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 25 May 2011 were:-                                

Excluding Current Year Revenue = 769.81p                                   

Including ALL Revenue = 780.21p                                            

ASCoT has bank debt facilities available to allow gearing of up to 13.3% of
Shareholders' Funds.  Current gearing is 6.4%.There are currently          
96,366,792 Ordinary Shares of 1p in issue.                                 

Contact - David Holland (Tel: [phone])                               
Aberforth Partners LLP, Secretaries - 26 May 2011                          

ANNOUNCEMENT ENDS