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 2 December 2010 were:- 

Excluding Current Year Revenue = 682.89p                                    

Including ALL Revenue = 694.41p                                             

As at 2 December 2010, ASCoT held 87 investments, the largest of which      
represented 3.4% of total Shareholders' Funds.  The market value of         
investments was £718.0m and total Shareholders' Funds were £669.2m. 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 11.2% of 
Shareholders' Funds.  Current gearing is 7.3%.                              

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

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 3 December 2010