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 3 February 2011 were:-                                 

Excluding Current Year Revenue = 763.54p                                    

Including ALL Revenue = 764.39p
                                             
ASCoT has bank debt facilities available to allow gearing of up to 10.2% of 
Shareholders' Funds.  Current gearing is 9.2%.There are currently 96,366,792
Ordinary Shares of 1p in issue.                                             

Contact - David Holland (Tel: [phone])                                
Aberforth Partners LLP, Secretaries - 4 February 2011                       

ANNOUNCEMENT ENDS