Net Asset Value(s)

ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")


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 27 February 2008 were:-

Excluding Current Year Revenue = 710.20p

Including ALL Revenue = 710.84p

Following HMRC's announcement of their decision to withdraw
their appeal on the JPMorgan Fleming Claverhouse case, the net
assets include £4.7m being the estimated expected repayment of
all VAT paid on investment management fees since 1 January 2001,
agreement having been reached between the Company and its
Managers that ASCoT will receive a refund of all VAT paid on
investment management fees since 1 January 2001 including VAT
previously offset by the Managers. Certain VAT paid in relation
to earlier periods may also be recoverable pending the outcome
of further legal appeals.

As at 27 February 2008, ASCoT held 107 investments, the largest
of which represented 3.2% of investable assets.  The market
value of investments was £695.2m and total Shareholders' Funds
were £702.4m. 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 11.4% 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 first interim announced each July and paid in September and
the second interim announced each January and paid in February.

Contact - David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries - 28 February 2008
ANNOUNCEMENT ENDS