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     N/A
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):           Disclosure of holdings following the
                                  acquisition, by Lloyds Banking Group plc,
                                  of HBOS plc. This notification supercedes
                                  any notifications previously issued by
                                  Lloyds TSB Group plc and/or HBOS plc.

3. Full name of person(s) subject Lloyds Banking Group plc
to the notification obligation

4. Full name of shareholder(s)    Refer to section 9 below
(if different from 3.):

5. Date of the transaction (and   16/01/09
date on which the threshold is
crossed or reached if different):

6. Date on which issuer notified: 20/01/09

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      Triggering
if          transaction
possible
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      631,168  631,168 4,807,395  0.651%  4.961%
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
5,438,563                    5.613%

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

Major share interests:

3,505,279 Shares (3.617%) are held by State Street Nominees Ltd.
Shares are under the control of Scottish Widows Investment
Partnership Ltd, a wholly owned subsidiary of Scottish Widows
Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a
wholly owned subsidiary of Lloyds Banking Group plc (Indirect
Interests).

1,359,965 shares (1.403%) are under the control of Insight
Investment Management (Global) Limited, a wholly owned subsidiary
of Insight Investment Management Limited, a wholly owned
subsidiary of HBOS Insurance & Investment Group Limited, a wholly
owned subsidiary of HBOS plc, a wholly owned subsidiary of Lloyds
Banking Group plc (Indirect Interests).

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 to Aberforth Smaller
                                       Companies Trust plc.

15. Contact telephone number           0131-220-0733