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 18 November 2014 were:-                               
                                                                               
Excluding current year Revenue = 1,122.84p                                     
                                                                               
Including ALL Revenue = 1,138.77p                                              
                                                                               
ASCOT has bank debt facilities available to allow gearing of up to 11.5% of    
Shareholders' Funds. Current gearing is 0.5%. There are currently 95,344,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 19 November 2014