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 9 November 2018 were:-

Excluding current year Revenue = 1,373.92p

Including ALL Revenue = 1,405.63p

ASCOT has bank debt facilities available to allow gearing of up to 9.8% 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]

12 November 2018