Interim Management Statement

Aberforth Smaller Companies Trust plc                     

    Interim Management Statement for the three months to 30 September 2013     

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 three months to 30 September 2013, the Company's net asset value
    rose by 16.4%. By comparison, the Company's benchmark, the NSCI (XIC), rose
    by 11.6%. All figures are total returns.
   
  * As at 30 September 2013, the share price was 985p, representing a discount
    of 7.5% to the net asset value.
   
  * During the three months to 30 September 2013, the level of gearing fell
    from 7.1% to 3.7%.
   
  * No shares were purchased for cancellation during the period under review.
    As at 30 September 2013, there were 95,557,792 shares in issue.
   
  * A first interim dividend in respect of the year ending 31 December 2013 of
    7.35p, an increase of 5.0%, was paid on 22 August 2013.
   

Performance - Total Returns
Periods to 30 September 2013

                      3 Months      6 Months      1 Year         3 Years       
                                                                               
ASCoT Share Price     +22.4%        +24.0%        +54.3%         +92.9%        
                                                                               
ASCoT NAV             +16.4%        +18.2%        +40.5%         +71.3%        
                                                                               
NSCI (XIC)            +11.6%        +12.5%        +34.3%         +65.9%        

Note: Past performance is not a guide to future performance



Top 10 Holdings                 % of Investment Portfolio
As at 30 September 2013                                  
                                                         
Northgate                                             3.0
JD Sports Fashion                                     3.0
RPC Group                                             2.7
e2v technologies                                      2.6
St. Modwen Properties                                 2.4
CSR                                                   2.3
Spirit Pub Company                                    2.2
Tullet Prebon                                         2.2
Regus                                                 2.1
Brewin Dolphin Holdings                               2.0
                                                     ----    
                                                     24.5

Size Distribution across FTSE Indices
As at 30 September 2013
                                             NSCI (XIC)                   ASCoT
                                                % Total                  %Total
                                                                               
FTSE 100                                              -                       -
FTSE 250                                           77.0                    49.2
FTSE SmallCap                                      17.8                    41.4
FTSE Fledgling                                      1.3                     4.9
Other                                               3.9                     4.5
                                                  -----                   -----          
                                                  100.0                   100.0


Financial Position                                 As at                  As at
                                       30 September 2013           30 June 2013
                                                                               
Fixed Assets: Investments at bid price         £1,055.2m                £942.4m
Net Liabilities                                  £(37.6m)               £(62.1m)
Total Shareholders' Funds                      £1,017.6m                £880.3m
                                                                               
Net Asset Value                                1,064.89p                921.23p
                                                                               
Share Price                                      985.00p                811.50p
                                                                               
Discount                                            7.5%                  11.9%
                                                                               
Shares in Issue                               95,557,792             95,557,792
                                                                               
Market Capitalisation                            £941.2m                £775.5m
                                                                               
Gearing                                             3.7%                   7.1%


General Information
Management Fee (p.a.)                                                     0.80%
Ongoing charges (2012 -p.a.)                                              0.81%
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, 4 October 2013