GARTMORE SMALLER COMPANIES TRUST P.L.C.                    

The Board of Gartmore Smaller Companies Trust p.l.c. (the "Company") notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003 and announces that it is the Company's policy to invest no more
than 15% of its gross assets in other listed investment companies (including
investment trusts). As at 30th September 2003 the Company held no such
investments.

Gartmore Investment Limited

Secretaries

28 October 2003



END