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 30 March 2020 were:-

Excluding current year Revenue = 841.07p

Including ALL Revenue = 844.54p

ASCOT has bank debt facilities available to allow gearing of up to 16.5% of Shareholders’ Funds.  Current gearing is 0.0%.  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]

31 March 2020