Net Asset Value(s)

Scottish Oriental Smlr Co Tst PLC
04 November 2005


THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC
First State Investment Management (UK) Limited, the managers of The Scottish
Oriental Smaller Companies Trust PLC (Scottish Oriental), announce that the
unaudited Net Asset Value of Scottish Oriental Ordinary shares as at 31st
October 2005 was 223.21p (assuming full conversion of all outstanding warrants).
This equates to an undiluted figure of 246.05p. Neither of these figures include
any income retention for the year to-date.
The fully-diluted and undiluted NAVs calculated to include an estimate of income
net of expenses retained for the year to-date were 226.81p and 250.31p
respectively. These latter NAVs are now given on a monthly basis to the AITC.



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