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 31 January 2011 were:-                                 

Excluding Current Year Revenue = 766.77p                                    

Including ALL Revenue = 767.66p                                             

ASCoT has bank debt facilities available to allow gearing of up to 10.1% of 
Shareholders' Funds.  Current gearing is 7.0%.There are currently 96,366,792
Ordinary Shares of 1p currently in issue.                                   

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 1 February 2011                       

ANNOUNCEMENT ENDS