Net Asset Value(s)

Aberforth Smaller Companies Trust plc (“ASCOT”)

The Net Asset Values (“NAVs”) per Ordinary Share for the above company as at the close of business on 24 December 2019 were:-

Excluding current year Revenue = 1,533.77p

Including ALL Revenue = 1,566.37p

ASCOT has bank debt facilities available to allow gearing of up to 8.9% of Shareholders’ Funds.  Current gearing is 0.8%.  There are currently 89,533,066 Ordinary Shares of 1p in issue.

Contact:

Michael Campbell

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

27 December 2019