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 April 2014 were:-                                   
                                                                               
Excluding current year Revenue = 1,230.87p                                     
                                                                               
Including ALL Revenue = 1,235.48p                                              
                                                                               
ASCOT has bank debt facilities available to allow gearing of up to 8.5% of     
Shareholders' Funds. Current gearing is 2.4%. There are currently 95,382,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 3 April 2014