Top 10 Investments

ABERFORTH SMALLER COMPANIES TRUST plc


The Board of Aberforth Smaller Companies Trust plc ("the Company") confirms that, as at 30 September 2004, the top ten
investments ranked by market value of the Company's total investable assets were as follows: -


Company                Value (£)   Weight (%) Accumulated (%)

Paladin Resources       21,032,550      4.2%    4.2%
Johnson Service Group   14,093,880      2.8%    7.0%
BSS Group               12,408,294      2.5%    9.5%
Holidaybreak            10,847,421      2.2%    11.7%
Headlam Group           10,407,615      2.1%    13.8%
ITE Group               10,172,400      2.0%    15.8%
Abbot Group              9,777,920      2.0%    17.8%
Grainger Trust           9,365,840      1.9%    19.7%
Interserve               9,299,081      1.9%    21.6%
SMG                      8,817,710      1.8%    23.4%


Contact for enquiries
David Holland
Aberforth Partners
0131 220 0733

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