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 20 May 2016 were:-

Excluding current year Revenue = 1,172.15p

Including ALL Revenue = 1,187.82p

ASCOT has bank debt facilities available to allow gearing of up to 11.1% of Shareholders’ Funds.  Current gearing is 2.3%.  There are currently 94,787,792 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

23 May 2016