10 Largest Investments

EDINBURGH SMALL COMPANIES TRUST PLC - 10 LARGEST INVESTMENTS


The  company announces that the ten largest investments as at  close  of
business on 31 December 2003 were as follows:


Company                                 % of Gross Assets

Titon Holdings                                    2.46
Robert Wiseman Dairies                            2.07
Forth Ports                                       2.06
Telecom Plus                                      2.02
Majestic Wines                                    1.94
French Connection                                 1.93
Intermediate Capital Group                        1.91
Mowlem Plc                                        1.73
Topps Tiles                                       1.60
Hornby                                            1.56

                                                 19.28


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