Net Asset Value(s)

ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")


The Net Asset Values ("NAVs") per Ordinary Share for the above company -
calculated using a mid-market pricing basis for the securities held on the
company's portfolio - as at the close of business on 31 December 2005 were:-

Excluding Current Year Revenue = 674.05p

Including ALL Revenue = 684.55p


As at 31 December 2005, ASCoT held 117 investments, the largest of which
represented 2.6% of investable assets.  The market value of investments was
£664.8m and total Shareholders' Funds were £676.4m.  Details of the top 50
holdings, the portfolio's sectoral composition and other general information
can be found within Aberforth Partners' website at
http://www.aberforth.co.uk.

ASCoT invests only in small UK quoted companies and does not invest in any
unquoted securities, AIM listed securities or securities issued by investment
trusts or investment companies.

ASCoT has bank debt facilities available to allow gearing of up to 11.8% of
Shareholders' Funds of which 0.0% is currently utilised.

The number of Ordinary Shares of 1p currently in issue is 98,809,788.

In accordance with the AITC's recommended practice the net asset values
reported in this announcement do not reflect the change in the basis of
valuing investments from "mid-market" to "bid", as required under FRS 26.
Set out below is a reconciliation of the NAV of the Ordinary Shares between
this announcement and those presented under UK Generally Accepted Accounting
Practice ("UK GAAP").


NAV (including revenue) stated above:         684.55p
"Mid" to "bid" valuation adjustment:          (5.29p)
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NAV per UK GAAP (including FRS 25 and 26):    679.26p
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Dividends are paid, semi-annually, to Ordinary Shareholders with the interim
announced each July and paid in September and the final announced each
January and paid in March.


Contact - David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries - 3 January 2006


ANNOUNCEMENT ENDS