Net Asset Value(s)

Aberforth Smaller Companies Trust plc ("ASCOT")                                
                                                                               
The Net Asset Values ("NAVs") per Ordinary Share for the above company as at   
the close of business on 4 January 2013 were:-                                 
                                                                               
Excluding current year Revenue = 807.61p                                       
                                                                               
Including ALL Revenue = 827.48p                                                
                                                                               
ASCOT has bank debt facilities available to allow gearing of up to 12.6% of    
Shareholders' Funds. Current gearing is 6.0%. There are currently 95,692,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 7 January 2013