Net Asset Value(s)

ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")


The 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 16 May 2007 were:-

Excluding Current Year Revenue = 891.17p

Including ALL Revenue = 897.46p


As at 16 May 2007, ASCoT held 109 investments, the largest of which
represented 3.2% of investable assets.  The market value of investments was
£895.6m and total Shareholders' Funds were £886.8m.  Details of the top 50
holdings, the portfolio's sectoral composition and other general information
can be found within Aberforth Partners' website at
http://www.aberforth.co.uk.

ASCoT has bank debt facilities available to allow gearing of up to 9.0% of
Shareholders' Funds of which 1.0% is currently utilised.

The number of Ordinary Shares of 1p currently in issue is 98,809,788.

Dividends are paid, semi-annually, to Ordinary Shareholders with the interim
announced each July and paid in September and the final announced each
January and paid in March.


Contact - David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries - 17 May 2007


ANNOUNCEMENT ENDS