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 12 January 2015 were:-                                
                                                                               
Excluding current year Revenue = 1,147.27p                                     
                                                                               
Including ALL Revenue = 1,167.51p                                              
                                                                               
ASCOT has bank debt facilities available to allow gearing of up to 11.2% of    
Shareholders' Funds. Current gearing is 3.3%. There are currently 95,344,792   
Ordinary Shares of 1p in issue.                                                
                                                                               
Contact - David Holland (Tel: [phone])                                   
                                                                               
Aberforth Partners LLP, Secretaries - 13 January 2015