Net Asset Value(s)

ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT") The Net Asset Values ("NAVs") per Ordinary Share at the close of business on 19 November 2003 for the above company were:- NAV - Excluding Current Year Revenue 429.50p NAV - Including ALL Revenue 435.75p As at 19 November 2003, ASCoT held 109 investments, the largest of which represented 3.2% of investable assets. The market value of investments was £416.7m and total Shareholders' Funds were £430.6m. 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 18.6% of Shareholders' Funds of which 0.0% is currently utilised. The number of Ordinary Shares of 1p currently in issue is 98,809,788. 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: David Holland/Steven McKeane (Tel: 0131 220 0733) Aberforth Partners, Secretaries - 20 November 2003 ANNOUNCEMENT ENDS ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/11/20/20031120BIT00480/wkr0001.doc http://www.waymaker.net/bitonline/2003/11/20/20031120BIT00480/wkr0002.pdf