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 mid-market pricing basis for the securities held on the
company's portfolio - as at the close of business on 27 July 2005 were:-

Excluding Current Year Revenue = 606.32p

Including ALL Revenue = 615.47p


As at 27 July 2005, ASCoT held 116 investments, the largest of which
represented 4.3% of investable assets.  The market value of investments was
£589.7m and total Shareholders' Funds were £608.1m.  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 13.2% of
Shareholders' Funds of which 0.0% is currently utilised.

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

In accordance with the AITC's recommended practice the net asset values
reported in this announcement do not reflect the change in the basis of
valuing investments from "mid-market" to "bid", as required under FRS 26. Set
out below is a reconciliation of the NAV of the Ordinary Shares between this
announcement and those presented under UK Generally Accepted Accounting
Practice ("UK GAAP"):

NAV per Ordinary Share (inc revenue) stated above:            615.47p
Less: Adjustment to valuation of investments from mid to
bid prices  (FRS 26):
(3.11p)

NAV per Ordinary Share under UK GAAP including
adjustments required under FRS 25 and 26:                           612.36p

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, Secretaries - 28 July 2005


ANNOUNCEMENT ENDS