Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                     Aberforth Smaller
of existing shares to which voting rights are                        Companies Trust plc
attached:                                                                             
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                             
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in the acquisition of shares already issued to which voting rights are attached         
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                Change in controlled undertakings
                                                                                        
3. Full name of person(s) subject to the                          Brewin Dolphin Limited
notification obligation:                                                            
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.)                                                              
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                     14th November 2014
reached:                                                                             
                                                                                        
6. Date on which issuer notified:                                     17th November 2014
                                                                                        
7. Threshold(s) that is/are crossed or                                                8%
reached:                                                                        
                                                                                        


8. Notified details:                                                                                   
                                                                                                       
A: Voting rights attached to shares                                                            
                                                                                                       
Class/type   Situation previous            Resulting situation after the triggering transaction 
of           to the triggering                                                                         
shares       transaction                                                                               
             Number          Number        Number   Number of voting      % of  voting rights 
if possible  of              of            of       rights                                  
using        Shares          Voting        shares                                               
the ISIN                     Rights                                                             
CODE                                       Direct   Direct  Indirect      Direct  Indirect    
                                                                                                       
ORD 1p       4,857,111       4,857,111     N/A      N/A     7,798,331     N/A     8.179%     
GB0000066554                                                                                           
                                                                                                       
                                                                                                       
                                                                                                       
B: Qualifying Financial Instruments                                                                    
                                                                                                       
Resulting situation after the triggering transaction                                                   
                                                                                                       
Type of        Expiration            Exercise/              Number of voting             % of voting   
financial      date                  Conversion Period      rights that may be           rights        
instrument                                                  acquired if the                            
                                                            instrument is                              
                                                            exercised/ converted.                      
                                                                                                       
                                                                                                       
                                                                                                       
                                                                                                       
C: Financial Instruments with similar economic effect to Qualifying Financial                          
Instruments                                                                                     
                                                                                                       
Resulting situation after the triggering transaction                                                   
                                                                                                       
Type of       Exercise price        Expiration  Exercise/  Number of voting rights    % of voting      
financial                           date        Conversion instrument refers to       rights   
instrument                                      period                                                 

                                                                                      Nominal Delta      
                                                                                                       
                                                                                   
Total (A+B+C)                                                                                          
                                                                                                       
Number of voting rights                      Percentage of voting rights                   
                                                                                                       
7,798,331                                    8.179%                                       
                                                                                                       



9. Chain of controlled undertakings through which the voting rights and/or the       
financial instruments are effectively held, if applicable:                     
                                                                                     
Indirect - Brewin Nominees (Channel Islands) Limited           193,639 0.2031 %      
                                                                                     
Indirect - Brewin Nominees Limited - Individual Designations    57,971 0.0608 %      
                                                                                     
Indirect - Brewin Nominees Limited  A/c NOM                  3,047,165 3.1959 %      
                                                                                     
Indirect - Brewin Nominees Limited A/c ISA                   1,359,043 1.4254 %      
                                                                                     
Indirect - Brewin Nominees Limited  A/c GROSS                1,397,967 1.4662 %      
                                                                                     
Indirect - Brewin Nominees Limited A/c CHARITY               1,273,945 1.3361 %      
                                                                                     
Indirect - Brewin Nominees Limited A/c OFFBOND                 468,601 0.4914 %      
                                                                                     
                                                                                     
                                                 GRAND TOTAL 7,798,331 8.1790 %      
                                                                                     
                                                                                     
Proxy Voting:                                                                        
                                                                                     
10. Name of the proxy holder:                                                        
                                                                                     
11. Number of voting rights proxy holder will cease                                  
to hold:                                                                             
                                                                                     
12. Date on which proxy holder will cease to hold                                    
voting rights:                                                                       
                                                                                     
13. Additional information:   Figures based on shares in issue of 95,344,792         
                                                                                     
                              The indirect voting rights under (9) relate to shares  
                              held in client portfolios, managed by those firms,     
                              under discretionary investment management agreements.  
                                                                                     
14. Contact name:                                                   David Holland
                                                                    Aberforth Partners LLP
                                                                    Secretaries             
15. Contact telephone number:                                       0131 220 0733