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 15 January 2009 were:-

Excluding Current Year Revenue = 422.35p

Including ALL Revenue = 439.70p

As at 15 January 2009, ASCoT held 94 investments, the largest of
which represented 4.3% of investable assets.  The market value
of investments was £468.4m and total Shareholders' Funds were
£426.1m. 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 18.8% of Shareholders' Funds.  Current gearing is 9.9%.

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: [phone])
Aberforth Partners LLP, Secretaries - 16 January 2009
ANNOUNCEMENT ENDS