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 May 2012 were:-                                         
                                                                               
Excluding Current Year Revenue = 751.87p                                       
                                                                               
Including ALL Revenue = 761.69p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 13.7% of    
Shareholders' Funds. Current gearing is 8.0%.There are currently 96,058,792    
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 4 May 2012                               
                                                                               
ANNOUNCEMENT ENDS