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 29 February 2008 were:- Excluding Current Year Revenue = 694.93p Including ALL Revenue = 695.54p 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 29 February 2008, ASCoT held 107 investments, the largest of which represented 3.2% of investable assets. The market value of investments was £680.7m and total Shareholders' Funds were £687.3m. 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 11.6% 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: 0131 220 0733) Aberforth Partners LLP, Secretaries - 3 March 2008 ANNOUNCEMENT ENDS
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