Holding(s) in Company

NOTIFICATION OF MAJOR INTERESTS IN SHARES

1.Identity of the issuer or the         Aberforth Smaller Companies Trust plc  
underlying issuer of existing shares to                                        
which voting rights are attached:                                              
                                                                               
2. Reason for the notification:                                                
                                                                               
An acquisition or disposal of voting    Yes                                    
rights                                                                         
                                                                               
An acquisition or disposal of financial N/A                                    
instruments which may result in the                                            
acquisition of shares already issued to                                        
which voting rights are attached                                               
                                                                               
An event changing the breakdown of      N/A                                    
voting rights                                                                  
                                                                               
Other (please specify):                 N/A                                    
                                                                               
3. Full name of person(s) subject to    Rensburg Sheppards Investment          
the notification obligation             Management Limited                     
                                                                               
4. Full name of shareholder(s) (if      N/A                                    
different from 3.):                                                            
                                                                               
5. Date of the transaction (and date on 18 February 2011                       
which the threshold is crossed or                                              
reached if different):                                                         
                                                                               
6. Date on which issuer notified:       21 February 2011                       
                                                                               
7. Threshold(s) that is/are crossed or  3%                                     
reached:                                                                       
                                                                               
8. Notified details:                                                           
                                                                               
A: Voting rights attached to shares                                            
                                                                               
Class/type   Situation previous  Resulting situation after the triggering      
of shares    to the Triggering   transaction                                   
             transaction                                                       
if possible                                                                    
using the    Number of Number of Number of  Number of voting  % of voting      
ISIN CODE    Shares    Voting    Shares     rights            rights           
                       Rights                                                  
                                            Direct Indirect   Direct  Indirect 
                                                                               
Ordinary 1p  2,916,434 2,916,434                   2,875,770          2.98%    
Shares                                                                         
GB0000066554                                                                   

B: Qualifying Financial Instruments                                              
                                                                                 
Resulting situation after the triggering transaction                             
                                                                                 
Type of    Expiration Exercise/      Number of voting rights  % of voting rights 
financial  date       Conversion     that may be acquired if                     
instrument            Period/ Date   the instrument is                           
                                     exercised/ converted.                       
                                                                                 
N/A        N/A        N/A            N/A                      N/A                
                                                                                 
C: Financial Instruments with similar economic effect to                         
Qualifying Financial Instruments                                                 
                                                                                 
Resulting situation after the triggering transaction                             
                                                                                 
Type of    Exercise   Expiration Exercise/     Number of      % of voting rights 
financial  price      date       Conversion    voting rights                     
instrument                       Period/ Date  instrument                        
                                               refers to                         
                                                                                 
N/A        N/A        N/A        N/A           N/A            N/A                
                                                                                 
Total (A+B+C)                                                                    
                                                                                 
Number of voting rights                     % of voting rights                   
                                                                                 
2,875,770                                   2.98%                                
                                                                                 
9. Chain of controlled undertakings through which the voting rights and/or the   
financial instruments are effectively held, if applicable                        
                                                                                 
Client holdings in the name of the Nominee companies 100% owned by Rensburg      
Sheppards Investment Management Limited                                          
                                                                                 
Proxy Voting:                                                                    
                                                                                 
10. Name of the proxy holder:                    N/A                             
                                                                                 
11. Number of voting rights proxy holder will    N/A                             
cease to hold:                                                                   
                                                                                 
12. Date on which proxy holder will cease to     N/A                             
hold voting rights:                                                              
                                                                                 
13. Additional information:                                                      
                                                                                 
14. Contact name:                                David Holland, Aberforth        
                                                 Partners LLP, Secretaries       
                                                                                 
15. Contact telephone number                     0131-220-0733