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

The Company announces that on 7th January 2004 it purchased in the market for
cancellation 200,000 Ordinary shares at a price of 334.0 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 1.4% of the shares in issue at that date. The transaction has
reduced the number of Ordinary shares in issue to 13,875,000.

Gartmore Investment Limited

Secretaries

12th January 2004



END