Interim Management Statement

ABERFORTH SMALLER COMPANIES TRUST plc


       Interim Management Statement for the three months to 31 March 2010


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 RBS 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 2010, the Company's net asset value rose by
   5.7%. By comparison, the Company's benchmark, the HGSC (XIC) Index, rose by
   8.5%. All figures are total returns.
·  As at 31 March 2010, the share price was 540.5p, representing a discount of
   13.0% to the net asset value.
·  During the 3 months to 31 March 2010, the level of gearing was increased
   from 7.7% to 10.6%.
·  No shares were purchased for cancellation during the period under review.
   96,867,000 shares remain in issue.
·  A second interim dividend in respect of the year ended 31 December 2009 of
   13.0p was paid on 26 February 2010. In addition, a first interim dividend in
   respect of the year ending 31 December 2010 of 6.0p was paid on 1 April 2010.
   The Board believed that it was in shareholders' interests to accelerate the
   timing of this year's first interim dividend and therefore this dividend is
   intended to replace the first interim dividend that would normally be paid in
   August 2010. It is anticipated that future dividend payments will be paid in
   line with the normal dividend schedule.

Performance - Total Returns
Periods to 31 March 2010

                  3 Months   6 Months     1 Year      3 Years
ASCoT Share Price  +4.9%       +0.6%      +50.6%       -22.5%
ASCoT NAV          +5.7%       +1.4%      +56.6%       -20.3%
HGSC (XIC)         +8.5%       +8.9%      +69.0%       -10.1%

Note: Past performance is not a guide to future performance


Top 10 Holdings                 % of Investment
As at 31 March 2010                   Portfolio

Greggs                                      2.8
JD Sports Fashion                           2.8
Bellway                                     2.6
Spectris                                    2.5
Beazley                                     2.3
Huntsworth                                  2.3
RPC Group                                   2.3
Delta                                       2.2
Domino Printing Sciences                    2.2
National Express Group                      2.1
                                           ----
                                           24.1


Size Distribution across FTSE Indices
As at 31 March 2010

                     HGSC (XIC)           ASCoT
                        % Total          %Total
FTSE 100                    0.0             0.0
FTSE 250                   75.6            48.3
FTSE SmallCap              18.0            40.9
FTSE Fledgling              1.8             6.1
Other                       4.6             4.7
                          -----           -----
                          100.0           100.0


Financial Position                        As at            As at
                                       31 March      31 December
                                           2010             2009

Fixed Assets: Investments at bid price  £665.4m          £632.4m
Net Current Liabilities                 £(63.7m)         £(45.5m)
Total Shareholders' Funds               £601.7m          £586.9m
Net Asset Value                         621.17p          605.90p
Share Price                             540.50p          534.00p
Discount                                  13.0%            11.9%
Shares in Issue                      96,867,000       96,867,000
Market Capitalisation                   £523.6m          £517.3m
Gearing                                   10.6%             7.7%


General Information
Management Fee (p.a.)                     0.80%
Total Expense Ratio (2009 - p.a.)         0.85%
Launch Date                    10 December 1990


Further Information
Further information regarding the Company, including any 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, 7 April 2010

END