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 bid pricing basis for the securities held on the company's
portfolio - as at the close of business on 18 July 2007 were:-

Excluding Current Year Revenue = 874.53p

Including ALL Revenue = 884.70p


As at 18 July 2007, ASCoT held 108 investments, the largest of which
represented 3.1% of investable assets.  The market value of investments was
£870.0m and total Shareholders' Funds were £874.2m.  Details of the top 50
holdings, the portfolio's sectoral composition and other general information
can be found on the Aberforth website at http://www.aberforth.co.uk.

ASCoT has bank debt facilities available to allow gearing of up to 9.2% of
Shareholders' Funds.  Current gearing is 0.0%.

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

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 - 19 July 2007


ANNOUNCEMENT ENDS