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 9 January 2008 were:-

Excluding Current Year Revenue = 697.53p

Including ALL Revenue = 711.90p

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 9 January 2008, ASCoT held 100 investments, the largest of
which represented 3.3% of investable assets.  The market value
of investments was £686.7m and total Shareholders' Funds were
£703.4m. 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 - 10 January 2008
ANNOUNCEMENT ENDS