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 16 December 2010 were:-

Excluding Current Year Revenue = 709.62p                                    

Including ALL Revenue = 721.54p                                             

As at 16 December 2010, ASCoT held 87 investments, the largest of which     
represented 3.3% of total Shareholders' Funds.  The market value of         
investments was £741.5m and total Shareholders' Funds were £695.3m. 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 10.8% of 
Shareholders' Funds.  Current gearing is 6.6%.                              

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

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 17 December 2010                      

ANNOUNCEMENT ENDS