Interim Management Statement

ABERFORTH SMALLER COMPANIES TRUST plc                     

Interim Management Statement for the three months to 30 September 2011     

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 30 September 2011, the Company's net asset value
    fell by 19.4%. By comparison, the Company's benchmark, the RBS HGSC (XIC)
    Index, fell by 15.1%. All figures are total returns.
   
  * As at 30 September 2011, the share price was 538p, representing a discount
    of 14.1% to the net asset value.
   
  * During the 3 months to 30 September 2011, the level of gearing increased
    from 8.4% to 11.2%.
   
  * 50,000 shares were purchased for cancellation during the period under
    review for a total consideration of £272,000. As at 30 September 2011,
    there were 96,316,792 shares in issue.
   
  * A first interim dividend in respect of the year ending 31 December 2011 of
    6.45p, an increase of 7.5%, was paid on 26 August 2011.

   
Performance - Total Returns
Periods to 30 September 2011

                      3 Months      6 Months      1 Year         3 Years       
                                                                               
ASCoT Share Price     -20.8%        -17.9%        -1.2%          35.3%         
                                                                               
ASCoT NAV             -19.4%        -16.8%        -4.7%          29.5%         
                                                                               
RBS HGSC (XIC)        -15.1%        -11.7%        -0.1%          47.7%         

Note: Past performance is not a guide to future performance



Top 10 Holdings                 % of Investment Portfolio
As at 30 September 2011                                  
                                                         
RPC Group                                             4.7
                                                        
JD Sports Fashion                                     3.5
                                                         
Micro Focus International                             3.0
                                                         
Anite                                                 2.8
                                                         
e2v technologies                                      2.8
                                                         
Galliford Try                                         2.5
                                                         
Huntsworth                                            2.3
                                                         
RPS Group                                             2.3
                                                         
Bodycote                                              2.2
                                                         
Beazley                                               2.0
                                                     ----           
                                                     28.1
                                          

Size Distribution across FTSE Indices
As at 30 September 2011

                                         RBS HGSC (XIC)                   ASCoT
                                                % Total                  %Total
                                                                               
FTSE 100                                              -                       -
FTSE 250                                           73.4                    47.6
FTSE SmallCap                                      18.5                    41.7
FTSE Fledgling                                      1.4                     2.9
Other                                               6.7                     7.8
                                                  -----                   -----                             
                                                  100.0                   100.0


Financial Position                                 As at                  As at
                                       30 September 2011           30 June 2011
                                                                               
Fixed Assets: Investments at bid price           £670.8m                £818.5m
Net Liabilities                                  £(67.8m)               £(63.4m)
                                                 -------                -------               
Total Shareholders' Funds                        £603.0m                £755.1m
                                                 -------                -------              
Net Asset Value                                  626.10p                783.59p
Share Price                                       538.0p                 685.5p
Discount                                           14.1%                  12.5%
Shares in Issue                               96,316,792             96,366,792
Market Capitalisation                            £518.2m                £660.6m
Gearing                                            11.2%                   8.4%


General Information
Management Fee (p.a.)                                                     0.80%
Total Expense Ratio (2010 -p.a.)                                          0.85%
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, 6 October 2011