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 November 2008 were:- Excluding Current Year Revenue = 388.29p Including ALL Revenue = 403.61p As at 27 November 2008, ASCoT held 90 investments, the largest of which represented 4.3% of investable assets. The market value of investments was £426.7m and total Shareholders' Funds were £391.1m. 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 20.5% of Shareholders' Funds. Current gearing is 9.1%. The number of Ordinary Shares of 1p currently in issue is 96,900,000. 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: 0131 220 0733) Aberforth Partners LLP, Secretaries - 28 November 2008 ANNOUNCEMENT ENDS
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