Final Exercise of Warrants

Scottish Oriental Smlr Co Tst PLC
06 February 2007


               THE SCOTTISH ORIENTAL SMALLER COMPANIES TRUST PLC

                           Final Exercise of Warrants

First State Investment Management (UK) Limited, Secretary to The Scottish
Oriental Smaller Companies Trust Plc, announces that Warrantholders have applied
to exercise their subscription rights over 3,820,558 ordinary shares of 25p each
in accordance with the terms and conditions of the Warrant Instrument. 3,820,558
new Ordinary shares of 25p each were issued and allotted on 6th February 2007 in
respect of shares arising from the exercise of 3,820,558 warrants at the
subscription price of 100p per share.

Following the allotment of these shares, the Company's issued share capital has
increased to 30,056,159 ordinary shares of 25p each.

A total of 157,491 warrants have not been exercised. Under the terms of the
Warrant Instrument, the Company has appointed an independent Trustee to exercise
any subscription rights which had not been exercised on the Final Subscription
Date and sell the Ordinary Shares acquired on such subscription, provided that
in the opinion of the Trustee, the proceeds of such sale after deduction of all
costs and expenses incurred by the Trustee will exceed the subscription price.
By 31st March 2007, the Trustee shall distribute the net proceeds pro rata to
the persons entitled thereto, provided that entitlements of under £3 shall be
retained for the benefit of the Company.

Application will be made to the UK Listing Authority and the London Stock
Exchange for the admission to the Official List and to trading of the ordinary
shares of 10p each arising on exercise of the warrants.

Enquiries:
Gillian Davies
First State Investment Management (UK) Limited
Tel: [phone]




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