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 December 2018 were:-

Excluding current year Revenue = 1,224.43p

Including ALL Revenue = 1,260.70p

ASCOT has bank debt facilities available to allow gearing of up to 10.9% of Shareholders’ Funds.  Current gearing is 1.2%.  There are currently 90,580,311 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

21 December 2018