Interim Management Statement

Aberforth Smaller Companies Trust plc                     

    Interim Management Statement for the three months to 30 September 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 Numis Smaller Companies Index (Excluding Investment Companies) (NSCI
(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 2012, the Company's net asset value
    rose by 12.9%. By comparison, the Company's benchmark, the NSCI (XIC), rose
    by 9.5%. All figures are total returns.
   
  * As at 30 September 2012, the share price was 657p, representing a discount
    of 15.4% to the net asset value.
   
  * During the 3 months to 30 September 2012, the level of gearing fell from
    8.8% to 8.0%.
   
  * 195,000 shares were purchased for cancellation during the period under
    review for a total consideration of £1,173,000. As at 30 September 2012,
    there were 95,692,792 shares in issue.
   
  * A first interim dividend in respect of the year ending 31 December 2012 of
    7.0p, an increase of 8.5%, was paid on 23 August 2012.
   

Performance - Total Returns
Periods to 30 September 2012

                      3 Months      6 Months      1 Year         3 Years       
                                                                               
ASCoT Share Price     +14.7%        +3.1%         +26.6%         +30.4%        
ASCoT NAV             +12.9%        +3.3%         +27.9%         +34.2%        
NSCI (XIC)            +9.5%         +3.4%         +23.7%         +43.2%        

Note: Past performance is not a guide to future performance


Top 10 Holdings                 % of Investment Portfolio
As at 30 September 2012                                  
                                                         
CSR                                                   3.7
RPC Group                                             3.5
Galliford Try                                         3.1
e2v technologies                                      3.0
Bodycote                                              2.7
JD Sports Fashion                                     2.6
RPS Group                                             2.6
Micro Focus                                           2.2
St. Modwen Properties                                 2.0
Howden Joinery Group                                  2.0
                                                     27.4


Size Distribution across FTSE Indices
As at 30 September 2012

                                             NSCI (XIC)                   ASCoT
                                                % Total                  %Total
                                                                               
FTSE 100                                              -                       -
FTSE 250                                           80.1                    57.9
FTSE SmallCap                                      14.8                    34.2
FTSE Fledgling                                      1.3                     3.2
Other                                               3.8                     4.7
                                                  100.0                   100.0


Financial Position                                 As at                  As at
                                       30 September 2012           30 June 2012
                                                                               
Fixed Assets: Investments at bid price          £803.2m                 £725.0m
Net Liabilities                                 £(59.8m)                £(58.9m)
Total Shareholders' Funds                        £743.4m                £666.1m
Net Asset Value                                  776.88p                694.69p
                                                                               
Share Price                                      657.00p                579.50p
Discount                                           15.4%                  16.6%
Shares in Issue                               95,692,792             95,887,792
Market Capitalisation                            £628.7m                £555.7m
Gearing                                             8.0%                   8.8%


General Information
Management Fee (p.a.)                                                     0.80%
Ongoing charges (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, 3 October 2012