Interim Management Statement

ABERFORTH SMALLER COMPANIES TRUST plc

Interim Management Statement for the three months to 31 March 2009


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 Hoare Govett Smaller Companies Index (Excluding Investment Companies) (HGSC
(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 31 March 2009, the Company's net asset value fell by
     2.5%. By comparison, the Company's benchmark, the HGSC (XIC) Index, rose by
     3.2%. All figures are total returns.
·    As at 31 March 2009, the share price was 376.75p, representing a discount
     of 9.0% to the net asset value.
·    During the 3 months to 31 March 2009, the level of gearing was increased
     from 9.5% to 11.6%.
·    No shares were purchased for cancellation during the period under review.
     96,900,000 shares remain in issue.
·    The second interim dividend in respect of the year to 31 December 2008 of
     13.0p was paid on 27 February 2009.
·    At the Company's AGM held on 4 March 2009, all the resolutions proposed
     were passed by Shareholders on a show of hands. A total of 43.2 million proxy
     votes were received, representing 44.6% of the 96,900,000 Ordinary Shares in
     issue.


Performance - Total Returns
Periods to 31 March 2009

                      3 Months   6 Months    1 Year       3 Years
ASCoT Share Price     +11.0%     -12.3%      -30.2%       -38.4%
ASCoT NAV             -2.5%      -20.0%      -35.8%       -39.1%
HGSC (XIC)            +3.2%      -17.8%      -34.8%       -35.5%
Note: Past performance is not a guide to future performance


Top 10 Holdings       % of Investment Portfolio
As at 31 March 2009
Greggs                                      3.8
Robert Wiseman Dairies                      3.0
Hampson Industries                          2.9
BSS Group                                   2.5
CSR                                         2.4
Huntsworth                                  2.4
Domino Printing Sciences                    2.4
Bellway                                     2.3
Halfords Group                              2.2
Dunelm Group                                2.1
                                           ----
                                           26.0


Size Distribution across FTSE Indices
As at 31 March 2009
                        HGSC (XIC)        ASCoT
                           % Total       %Total
FTSE 100                       0.0          0.0
FTSE 250                      76.7         49.8
FTSE SmallCap                 16.6         39.3
FTSE Fledgling                 2.4          6.2
Other                          4.3          4.7
                             -----        -----
                             100.0        100.0
Note: The HGSC (XIC) figures above are simulated and assume that the index was
rebalanced on the above date.


Financial Position                        As at            As at
                                  31 March 2009      31 December
                                                            2008

Fixed Assets: Investments at bid price  £447.4m          £464.4m
Net Current Liabilities                 £(46.4m)         £(40.3m)
                                        -------          -------
Total Shareholders' Funds               £401.0m          £424.1m
                                        -------          -------
Net Asset Value                         413.82p          437.68p
Share Price                             376.75p          351.25p
Discount                                   9.0%            19.7%
Shares in Issue                      96,900,000       96,900,000
Market Capitalisation                   £365.1m          £340.4m
Gearing                                   11.6%             9.5%


General Information
Management Fee (p.a.)                     0.80%
Total Expense Ratio (2008 per             0.94%
annum)
Launch Date                    10 December 1990


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


Contact
David Holland (Tel: [phone])
Aberforth Partners LLP, Secretaries, 3 April 2009

END