Interim Management Statement to 30 September 2008

ABERFORTH SMALLER COMPANIES TRUST PLC

Interim Management Statement for the three months to 30 September 2008

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 Hoare Govett Smaller Companies Index (Excluding Investment Companies) (HGSC
(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 30 September 2008, the Company's net asset value
   fell by 15.9%. By comparison, the Company's benchmark, the HGSC (XIC) Index,
   fell by 13.4%. All figures are total returns.
·  As at 30 September 2008, the share price was 444.5p, representing a
   discount of 16.7% to the net asset value.
·  During the 3 months to 30 September 2008, the level of gearing was
   increased from 5.9% to 9.5%
·  No shares were purchased for cancellation during the period under review.
   96,900,000 shares remain in issue.
·  The first interim dividend in respect of the year to 31 December 2008 of
   6.0p was paid on 21 August 2008.

Performance - Total Returns
Periods to 30 September 2008
                  3 Months   6 Months    1 Year       3 Years
ASCoT Share Price  -15.8%     -20.4%      -32.2%       -21.2%
ASCoT NAV          -15.9%     -19.8%      -32.4%       -10.8%
HGSC (XIC)         -13.4%     -20.7%      -30.1%        -5.2%

Note: Past performance is not a guide to future performance

Top 10 Holdings            % of Investment Portfolio
As at 30 September 2008

Hampson Industries                   3.7
Greggs                               2.8
Shanks Group                         2.6
Hiscox                               2.6
e2v technologies                     2.3
Robert Wiseman Dairies               2.1
Wilmington Group                     2.1
Delta                                2.1
Interserve                           2.0
CSR                                  2.0
                                    ----
                                    24.3

Size Distribution across FTSE Indices
As at 30 September 2008
                  HGSC (XIC)        ASCoT
                     % Total       %Total
FTSE 100                 0.0          0.0
FTSE 250                69.5         37.2
FTSE SmallCap           25.5         55.9
FTSE Fledgling           2.8          6.1
Other                    2.2          0.8
                       -----        -----
                       100.0        100.0
Note: The HGSC (XIC) figures above are simulated and assume that the index was
rebalanced on the above date.

Financial Position                        As at            As at
                                   30 September          30 June
                                           2008             2008

Fixed Assets: Investments at bid price  £565.8m          £657.3m
Net Current Liabilities                 £(48.9m)         £(36.7m)
                                        -------          -------
Total Shareholders' Funds               £516.9m          £620.6m

Net Asset Value                         533.40p          640.44p
Share Price                              444.5p             534p
Discount                                  16.7%            16.6%
Shares in Issue                      96,900,000       96,900,000
Market Cap                              £430.7m          £517.4m
Gearing                                    9.5%             5.9%

General Information
Management Fee (p.a.)                     0.80%
Total Expense Ratio (p.a.)                0.86%
First Interim Dividend (paid August 08)    6.0p
Second Interim Dividend (paid Feb 08)     10.5p
Launch Date                    10 December 1990


Further Information
Further information regarding the Company, including recent 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, 3 October 2008

END