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 14 March 2017 were:-

Excluding current year Revenue = 1,376.81p

Including ALL Revenue = 1,380.53p

ASCOT has bank debt facilities available to allow gearing of up to 9.6% of Shareholders’ Funds.  Current gearing is 2.3%.  There are currently 94,378,292 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

15 March 2017