Interim Management Statement

Aberforth Smaller Companies Trust plc                     

      Interim Management Statement for the three months to 31 March 2012       

Investment Objective

The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to
achieve a net asset value total return (with dividends reinvested) greater than
on the RBS Hoare Govett Smaller Companies Index (Excluding Investment
Companies) (RBS HGSC (XIC)) over the long term.

Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.

Features

  * During the 3 months to 31 March 2012, the Company's net asset value rose by
    23.5%. By comparison, the Company's benchmark, RBS HGSC (XIC), rose by
    18.1%. All figures are total returns.
   
  * As at 31 March 2012, the share price was 644.50p, representing a discount
    of 15.1% to the net asset value.
   
  * No shares were purchased for cancellation during the period under review.
    96,138,792 ordinary shares remain in issue.
   
  * At the Annual General Meeting held on 7 March 2012, shareholders voted in
    favour of all nine resolutions.
   
  * A second interim dividend in respect of the year ended 31 December 2011 of
    14.3p was paid on 24 February 2012.
   
Performance - Total Returns

Periods to 31 March 2012

                      3 Months      6 Months      1 Year         3 Years       
                                                                               
ASCoT Share Price     +31.8%        +22.7%        +0.8%          +89.4%        
                                                                               
ASCoT NAV             +23.5%        +23.8%        +3.0%          +100.4%       
                                                                               
RBS HGSC (XIC)        +18.1%        +19.6%        +5.6%          +114.9%       

Note: Past performance is not a guide to future performance


Top 10 Holdings                                    % of Net Assets                   
As at 31 March 2012                                                           
                                                                              
RPC Group                                          3.6            
Bodycote                                           3.3            
Galliford Try                                      3.2            
JD Sports Fashion                                  3.1            
e2v technologies                                   3.0            
RPS Group                                          3.0            
CSR                                                2.8            
Anite                                              2.5            
Spirit Pub Company                                 2.3            
Tullett Prebon                                     2.1            
                                                  ____                            
                                                  28.9            

Size Distribution across FTSE Indices
As at 31 March 2012
                                         RBS HGSC (XIC)                   ASCoT
                                                % Total                    % of
                                                                      Portfolio
                                                                               
FTSE 100                                            0.0                     0.0
FTSE 250                                           77.5                    51.1
FTSE SmallCap                                      16.2                    38.3
FTSE Fledgling                                      1.1                     2.7
Other                                               5.2                     7.9
                                                  _____                   _____          
                                                  100.0                   100.0


Financial Position                                 As at                  As at
                                           31 March 2012       31 December 2011
                                                                               
Fixed Assets: Investments at bid price           £785.5m                £669.9m
Net Liabilities                                  £(55.4m)               £(66.8m)
                                                 _______                _______
Total Shareholders' Funds                        £730.1m                £603.1m
                                                 _______                _______              

Net Asset Value                                  759.42p                627.31p
                                                                               
Share Price                                      644.50p                501.00p
                                                                               
Discount                                           15.1%                  20.1%
                                                                               
Shares in Issue                               96,138,792             96,138,792
                                                                               
Market Capitalisation                            £619.6m                £481.7m
                                                                               
Gearing                                             7.6%                  11.1%


General Information
Management Fee (p.a.)                                                     0.80%
Total Expense Ratio (2011 -p.a.)                                          0.88%
Launch Date                                                    10 December 1990

Further Information

Further information regarding the Company, including any share buybacks and the
most recently published net asset value can be found on the following website:
www.aberforth.co.uk

Contact

David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries, 10 April 2012