Net Asset Value(s)

    ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")

The Net Asset Values ("NAVs") per Ordinary Share at the close of
business on 12 February 2003 for the above company were: -

Basic/Undiluted NAV (Warrants Unexercised) 319.89
(Excluding Current Year Revenue)
Fully Diluted NAV (Warrants Exercised) 317.29
(Excluding Current Year Revenue)

Basic/Undiluted NAV (Warrants Unexercised) 320.23
(Including ALL Revenue)
Fully Diluted NAV (Warrants Exercised) 317.62
(Including ALL Revenue)

As at 12 February 2003, ASCoT held 99 investments, the largest of which
represented 4.0% of investable assets. The market value of investments
was £266.9m and total Shareholders' Funds were £268.5m. 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 25.0% of Shareholders'
Funds of which 0.0% is currently utilised.

The number of Ordinary Shares of 1p currently in issue is 83,855,423.
The number of Warrants to subscribe for Ordinary Shares of 1p currently
in issue is 1,003,311.

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 - 13 February 2003

ANNOUNCEMENT ENDS