Interim Management Statement

ABERFORTH SMALLER COMPANIES TRUST PLC

Interim Management Statement for the three months to 31 March 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 31 March 2008, the Company's net asset value fell by
     8.3%. By comparison, the Company's benchmark, the HGSC (XIC) Index, fell by
     6.3%. All figures are total returns.
·    As at 31 March 2008, the share price was 565p, representing a discount of
     15.9% to the net asset value.
·    During the 3 months to 31 March 2008, the ASCoT purchased 90,140 shares for
     cancellation at an average price of 556.9p per share.
·    The second interim dividend in respect of the year to 31 December 2007 of
     10.5p was paid on 21 February 2008.
·    At the Company's AGM held on 4 March 2008, 88.2% of Shareholders,
     represented by proxy or corporate representatives, voted in favour of the
     continuation of the Company. Shareholders votes, represented by proxy or
     corporate representatives, totalled 56,892,534 representing 57.6% of the
     Ordinary Shares in issue.

Performance - Total Returns
Periods to 31 March 2008

                  3 Months   6 Months    1 Year       3 Years
ASCoT Share       -2.0%      -14.8%      -26.2%       13.6%
Price
ASCoT NAV         -8.3%      -15.7%      -20.6%       20.6%
HGSC (XIC)        -6.3%      -11.9%      -18.4%       33.0%
Note: Past performance is not a guide to future performance

Top 10 Holdings         % of Total Assets less Current Liabilities
As at 31 March 2008
Greggs                                3.2
Shanks Group                          2.8
Interserve                            2.4
Spirax-Sarco Engineering              2.3
BSS Group                             2.2
MITIE Group                           2.1
Domino Printing Sciences              2.0
Hiscox                                1.8
Robert Wiseman Dairies                1.8
Holidaybreak                          1.8
                                    -----
                                     22.4

Size Distribution across FTSE Indices
As at 31 March 2008
                  HGSC (XIC)        ASCoT
                     % Total       %Total
FTSE 100                 0.0          1.2
FTSE 250                67.7         40.6
FTSE SmallCap           26.8         48.5
FTSE Fledgling           3.1          7.7
Other                    2.4          0.8
Cash/Liquidity           0.0          1.2
                       -----        -----
                       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
                                       31 March        31 December
                                           2008               2007

Fixed Assets: Investments at bid price  £655.3m            £710.9m
Net Current Assets                        £7.9m             £24.1m
Total Shareholders' Funds               £663.2m            £735.0m
Net Asset Value                         668.46p            743.87p
Share Price                                565p               587p
Discount                                  15.9%              21.1%
Shares in Issue                      98,719,648         98,809,788
Market Cap                              £557.8m            £580.0m
Gearing                                     Nil                Nil

General Information
Management Fee (p.a.)                     0.80%
Total Expense Ratio (p.a.)                0.86%
Interim Dividend (paid August 07)          4.7p
Second Interim Dividend (paid Feb 07)     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 (including revenue reserves) of 692.78p as
at close of business on 17 April 2008, can be found on the following website:
www.aberforth.co.uk

Contact
David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries, 18 April 2008

END