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 15 March 2019 were:-

Excluding current year Revenue = 1,372.86p

Including ALL Revenue = 1,376.72p

ASCOT has bank debt facilities available to allow gearing of up to 10.0% of Shareholders’ Funds.  Current gearing is 1.3%.  There are currently 90,566,351 Ordinary Shares of 1p in issue.

Contact:

David Holland

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: [phone]

18 March 2019