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 2 January 2014 were:-                                 
                                                                               
Excluding current year Revenue = 1,177.56p                                     
                                                                               
Including ALL Revenue = 1,197.59p                                              
                                                                               
ASCOT has bank debt facilities available to allow gearing of up to 8.8% of     
Shareholders' Funds. Current gearing is 2.6%. There are currently 95,382,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 3 January 2014