3,297,000 (1999 - gains of £8,148,000) and on 29,754,100 (2000 - weighted
average of 34,924,513) Ordinary shares, being the number of Ordinary shares in
issue throughout the period. 

The fully-diluted returns per Ordinary share have not been shown as they are
in excess of basic earnings per share for both periods.

4  The basic net asset value per Ordinary share is based on net shareholders'
funds at the period end, and on 29,754,100 (31 January 2000 - 31,500,600; 31
July 2000 - 29,754,100) Ordinary shares, being the number of Ordinary shares
in issue at the period end. 

The fully-diluted net asset value per Ordinary share has been calculated on
the assumption that the 6,999,400 Warrants in issue (31 January 2000 -
6,999,400; 31 July 2000 - 6,999,400) were exercised on the first day of the
financial period at 100p per share giving a total of 36,753,500 (31 January
2000 -38,500,000; 31 July 2000 - 36,753,500) Ordinary shares.

5  The financial information for the six months ended 31 January 2001 and 31
January 2000 comprises non-statutory accounts within the meaning of Section
240 of the Companies Act 1985. The financial information for the year ended 31
July 2000 has been abridged from published accounts that have been delivered
to the Registrar of Companies on which the report of the auditors was
unqualified.

6  Copies of the Interim  Report will be posted to shareholders as soon as
possible and will be available  at the Company's  registered  office,  One 
Bow  Churchyard, Cheapside, London EC4M 9HH.

Aberdeen Asset Management PLC
Secretaries 
27 March 2001


Independent Review Report by Ernst & Young to
Aberdeen Asian Smaller Companies Investment Trust PLC

We have been instructed by the Company to review the financial information set
out above and we have read the other information contained in the Interim
Report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.

Directors' Responsibilities
The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where they are
to be changed in the next annual accounts, in which case any changes, and the
reasons for them, are disclosed.

Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4: Review of Interim Financial Information issued by the Auditing
Practices Board. A review consists principally of making enquiries of
management and applying analytical procedures to the financial information and
underlying financial data and, based thereon, assessing whether the accounting
policies and presentation have been consistently applied unless otherwise
disclosed. A review is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.

Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 January 2001.

Ernst & Young
Registered Auditor
London                                                        27 March 2001