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 22 May 2008 were:-

Excluding Current Year Revenue = 706.08p

Including ALL Revenue = 714.13p

As at 22 May 2008, ASCoT held 103 investments, the largest of
which represented 2.9% of investable assets.  The market value
of investments was £693.1m and total Shareholders' Funds were
£700.0m. 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
98,022,000.

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 - 23 May 2008
ANNOUNCEMENT ENDS