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 31 December 2008 were:-

Excluding Current Year Revenue = 420.75p

Including ALL Revenue = 437.68p

As at 31 December 2008, ASCoT held 93 investments, the largest
of which represented 4.3% of investable assets.  The market
value of investments was £464.4m and total Shareholders' Funds
were £424.1m. 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 18.9% of Shareholders' Funds.  Current gearing is 9.5%.

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.

The Company confirms that all information required under Listing
Rule 15.5.1(4) has been notified to a Regulated Information
Service.

Contact - David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries - 2 January 2009
ANNOUNCEMENT ENDS