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 7 July 2011 were:-                                        
                                                                               
Excluding Current Year Revenue = 798.07p                                       
                                                                               
Including ALL Revenue = 811.37p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 12.8% of    
Shareholders' Funds. Current gearing is 6.5%. There are currently 96,366,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 8 July 2011                              
                                                                               
ANNOUNCEMENT ENDS