Interim Management Statement

Aberforth Smaller Companies Trust plc                     

      Interim Management Statement for the three months to 31 March 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 3 months to 31 March 2013, the Company's net asset value rose by
    15.0%. By comparison, the Company's benchmark, the NSCI (XIC), rose by
    12.3%. All figures are total returns.
   
  * As at 31 March 2013, the share price was 801p, representing a discount of
    11.7% to the net asset value.
   
  * During the 3 months to 31 March 2013, the level of gearing increased from
    5.9% to 7.7%.
   
  * 135,000 shares were purchased for cancellation during the period under
    review for a total consideration of £996,000. As at 31 March 2013, there
    were 95,557,792 shares in issue.
   
  * A second interim dividend in respect of the year ended 31 December 2012 of
    15.25p, an increase of 6.6%, was paid on 28 February 2013.
   
  * At the Annual General Meeting held on 5 March 2013, shareholders voted in
    favour of all ten resolutions.

   
Performance - Total Returns
Periods to 31 March 2013

                      3 Months      6 Months      1 Year         3 Years       
                                                                               
ASCoT Share Price      +17.5%        +24.4%       +28.3%          +61.3%        
ASCoT NAV              +15.0%        +18.9%       +22.8%          +57.2%        
NSCI (XIC)             +12.3%        +19.5%       +23.5%          +57.1%        
 
Note: Past performance is not a guide to future performance


Top 10 Holdings                 % of Investment Portfolio
As at 31 March 2013                                      
                                                         
CSR                                                   3.2
St. Modwen Properties                                 2.3
e2v technologies                                      2.3
RPS Group                                             2.3
RPC Group                                             2.2
JD Sports Fashion                                     2.2
Northgate                                             2.2
Regus                                                 2.2
Galliford Try                                         2.0
Spirit Pub Company                                    2.0
                                                    -----     
                                                     22.9


Size Distribution across FTSE Indices
As at 31 March 2013

                                             NSCI (XIC)                   ASCoT
                                                % Total                  %Total
                                                                               
FTSE 100                                              -                       -
FTSE 250                                           78.2                    54.4
FTSE SmallCap                                      16.0                    36.8
FTSE Fledgling                                      1.4                     3.4
Other                                               4.4                     5.4
                                                  -----                   -----          
                                                  100.0                   100.0


Financial Position                                 As at                  As at
                                           31 March 2013       31 December 2012
                                                                               
Fixed Assets: Investments at bid price           £934.1m                £813.3m
Net Liabilities                                 £(66.9m)               £(45.1m)
                                                 -------                -------             
Total Shareholders' Funds                        £867.2m                £768.2m
                                                                               
Net Asset Value                                  907.46p                802.76p
Share Price                                       801.0p                 695.5p
Discount                                           11.7%                  13.4%
Shares in Issue                               95,557,792             95,692,792
Market Capitalisation                            £765.4m                £665.5m
Gearing                                             7.7%                   5.9%


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 April 2013