Net Asset Value(s)

ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")                             

Net Asset Values ("NAVs") per Ordinary Share for the above company as at the
close of business on 17 February 2011 were:-                                

Excluding Current Year Revenue = 782.29p                                    

Including ALL Revenue = 783.27p                                             

ASCoT has bank debt facilities available to allow gearing of up to 9.9% of  
Shareholders' Funds.  Current gearing is 7.3%.There are currently 96,366,792
Ordinary Shares of 1p in issue.                                             

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 18 February 2011                      

ANNOUNCEMENT ENDS