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 2 August 2012 were:-                                      
                                                                               
Excluding Current Year Revenue = 691.16p                                       
                                                                               
Including ALL Revenue = 700.77p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 14.9% of    
Shareholders' Funds. Current gearing is 8.2%.There are currently 95,787,792    
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 3 August 2012                            
                                                                               
ANNOUNCEMENT ENDS