Aberforth Smaller Companies Trust plc ("ASCOT")The Net Asset Values ("NAVs") per Ordinary Share for the above company as atthe close of business on 22 December 2014 were:-Excluding current year Revenue = 1,133.67pIncluding ALL Revenue = 1,152.80pASCOT has bank debt facilities available to allow gearing of up to 11.4% ofShareholders' Funds. Current gearing is 2.9%. There are currently 95,344,792Ordinary Shares of 1p in issue.Contact - David Holland (Tel: 0131 220 0733)Aberforth Partners LLP, Secretaries - 23 December 2014