Directorate change

Aberforth Smaller Companies Trust plc (the "Company")


The Board of Aberforth Smaller Companies Trust plc is pleased to announce the appointment of Professor Paul Marsh and
Dr. Walter Nimmo as non-executive independent Directors of the Company with effect from today, 16 July 2004.

Professor Marsh, 56, is Professor of Finance at London Business School, and is academic director of the School's Masters
in Finance and Corporate Finance evening programs.  Within London Business School, Paul has been Chair of the Finance
area, Deputy Principal, Faculty Dean and an elected Governor.  Paul has advised on several public enquiries, and is a
Director of Majedie Investments plc and was a Director of M&G Group until 1999.  Paul co-designed the FTSE 100 Index and
the Hoare Govett Smaller Companies Index, produced for ABN AMRO at London Business School.

Dr. Nimmo, 57, is Chairman, Chief Executive Officer and President of Inveresk Research Group Inc and has served as Chief
Executive and as a Director of the Inveresk Research Group since 1996. Walter founded Inveresk Clinical in 1988, sold
the company in 1993, completed a MBO in 1999 and then floated the company on Nasdaq in 2002. The company has a market
capitalisation of around $1.2 billion. Walter holds a BSc in medical sciences, qualified as a medical doctor in 1971 and
became a Member of the Royal College of Physicians in 1975 and a Fellow in 1980. Walter also became a Fellow of the
Royal College of Anaesthetists in 1977 and has lectured at Harvard and other prominent universities. He is a fellow of
the Royal Society of Edinburgh.

No further information relating to either appointment is required by paragraph 16.4 of the Listing Rules.

Date of announcement - 16 July 2004.

Contact for enquiries:-
David Holland
Aberforth Partners, Secretaries
0131 220 0733

END