Net Asset Value(s)

ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")                             

Net Asset Values ("NAVs") per Ordinary Share for the above company -        
calculated using a bid pricing basis for the securities held on the         
company's portfolio - as at the close of business on 31 October 2010 were:- 

Excluding Current Year Revenue = 685.58p                                    

Including ALL Revenue = 696.36p                                             

As at 31 October 2010, ASCoT held 86 investments, the largest of which      
represented 3.4% of total Shareholders' Funds.  The market value of         
investments was £724.6m and total Shareholders' Funds were £671.1m. Details 
of the top 50 holdings, the portfolio's sectoral composition and other      
general information can be found on the Aberforth website at http://        
www.aberforth.co.uk.                                                        

ASCoT has bank debt facilities available to allow gearing of up to 11.2% of 
Shareholders' Funds.  Current gearing is 8.0%.                              

The number of Ordinary Shares of 1p currently in issue is 96,366,792.       

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 1 November 2010                       

ANNOUNCEMENT ENDS