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 2 January 2018 were:-

Excluding current year Revenue = 1,514.26p

Including ALL Revenue = 1,547.10p

ASCOT has bank debt facilities available to allow gearing of up to 8.7% of Shareholders’ Funds.  Current gearing is 0.3%.  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]

3 January 2018