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 December 2017 were:-

Excluding current year Revenue = 1,488.02p

Including ALL Revenue = 1,520.10p

ASCOT has bank debt facilities available to allow gearing of up to 8.8% of Shareholders’ Funds.  Current gearing is 0.4%.  There are currently 92,999,137 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

20 December 2017