Net Asset Value(s)

Scottish Oriental Smlr Co Tst PLC
21 July 2006


THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC
First State Investment Management (UK) Limited, 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 20th July
2006 was 250.25p (assuming full conversion of all outstanding warrants). This
equates to an undiluted figure of 273.03p. Neither of these figures include any
income retention for the year to-date. These figures do not include any
provision for capital gains tax on net unrealised gains on holdings of Indian
securities.



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