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 21 December 2011 were:-                                   
                                                                               
Excluding Current Year Revenue = 601.24p                                       
                                                                               
Including ALL Revenue = 618.10p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 16.8% of    
Shareholders' Funds. Current gearing is 11.2%.There are currently 96,213,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 22 December 2011                         
                                                                               
ANNOUNCEMENT ENDS