Net Asset Value(s)

    ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")

The Net Asset Values ("NAVs") per Ordinary Share at the close of
business on 24 September 2003 for the above company were:-

NAV: 424.06p
(Excluding Current Year Revenue)

NAV: 429.79p
(Including ALL Revenue)

As at 24 September 2003, ASCoT held 107 investments, the largest of
which represented 3.1% of investable assets. The market value of
investments was £356.5m and total Shareholders' Funds were £364.5m.
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 21.9% of Shareholders'
Funds of which 0.0% is currently utilised.

The number of Ordinary Shares of 1p currently in issue is 84,818,734.
Following the final exercise of Warrants on 31 March 2003, there are no
longer any Warrants in issue.

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 - Angus McCallum (Tel: [phone])
Aberforth Partners, Secretaries - 25 September 2003

ANNOUNCEMENT ENDS