Disclosure re Listing Rule 21.20(l)(i)

    Scottish Value Trust plc confirms that, although it holds a number of listed
investment companies and trusts, it does not and does not intend to hold in
excess of 10% of its gross assets in other listed investment companies and
trusts which have a stated investment policy of investing more than 15% of
their gross assets in other listed investment companies and trusts.

In accordance with the continuing obligations under Listing Rule 21.20 (l) (i),
it confirms that, as at the close of business on 28 November 2003, there were
two portfolio investments representing a total of 2.6% of its gross assets that
were invested in other listed investment companies and trusts which have a
stated investment policy that they are likely to invest more than 15% of their
gross assets in other listed investment companies and trusts.

The holdings are as follows:-

Advance Developing Markets Trust plc 1.5%

Advance UK Trust plc 1.1%

Contact: Donald W Robertson / Carolina A Viola

SVM Asset Management Limited

0131 226 6699



END