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 3 January 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; (2) debt is valued in accordance with the Company's accounting policies; and (3) diluted NAVs are disclosed where applicable (for this purpose, any treasury shares are excluded for the purposes of calculation).

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