ABERFORTH SMALLER COMPANIES TRUST plc ("ASCoT")

The Net Asset Values ("NAVs") per Ordinary Share at the close of
business on 31 December 2003 for the above company were:-

NAV - Excluding Current Year Revenue    436.72p

NAV - Including ALL Revenue             443.32p

As at 31 December 2003, ASCoT held 110 investments, the largest of which
represented 3.2% of investable assets. The market value of investments
was �415.7m and total Shareholders' Funds were �438.0m. 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 18.5% 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 - 2 January 2004

ANNOUNCEMENT ENDS