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 4 March 2020 were:-

Excluding current year Revenue = 1,346.92p

Including ALL Revenue = 1,350.35p

ASCOT has bank debt facilities available to allow gearing of up to 10.3% of Shareholders’ Funds.  Current gearing is 1.2%.  There are currently 89,533,066 Ordinary Shares of 1p in issue.

Contact:

Michael Campbell

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

5 March 2020