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 12 December 2025 were:-

Excluding current year Revenue = 1,659.92p

Including ALL Revenue = 1,710.41p

ASCOT has bank debt facilities available to allow gearing of up to 10.8% of Shareholders' Funds.  Current gearing is 5.0%.  There are currently 79,777,605 Ordinary Shares of 1p in issue.

Contact: 

Michael Campbell

For and on behalf of Aberforth Partners LLP, Secretaries

Telephone: 0131 220 0733

15 December 2025