Transaction in Own Shares

ABERFORTH SMALLER COMPANIES TRUST plc


Market Purchase by the Company of its own Ordinary Shares

The Board of Aberforth Smaller Companies Trust plc ("ASCoT") hereby gives
notification that, pursuant to the authority granted at the Annual General
Meeting of the Company held on 4 March 2008 to make market purchases of the
Company's own shares, a market purchase of 500,000 ordinary shares of the Company
was made today at a price of 585p per share.

Following the purchase and cancellation of the above shares, 97,522,000 ordinary
shares will remain in issue. 1,287,788 ordinary shares have been purchased and
cancelled under the above authority.

For further information contact: David Holland, Aberforth Partners LLP,
telephone: [phone].

Aberforth Partners LLP, Secretaries - 28 May 2008

ANNOUNCEMENT ENDS