Net Asset Value(s)

Merrill Lynch Br. SmallerCo Tst PLC
21 February 2005



NET ASSET VALUE

MERRILL LYNCH BRITISH SMALLER COMPANIES TRUST plc

The unaudited net asset value for Merrill Lynch British Smaller Companies Trust plc at close of business on
18 February 2005 (excluding income) was:

280.73p (excluding income and including debt at par value)

275.39p (excluding income and including debt at fair value)


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