Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Analyst RatingTM To achieve long term capital growth by investment in UK quoted smaller companies. Benchmark The Numis Smaller Companies plus AIM (excluding Investment Companies) . Features of the Trust B Morningstar Analyst Rating™ The Company invests in an actively-managed portfolio of smaller and mid-sized Morningstar analysts assign the ratings globally on a companies in the UK equity market and is designed to produce long term capital growth. five-tier scale with three positive ratings of Gold, Silver and Bronze. The portfolio will normally comprise around 50 individual holdings representing the Morningstar RatingTM Investment Manager’s highest conviction investment ideas. Cumulative performance (%)

B TM as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Morningstar Rating for Funds Morningstar rates funds from one to five stars based Share Price 773.0p 8.3 13.7 30.6 45.3 49.8 119.6 on how well they’ve performed (after adjusting for risk NAV 826.8p 6.1 14.0 30.1 44.4 46.9 116.5 and accounting for all sales charges) in comparison to similar funds. Reference IndexA 4.2 3.7 15.4 45.2 24.8 50.0 Twenty largest equity holdings (%) Discrete performance (%) 4.7 Future 4.6 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Gamma Communications 4.2 Share Price 45.3 12.2 (8.1) 16.6 25.7 XP Power 3.1 NAV 44.4 11.5 (8.7) 16.7 26.2 Focusrite 2.8 Reference Index 45.2 (2.3) (12.1) 1.9 18.1 2.8 Source: Thomson Reuters Datastream, capital returns. The percentage growth figures above are calculated over periods on a mid to mid basis. Impax Asset Mgmt 2.7 Past performance is not a guide to future results. 2.6 1 Year Premium/Discount Chart (%) 2.5 Mortgage Advice Bureau 2.5 % 2.3 0 Marshalls 2.3 -2 Diploma 2.3 -4 Cranswick 2.3 Team17 2.2 -6 2.2 -8 2.2 -10 Alpha Financial Markets 2.1 Discoverie 2.1 -12 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Ergomed 2.1 Total 54.6

Sector allocation (%) Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdnA. Third Party Data may not be copied or distributed. Industrials 24.1 Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by Financials 20.1 applicable law, none of the Owner, abrdnA or any other third party (including any third party involved in providing and/ or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past Consumer Goods 17.4 performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. Consumer Services 17.2 Technology 11.6

A abrdn means the relevant member of the abrdn group, being abrdn plc together with its subsidiaries, subsidiary undertakings Telecoms 5.2 and associated companies (whether direct or indirect) from time to time. Healthcare 2.1 Note: Reference Index is the Numis Smaller Companies (ex Investment Companies) Index up to 31 December 2017, and the Numis Smaller Companies plus AIM (excluding Investment Companies) Index thereafter. Basic Materials 1.3 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Cash & Other 1.0 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Total 100.0 Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Standard Investments: 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Private investors 0808 500 0040 Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to @aberdeenstandard.com significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 1 of 4 Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies

Ten largest positions relative to the reference index (%) Key information Overweight Stocks Portfolio Benchmark Relative Calendar Kainos 4.7 - 4.7 Accounts Published August Future 4.6 - 4.6 Annual General Meeting October Gamma Communications 4.2 - 4.2 Launch Date 1993 Safestore 2.8 - 2.8 Dividends Paid April/October XP Power 3.1 0.4 2.7 Auction Technology 2.5 - 2.5 Trust information Focusrite 2.8 0.4 2.4 Fund Manager Harry Nimmo Cranswick 2.3 - 2.3 Gross Assets £876.5 million Marshalls 2.3 - 2.3 Borrowing £65.0 million Market Capitalisation £758.1 million 5 year trust performance - price indexed Share Price 774.5p C % Net Asset Value 827.4p 240 (Discount)/Premium (6.5)% 220 12 Month High (0.5)% 200 12 Month Low (9.2)% 180 Net yield 1.0% 160 Current Equity Net 7.2% 140 Gearing The levels of 120 gearing and yield change 100 on a daily basis. 80 Trust Annual 0.85% on Net Assets Management Fee up to £250m, 60 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 0.65% on Net Assets between £250m Standard Life UK Smaller Companies Share Price and £550m and 0.55% on Net Assets H Standard Life UK Smaller Companies - NAV (DIL) Reference Index over £550m Ongoing ChargesD 0.88% Source: Thomson Reuters Datastream. Active Share 93.8% percentageE Fund managers’ report Market review Composition by market capitalisation UK equities advanced strongly over August, with the FTSE All-Share Index rising by 2.7%. In (Ex Cash) (%) a month of relatively quiet news flow, UK stocks performed well, helped by company Numis Smaller Companies plus AIM earnings and further easing of restrictions. However, Covid-19, the resulting ‘pingdemic’ (ex investment companies) 58.0 F and Brexit have caused staff shortages and supply chain issues that peaked in August, FTSE 250 29.4 G hindering the UK hospitality and retail sectors. FTSE AIM 9.0 FTSE 100 1.6 Small and mid-sized companies once again beat larger companies, as supply chain Other 2.0 disruption across the UK and Europe affected the share prices of blue-chip firms. Software Total 100.0 and technology hardware companies outperformed, due to their sensitivity to changes in the economy. Insurance companies also did well, following a rise in bond yields over August. By contrast, the materials, banks and consumer staples sectors underperformed.

Fund managers’ report continues overleaf

C Net Asset Value including income. D Expressed as a percentage of average daily net assets for the year ended 30 June 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and Receive the factsheet by email as soon as selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. E The ‘Active Share’ percentage is a measure used to describe what portion of the portfolio’s holdings differ from the reference it is available by registering at index holdings. www.invtrusts.co.uk/ITemail F FTSE 250 are mid cap holdings that are above the threshold for Numis Smaller Companies holdings. G AIM holdings that are not included in the Numis Smaller Companies plus AIM index. www.standardlifeuksmallercompanies H Reference Index is the Numis Smaller Companies (ex Investment Companies) Index up to 31 December 2017, and the Numis trust.co.uk Smaller Companies plus AIM (excluding Investment Companies) Index thereafter.

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Fund managers’ report – continued AIFMD Leverage Limits Performance Gross Notional 3x The Trust delivered a NAV total return of 6.1%, outperforming the Numis Smaller Commitment 2x Companies plus AIM (excluding Investment Companies) Index total return of 4.4%. Capital structure Kainos Group continued to outperform, with the company sustaining progress by investing for growth alongside revenue upgrades. While cost pressures have emerged, Ordinary shares 97,883,658 Treasury shares 6,280,764 these have not affected earnings forecasts. The company recently announced a doubling of profit in its latest annual report. A leading IT solutions provider in the UK, with a growing Allocation of management fees and market share internationally, it has a strong presence in government-related services. finance costs Music recording equipment business Focusrite also added value. Recent trading updates Capital 75% have been positive on continued solid trading, with scope, we believe, for further earnings Revenue 25% upgrades. Meanwhile, with market share gains Auction Technology Group’s share price has climbed. The online auction operator has the opportunity for further expansion with Trading details its latest acquisition of US competitor LiveAuctioneers. Reuters/Epic/: SLS.L By contrast, video-games developer Team 17 Group weighed on returns. Despite giving a Bloomberg code: SLS:LN solid trading update, it looks as if the share price may have been weakened by a ISIN code GB0002959582 sector-wide drag from negative environmental, social and governance news. While data Sedol code 0295958 Stockbrokers WINS Investment Trusts analytics business GlobalData’s share price took a breather, we have nevertheless seen Market makers INV, JPMS, NUMS, small earnings upgrades. Similarly, alternative investment manager Impax Asset PEEL, WINS Management’s shares paused for breath after a stellar run driven by impressive growth in assets under management and fund performance. Activity There was no significant trading in August. Outlook We feel positive about the outlook for the rest of this year and beyond. Small- and mid-cap stocks tend to lead a market recovery. Companies in our portfolio are reporting strong results, which is driving earnings upgrades. Performance in recent months has been encouraging, with the value rally feeling a long way behind us now. While it has been a busy year for initial public offerings, this summer season has been quieter for listings but we expect this to accelerate later in the year. Merger and acquisitions are topical at the moment in the UK, and while many of these bids are for recovery stocks and somewhat opportunistic, we have had some interest. While bids are coming heavily from cash-rich private equity firms, there are also trade buyers; UK assets are attractive relative to other regions, with sterling weakness helping to attract international buyers. Company engagement remains the key to our ability to identify the quality-growth- momentum businesses we like to back. While we are in the quieter summer season for company results and meetings, we look forward to the next reporting period with optimism that our holdings will see further earnings upgrades. Encouragingly, balance sheets are healthy and we are seeing dividend growth coming through. We believe that we are well on the way to a more normal dividend situation across the portfolio.

Receive the factsheet by email as soon as it is available by registering at www.invtrusts.co.uk/ITemail www.standardlifeuksmallercompanies trust.co.uk Important information overleaf

Page 3 of 4 Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• As with all stock exchange investments the value of the Trust shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.

• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.

• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends.

• The Company may charge expenses to capital which may erode the capital value of the investment.

• The Alternative Investment Market (AIM) is a flexible, international market that offers small and growing companies the benefits of trading on a world-class public market within a regulatory environment designed specifically for them. AIM is owned and operated by the . Companies that trade on AIM may be harder to buy and sell than larger companies and their share prices may move up and down very sharply because they have lower trading volumes and also because of the nature of the companies themselves. In times of economic difficulty, companies listed on AIM could fail altogether and you could lose all your money.

• The Company invests in the securities of smaller companies which are likely to carry a higher degree of risk than larger companies.

• Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts.

Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. FTSE International Limited (‘FTSE’) © FTSE 2021. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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