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 15 September 2011 were:-                                  
                                                                               
Excluding Current Year Revenue = 649.87p                                       
                                                                               
Including ALL Revenue = 661.58p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 15.7% of    
Shareholders' Funds. Current gearing is 12.0%.There are currently 96,316,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 16 September 2011                        
                                                                               
ANNOUNCEMENT ENDS