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 26 July 2006 were:-

Excluding Current Year Revenue = 695.74p

Including ALL Revenue = 705.52p


As at 26 July 2006, ASCoT held 119 investments, the largest of which
represented 2.8% of investable assets.  The market value of investments was
£679.9m and total Shareholders' Funds were £697.1m.  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 invests only in small UK quoted companies and does not invest in any
unquoted securities, AIM listed securities or securities issued by investment
trusts or investment companies.

ASCoT has bank debt facilities available to allow gearing of up to 11.5% of
Shareholders' Funds of which 0.0% 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 - 27 July 2006


ANNOUNCEMENT ENDS