Aberforth Smaller Companies Trust plc ("ASCOT")

The Net Asset Values ("NAVs") per Ordinary Share for the above company as at
the close of business on 22 January 2015 were:-

Excluding current year Revenue = 1,152.85p

Including ALL Revenue = 1,173.59p

ASCOT has bank debt facilities available to allow gearing of up to 11.2% of
Shareholders' Funds. Current gearing is 1.4%. There are currently 95,344,792
Ordinary Shares of 1p in issue.

Contact - David Holland (Tel: 0131 220 0733)

Aberforth Partners LLP, Secretaries - 23 January 2015

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