Portfolio Update

Aberforth Smaller Companies Trust plc

In accordance with UKLA Listing Rule 15.6.8R, the following table represents
Aberforth Smaller Companies Trust plc's (ASCOT) investments , as at 31 December
2013, in other UK listed closed-ended investment funds (including REIT's) which
themselves do not have a stated investment policy to invest no more than 15% of
their gross assets in other UK listed closed-ended investment funds ( including
REIT's):

Security                        % of ASCOT's
                                   Portfolio

Hansteen Holdings plc                    1.2
Assura Group plc                         1.0
Redefine International plc               0.7
                                        ----
Total                                    2.9
                                        ----

ASCOT does not invest in any securities issued by investment trusts or 
investment companies with the exception of real estate investment trusts
(REIT's).

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

Aberforth Partners LLP, Secretaries - 3 January 2014