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 10 May 2012 were:-                                        
                                                                               
Excluding Current Year Revenue = 712.01p                                       
                                                                               
Including ALL Revenue = 722.49p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 14.4% of    
Shareholders' Funds. Current gearing is 8.8%.There are currently 96,058,792    
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 11 May 2012                              
                                                                               
ANNOUNCEMENT ENDS