Gartmore Smaller Companies Trust p.l.c. (the "Company")            

The Company announces that on 8th December 2003 it purchased in the market for
cancellation 80,000 Ordinary shares at a price of 346.5 pence per share.

This purchase of Ordinary shares, pursuant to a general authority given by
shareholders at the Company's Annual General Meeting on 24th November 2003,
represents 0.6% of the shares in issue. The transaction has reduced the number
of Ordinary shares in issue to 14,075,000.

Gartmore Investment Limited

Secretaries

9th December 2003



END