TIDMSLS

Standard Life UK Small.Co's Tst PLC

11 December 2018

London, UK, 11 December 2018

Edison issues review on Standard Life UK Smaller Companies (SLS)

Standard Life UK Smaller Companies (SLS) is managed by Harry Nimmo at Aberdeen Standard Investments. He has followed the same investment process since he took over management of the trust in 2003, through a number of economic cycles, and considers it to be stable, predictable and well defined, while providing an element of resilience during periods of stock market weakness. He also believes that the investment process is optimal for running large amounts of UK small-cap money. Nimmo has a long-term record of outperformance - SLS's NAV total return is ahead of its blended benchmark over the last one, three, five and 10 years, and above the averages of its larger peers in the AIC UK Smaller Companies sector over one and five years, and broadly in line over three years.

SLS's current 8.4% share price discount to cum-income NAV is wider than the 4.8% to 5.4% range of average discounts over the last one, three, five and 10 years. The board actively manages the discount, aiming to keep it below 8% (in normal market conditions - see page 7). This is achieved primarily via share repurchases. While the trust's objective is to generate long-term growth rather than income, SLS also offers a dividend yield of 1.7%.

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