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 6 January 2011 were:-                                  

Excluding Current Year Revenue = 738.70p                                    

Including ALL Revenue = 751.69p                                             

ASCoT has bank debt facilities available to allow gearing of up to 10.4% of 
Shareholders' Funds.  Current gearing is 6.6%.There are currently 96,366,792
Ordinary Shares of 1p currently in issue.                                   

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 7 January 2011                        

ANNOUNCEMENT ENDS