Interim Management Statement

Aberforth Smaller Companies Trust plc                     

     Interim Management Statement for the 3 months ended 30 September 2014     


Investment Objective

The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to
achieve a net asset value total return (with dividends reinvested) greater than
on the Numis Smaller Companies Index (Excluding Investment Companies) (NSCI
(XIC)) over the long term.

Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.


Features

  * During the 3 months to 30 September 2014, the Company's net asset value
    fell by 0.4%. By comparison, the Company's benchmark, the NSCI (XIC), fell
    by 2.9%. Over the 9 months to 30 September 2014, the Company's net asset
    value rose by 0.7% though the benchmark fell by 3.5%.All figures are total
    returns.
   
  * 20,000 shares were purchased for cancellation during the quarter for a
    total consideration of £214,000.
   
  * The Board declared an interim dividend for the year ending 31 December 2014
    of 7.75p, an increase of 5.4%. This dividend was paid on 28 August 2014.
   

Financial Position                       As at         As at              As at
                             30 September 2014  30 June 2014   31 December 2013
                                                                               
Fixed Assets: Investments              £1,156m       £1,166m            £1,168m
at bid price                                                                   
Net Liabilities                         £(33m)        £(32m)             £(30m)
                                       _______       _______            _______
Total Shareholders' Funds              £1,123m       £1,134m            £1,138m
                                                                               
Net Asset Value                       1177.35p      1189.50p          1,193.22p
                                                                               
Share Price                           1090.00p      1046.00p          1,095.00p
                                                                               
Discount                                  7.4%         12.1%               8.2%
                                                                               
Shares in Issue                     95,344,792    95,364,792         95,382,792
                                                                               
Market Capitalisation                   £1039m         £998m            £1,044m
                                                                               
Gearing                                   3.0%          2.8%               2.6%


General Information

Ongoing charges (2013 -p.a.)                                              0.79%
Launch Date                                                    10 December 1990


Further Information

Further information regarding the Company, including any share buybacks, the
most recently published net asset value and the monthly factsheet can be found
on the following website: www.aberforth.co.uk


Contact

David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries,
3 October 2014


Note
This information has been provided in satisfaction of obligations under DTR 4.3