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 28 July 2011 were:-                                       
                                                                               
Excluding Current Year Revenue = 767.15p                                       
                                                                               
Including ALL Revenue = 780.89p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 13.3% of    
Shareholders' Funds. Current gearing is 8.3%.There are currently 96,366,792    
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 29 July 2011