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 30 November 2010 were:-
Excluding Current Year Revenue = 662.12p                                    
Including ALL Revenue = 673.46p
                                             
As at 30 November 2010, ASCoT held 87 investments, the largest of which     
represented 3.5% of total Shareholders' Funds.  The market value of         
investments was £700.5m and total Shareholders' Funds were £649.0m. Details 
of the portfolio's holdings, 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 11.6% of 
Shareholders' Funds.  Current gearing is 7.9%.                              
The number of Ordinary Shares of 1p currently in issue is 96,366,792.       
C

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

ANNOUNCEMENT ENDS