Strategic Review

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("UK MAR"). ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For immediate release

The Scottish Oriental Smaller Companies Trust plc

LEI: 213800DBSW6WJXKNXL87

13 October 2026

Strategic Review

The Board of The Scottish Oriental Smaller Companies Trust plc (the "Company") announces that, following consultation with a number of its largest shareholders, it has decided to undertake a strategic review of the Company's future options (the "Strategic Review").

As outlined in the Company's announcement of 2 September 2026, the Board has been engaging with shareholders to consider whether additional actions are required to ensure that the Company meets the needs of investors. These discussions have highlighted the importance of scale and secondary market liquidity, alongside investment performance, in meeting shareholders' long-term needs.

The Board continues to believe in the merits of investing in Asian smaller companies. The Strategic Review will therefore focus on options that preserve shareholders' access to this investment opportunity through a vehicle with the scale and liquidity appropriate to their needs. This will include consideration of a potential combination with another investment company.

The Board has appointed Investec Bank plc to assist with the Strategic Review and welcomes proposals from investment companies and investment management groups that would address these objectives. Interested parties should contact Investec using the details below.

Conditional Tender Offer

The Board has also considered shareholder feedback on the conditional tender offer announced on 2 September 2026, including indications of voting intentions in relation to the shareholder approval required to implement it. In the light of that feedback, the Board has decided not to proceed with the tender offer at this time and instead to pursue the Strategic Review.

In assessing proposals for the future of the Company, the Board will take account of shareholders' expectations for a 25 per cent. cash exit opportunity which was to be delivered promptly following the triggering of the conditional tender offer, alongside its objective of providing continuing shareholders with an investment vehicle of greater scale and liquidity.

FSSA Investment Managers will continue to manage the Company's portfolio during the Strategic Review.

There can be no certainty as to the outcome of the Strategic Review or that any transaction will result from it. The Board will make further announcements as appropriate.

Enquiries:

Juniper Partners Limited +44 (0)131 378 0500

Company Secretary

Investec Bank plc +44 (0)20 7597 4000

Helen Goldsmith/Denis Flanagan

Important Information

This announcement is released by the Company and the information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of UK MAR. Upon publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is Andrew MacDonald of Juniper Partners Limited, the Company Secretary.