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 8 December 2011 were:-                                    
                                                                               
Excluding Current Year Revenue = 611.89p                                       
                                                                               
Including ALL Revenue = 628.43p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 16.5% of    
Shareholders' Funds. Current gearing is 10.1%.There are currently 96,269,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 9 December 2011                          
                                                                               
ANNOUNCEMENT ENDS