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 June 2011 were:-                                

Excluding Current Year Revenue = 782.69p                                   
Including ALL Revenue = 793.61p                                            

ASCoT has bank debt facilities available to allow gearing of up to 13.1% of
Shareholders' Funds.  Current gearing is 7.5%.There are currently          
96,366,792 Ordinary Shares of 1p in issue.                                 

Contact - David Holland (Tel: [phone])                               
Aberforth Partners LLP, Secretaries - 3 June 2011                          
ANNOUNCEMENT ENDS