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 29 March 2012 were:-                                      
                                                                               
Excluding Current Year Revenue = 746.67p                                       
                                                                               
Including ALL Revenue = 752.05p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 13.8% of    
Shareholders' Funds. Current gearing is 7.8%.There are currently 96,138,792    
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 30 March 2012                            
                                                                               
ANNOUNCEMENT ENDS