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 19 October 2015 were:-

Excluding current year Revenue = 1,240.97p

Including ALL Revenue = 1,263.81p

ASCOT has bank debt facilities available to allow gearing of up to 10.4% of Shareholders’ Funds.  Current gearing is 3.6%.  There are currently 95,113,792 Ordinary Shares of 1p in issue.

Contact – David Holland (Tel: [phone])

Aberforth Partners LLP, Secretaries – 20 October 2015