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 5 June 2015 were:-                             
                                                                           
Excluding current year Revenue = 1,301.18p                                 
                                                                           
Including ALL Revenue = 1,320.12p                                          
                                                                           
ASCOT has bank debt facilities available to allow gearing of up to 9.9% of 
Shareholders' Funds.  Current gearing is 2.4%.  There are currently        
95,284,792 Ordinary Shares of 1p in issue.                                 
                                                                           
Contact - David Holland (Tel: [phone])                               
                                                                           
Aberforth Partners LLP, Secretaries - 8 June 2015