ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")

The Net Asset Values ("NAVs") per Ordinary Share at the close of
business on 18 February 2004 for the above company were:-

NAV - Excluding Current Year Revenue 480.10p

NAV - Including ALL Revenue 480.63p

As at 18 February 2004, ASCoT held 115 investments, the largest of which
represented 3.4% of investable assets. The market value of investments
was £469.4m and total Shareholders' Funds were £474.9m. 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...