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 18 May 2018 were:-

Excluding current year Revenue = 1,600.23p

Including ALL Revenue = 1,618.57p

ASCOT has bank debt facilities available to allow gearing of up to 8.4% of Shareholders’ Funds.  Current gearing is 0.4%.  There are currently 91,453,158 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

21 May 2018