Transaction in Own Shares

ABERFORTH SMALLER COMPANIES TRUST plc

Market Purchase by the Company of its own Ordinary Shares

The Board of Aberforth Smaller Companies Trust plc ("ASCoT") hereby gives
notification that, pursuant to the authority granted at the Annual General
Meeting of the Company held on 2 March 2011 to make market purchases of the
Company's own shares, a market purchase of 26,000 Ordinary shares of the
Company was made on today, 20 December 2011, at a price of 498.51p per share.

Following the purchase and cancellation of the above shares, 96,213,792
Ordinary shares will remain in issue. 153,000 Ordinary shares have been
purchased and cancelled under the above authority.

For further information contact: David Holland, Aberforth Partners LLP,

telephone: [phone].

Aberforth Partners LLP, Secretaries - 20 December 2011

ANNOUNCEMENT ENDS