Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                       
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
of existing shares to which voting rights are                                           
attached:                                                           
                                                  Aberforth Smaller Companies Trust plc   
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                            X
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in the acquisition of shares already issued to which voting rights are attached         
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                               Investec Wealth &   
notification obligation:                                              Investment Limited   
                                                                                        
4. Full name of shareholder(s)                                                       N/A          
 (if different from 3.):                                                                
                                                                                        
5. Date of the transaction and date on                                       22 May 2014      
which the threshold is crossed or                                                       
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                                            23 May 2014      
                                                                                        
7. Threshold(s) that is/are crossed or                                     From 8% to 7%     
reached:                                                                                
                                                                                        


8. Notified details:                                                                               
                                                                                                   
A: Voting rights attached to shares                                                                
                                                                                                   
Class/type   Situation previous            Resulting situation after the triggering transaction    
of           to the triggering                                                                     
shares       transaction                                                                           
                                                                                                   
             Number           Number       Number   Number of voting       % of  voting rights     
if possible  of               of           of       rights                                         
using        Shares           Voting       shares                                                  
the ISIN                      Rights                                                               
CODE                                       Direct   Direct       Indirect  Direct   Indirect       
                                                                                                   
Ordinary     7,930,709        7,930,709                          7,565,030          7.93%          
Shares                                                                                             
GB0000066554                                                                                       
                                                                                                   
                                                                                                   
                                                                                                   
B: Qualifying Financial Instruments                                                                
                                                                                                   
Resulting situation after the triggering transaction                                               
                                                                                                   
Type of        Expiration          Exercise/          Number of voting             % of voting     
financial      date                Conversion Period  rights that may be           rights          
instrument                                            acquired if the                              
                                                      instrument is                                
                                                      exercised/ converted.                        
                                                                                                   
                                                                                                   
                                                                                                    
C: Financial Instruments with similar economic effect to Qualifying Financial                      
Instruments                                                                                        
                                                                                                   
Resulting situation after the triggering transaction                                               
                                                                                                   
Type of       Exercise price  Expiration Exercise/  Number of voting rights  % of voting rights    
financial                     date       Conversion instrument refers to                           
instrument                               period                                                    
                                                                             Nominal Delta         
                                                                                                   
                                                                                                   
                                                                                                   
Total (A+B+C)                                                                                      
                                                                                                   
Number of voting rights                                         Percentage of voting rights                      
                                                                                                   
7,565,030                                                       7.93%                                            
                                                                                                   


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 cease                                     
to hold:                                                                                
                                                                 N/A                    
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                 N/A                    
                                                                                        
                                                                                        
13. Additional information:                                      N/A                                
                                                                                        
                     
14. Contact name:                                      David Holland             
                                              Aberforth Partners LLP 
                                                         Secretaries
                                                                                        
                                                                                         
                                                                                        
15. Contact telephone number:                          0131 220 0733