SAR - Scottish Oriental

RNS Number:0177U
Baillie Gifford & Co.
08 January 2004



Date of disclosure: 08/01/04



DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ("SARs")


Date of sale: 05/01/04



Sale of: Scottish Oriental Smaller Companies Trust plc



1.         Class of voting shares (eg ordinary shares):

Ordinary Shares of 25p

Number of shares/rights over shares sold:

4,400,000 shares

If rights over shares sold, as opposed to the shares themselves, specify nature
of rights:

N/A



 2.        Resultant total holding of voting shares (and % of total voting
shares in issue):

Nil

Resultant total holding of rights over shares (and % of total voting shares in
issue):

Nil

            Total percentage:

Nil



3.         Party making disclosure:

Baillie Gifford & Co.



4.         (a) Name of person selling shares or rights over shares:

 The Scottish American Investment Company P.L.C.

(b) Names of any other persons acting by agreement or understanding:

 N/A



Signed, for and on behalf of the party named in (3) above:

Simon Marriott, Baillie Gifford & Co., 0131 275 3177




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