Holding(s) in Company

NOTIFICATION OF MAJOR INTERESTS IN SHARES
1.Identity of the issuer or the   Aberforth Smaller Companies Trust plc
underlying issuer of existing
shares to which voting rights are
attached:
2. Reason for the notification:
An acquisition or disposal of     Yes
voting rights
An acquisition or disposal of     N/A
financial instruments which may
result in the acquisition of
shares already issued to which
voting rights are attached
An event changing the breakdown   N/A
of voting rights
Other (please specify):           N/A

3. Full name of person(s) subject Deutsche Bank AG
to the notification obligation
4. Full name of shareholder(s)    Deutsche Bank AG
(if different from 3.):           Tilney Investment Management
5. Date of the transaction (and   17 December 2007
date on which the threshold is
crossed or reached if different):
6. Date on which issuer notified: 19 December 2007
7. Threshold(s) that is/are       5%
crossed or reached:
8. Notified details:
A: Voting rights attached to shares
Class/type  Situation             Resulting situation after the
of          previous to the       triggering transaction
shares if   Triggering
possible    transaction
using the
ISIN CODE
           Number  Number     Number     Number of             % of voting
           of      of         of         voting rights         rights
           Shares  Voting     Shares
                   Rights
                              Direct     Direct     Indirect   Direct Indirect
Ordinary   n/a     n/a        2,541,385  2,541,385  2,646,492  2.57%  2.68%
1p Shares
GB0000066554

B: Financial Instruments
Resulting situation after the triggering transaction
Type of    Expiration  Exercise/   Number of voting       % of voting
financial  date        Conversion  rights that may be     rights
instrument             Period/     acquired if the
                       Date        instrument is
                                   exercised/ converted.
N/A         N/A        N/A         N/A                    N/A
Total (A+B)
Number of voting rights      % of voting rights
5,187,877                    5.25%

9. Chain of controlled undertakings through which the voting
rights and/or the financial instruments are effectively held, if
applicable

N/A

Proxy Voting:
10. Name of the proxy holder:          N/A
11. Number of voting rights proxy      N/A
holder will cease to hold:
12. Date on which proxy holder will    N/A
cease to hold voting rights:

13. Additional information:            N/A
14. Contact name:                      David Holland, Aberforth Partners LLP, Secretaries
15. Contact telephone number           0131-220-0733