In accordance with the continuing obligations under Listing Rule 21.20 (l) (i),
Scottish Value Trust confirms that, as at the close of business on 31 December
2003, there were two portfolio investments representing a total of 3.0% 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 1.7%

Advance UK Trust plc 1.3%

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Contact: Donald W Robertson / Carolina A Viola

SVM Asset Management Limited

0131 226 6699



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