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 3 January 2017 were:-

Excluding current year Revenue = 1,272.41p

Including ALL Revenue = 1,300.81p

ASCOT has bank debt facilities available to allow gearing of up to 10.2% of Shareholders’ Funds.  Current gearing is 2.7%.  There are currently 94,403,292 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

4 January 2017