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 14 May 2020 were:-

Excluding current year Revenue = 889.36p

Including ALL Revenue = 892.57p

ASCOT has bank debt facilities available to allow gearing of up to 15.6% of Shareholders’ Funds.  Current gearing is 2.0%.  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]

15 May 2020