Issue of Equity - Exercise of Warrants

ISSUE OF ORDINARY SHARES

The board of Edinburgh Small Companies Trust plc announce the issue of
1,000 ordinary shares at a price of 100p per share on 14 October 2003.
The shares were allotted following the exercise of warrants (to
subscribe for ordinary shares) on 30 September 2003. Following the
issue, there will be 67,404,646 ordinary shares in issue.

The issue is subject to the listing of the shares on the London Stock
Exchange and an application has also been made to the UK Listing
Authority (dealings expect to commence on 14 October 2003).

For Edinburgh Small Companies Trust plc
Edinburgh Fund Managers plc
Secretary
13.10.03