Net Asset Value(s)

STANDARD LIFE UK SMALLER COMPANIES TRUST PLC

Standard Life UK Smaller Companies Trust plc announces the following unaudited net asset values (NAVs) as at close of business on 20 November 2018. Unless otherwise disclosed, the NAVs have been calculated in accordance with the recommendations of the Association of Investment Companies. In particular: (1) financial assets have been valued on a fair value basis using bid prices, or, if more appropriate, a last trade basis and (2) debt is valued in accordance with the Company's accounting policies.

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