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 30 November 2011 were:-                                   
                                                                               
Excluding Current Year Revenue = 615.27p                                       
                                                                               
Including ALL Revenue = 631.21p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 16.4% of    
Shareholders' Funds. Current gearing is 11.0%.There are currently 96,316,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 1 December 2011                          
                                                                               
ANNOUNCEMENT ENDS