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 21 November 2007 were:-

Excluding Current Year Revenue = 719.93p

Including ALL Revenue = 732.33p

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 fee since 1 January 2001 including all 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 21 November 2007, ASCoT held 101 investments, the largest of which
represented 3.4% of investable assets.  The market value of investments was
£712.5m and total Shareholders' Funds were £723.6m.  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 11.1% 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 - 22 November 2007


ANNOUNCEMENT ENDS