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 18 March 2010 were:- Excluding Current Year Revenue = 617.67p Including ALL Revenue = 615.42p As at 18 March 2010, ASCoT held 85 investments, the largest of which represented 2.8% of total Shareholders' Funds. The market value of investments was £660.9m and total Shareholders' Funds were £596.1m. 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 12.6% of Shareholders' Funds. Current gearing is 10.9%. The number of Ordinary Shares of 1p currently in issue is 96,867,000. The Board announced on 4 March 2010 a first interim dividend of 6.0p per ordinary share in respect of the year ending 31 December 2010, payable on 1 April 2010 to shareholders on the register at close of business on 12 March 2010. The ex-dividend date was 10 March 2010. The Board believes that it is in shareholders' interests to accelerate the timing of this year's first interim dividend and therefore this dividend is intended to replace the first interim dividend that would normally be paid in August 2010. It is anticipated that future dividend payments will be paid in line with the normal dividend schedule. Contact - David Holland (Tel: 0131 220 0733) Aberforth Partners LLP, Secretaries - 19 March 2010 ANNOUNCEMENT ENDS
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