Monthly Net Asset Values

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 31 January 2017. 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 at par (net of issue costs) and, where applicable, debt is also separately valued at market value; and (3) diluted NAVs are disclosed where applicable (for this purpose, any treasury shares are excluded for the purposes of calculation).