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 22 January 2019 were:-

Excluding current year Revenue = 1,302.36p

Including ALL Revenue = 1,340.32p

ASCOT has bank debt facilities available to allow gearing of up to 10.3% of Shareholders’ Funds.  Current gearing is 0.8%.  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]

23 January 2019