Gartmore Smaller Companies Trust p.l.c.

Transaction update

20 November 2008

The Board of Gartmore Smaller Companies Trust has been notified that, in
accordance with intentions indicated in the announcement made last week,
Standard Life Investments has now acquired 635,000 shares in the Company,
representing 4.58% of its issued share capital.

The Board remains firmly committed to the proposed merger of the Company's
interests with Standard Life UK Smaller Companies Trust plc as announced on 10
November 2008, and the transaction is fully supported by shareholders owning
60% of the Company's issued share capital.

Enquiries:

Liam Kane

Chairman

Gartmore Smaller Companies Trust p.l.c.

020 7068 6960

Robin Archibald

Winterflood Investment Trusts

020 3100 0290

Winterflood Investment Trusts, which is authorised and regulated by the
Financial Services Authority, is acting for the Company and for no-one else in
connection with the contents of this announcement and will not be responsible
to anyone other than the Company for providing the protections afforded to
customers of Winterflood Investment Trusts, or for affording advice in relation
to the contents of this announcement or any matters referred to herein.



END



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