Holding(s) in Company

NOTIFICATION OF MAJOR INTERESTS IN SHARES

1.Identity of the issuer or the underlying       Aberforth Smaller Companies Trust plc
issuer of existing shares to which voting rights                               
are attached:                                                                     
                                                                                  
2. Reason for the notification:                                                   
                                                                                  
An acquisition or disposal of voting rights      Yes                              
                                                                                  
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 voting rights N/A                              
                                                                                  
Other (please specify):                          Transfer into Nominees           
                                                                                  
3. Full name of person(s) subject to the         Investec Wealth & Investment     
notification obligation                          Limited                          
                                                                                  
4. Full name of shareholder(s) (if different     N/A                              
from 3.):                                                                         
                                                                                  
5. Date of the transaction (and date on which    11 September 2012                
the threshold is crossed or reached if                                            
different):                                                                       
                                                                                  
6. Date on which issuer notified:                12 September 2012                
                                                                                  
7. Threshold(s) that is/are crossed or reached:  5%                               
                                                                                  
8. Notified details:                                                              
                                                                                  
A: Voting rights attached to shares                                               
                                                                                  
Class/type of      Situation previous to   Resulting situation after the          
shares  if         the Triggering          triggering transaction                 
possible using the transaction                                                    
ISIN CODE                                                                         
                   Number of Number of     Number   Number of voting % of voting    
                   Shares    Voting Rights of       rights           rights         
                                           Shares                                 
                                           Direct   Direct Indirect  Direct Indirect
                                                                                  
Ordinary Shares   5,763,962  5,763,962                     5,718,659        5.98%   
GB000006655                                                                
                                                                                  

B: Financial Instruments                                                         
                                                                                 
Resulting situation after the triggering transaction                             
                                                                                 
Type of    Expiration Exercise/          Number of voting rights     % of voting 
financial  date       Conversion  Period that may be acquired if the rights      
instrument            / Date             instrument is exercised/                
                                         converted.                              
                                                                                 
N/A        N/A        N/A                N/A                         N/A         
                                                                                 
Total (A+B)                                                                      
   
                                                                              
Number of voting rights         % of voting rights                               
                                                                                 
5,718,659                       5.98%                                            
   
                                                                              
9. Chain of controlled undertakings through which the voting rights and/or the   
financial instruments are effectively held, if applicable                        
                                                                                 
Client holdings registered in the name of Nominee companies 100% owned by        
Investec Wealth & Investment 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 hold  N/A                           
voting rights:                                                                   
                                                                                
                                                                                 
13. Additional information:                        Notification using total      
                                                   voting rights of 95,692,792   
                                                                                 
14. Contact name:                                  David Holland, Aberforth Partners LLP, 
                                                   Secretaries     
                                                                                 
15. Contact telephone number                       0131-220-0733