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 1 December 2016 were:-

Excluding current year Revenue = 1,189.12p

Including ALL Revenue = 1,215.20p

ASCOT has bank debt facilities available to allow gearing of up to 10.9% of Shareholders’ Funds.  Current gearing is 3.2%.  There are currently 94,480,292 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

2 December 2016