Realisation Pool NAV

RNS Number:6348P
Smaller Companies Inv Trust PLC
10 September 2003

10 September 2003

The Smaller Companies Investment Trust PLC (In Members' Voluntary Liquidation)

Realisation Pool Net Asset Value at 31 August 2003

In accordance with the terms of the scheme of reconstruction set out in the
circular to shareholders in The Smaller Companies Investment Trust PLC (the
"Company") dated 7 July 2003 (the "Circular") the monthly announcement of the
net asset value entitlement in respect of the Realisation Option is set out
below.

As at 31 August 2003 Shareholders who elected (or were deemed to have elected)
for the Realisation Option retained an interest in assets representing 202.08
pence for each Ordinary Share thus elected. Of this, 100.69 pence per share was
held in shares and securities, and 101.39 pence per share in cash (or near cash
assets).

This compares to the value of 195.47 pence per share at the liquidation date, of
which 181.48 pence per share was held in shares and securities and 13.99 pence
per share in cash.

It is expected that the first distribution to Shareholders who elected (or were
deemed to have elected) for the Realisation Option of at least approximately 100
pence per Share will be made by 30 September 2003.

Shareholders are reminded that the value of shares and securities held in the
Realisation Pool may rise or fall before they are realised, and neither the
Liquidators nor the Company give any warranty as to the eventual value of the
Realisation Pool. The Liquidators act as agents of the Company and without
personal liability.

Shareholders are also reminded that the register of holders of Reclassified
Shares has closed and that dealings in the Ordinary Shares have been suspended
and accordingly holders will not be able to transfer their Ordinary Shares. All
defined terms in this announcement have the same meanings as set out in the
Circular.

PJ Brazzill and ME Mills

Joint Liquidators

Enquiries:

Liquidators (Ernst &Young LLP)                     Ernst & Young LLP

(please ask to speak to Philip Heddell)            Becket House, 1 Lambeth 
Andrew Prior, Ernst & Young LLP                    Palace Road, London SE1 7EU
                                                   Telephone [phone]
                                                   Fax [phone]



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