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 30 June 2012 were:-                                       
                                                                               
Excluding Current Year Revenue = 680.34p                                       
                                                                               
Including ALL Revenue = 694.69p                                                
                                                                               
ASCoT has bank debt facilities available to allow gearing of up to 15.0% of    
Shareholders' Funds. Current gearing is 8.8%.There are currently 95,887,792    
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 2 July 2012                              
                                                                               
ANNOUNCEMENT ENDS