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 7 November 2014 were:-                                
                                                                               
Excluding current year Revenue = 1,132.49p                                     
                                                                               
Including ALL Revenue = 1,148.53p                                              
                                                                               
ASCOT has bank debt facilities available to allow gearing of up to 11.4% of    
Shareholders' Funds. Current gearing is 1.5%. There are currently 95,344,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 10 November 2014