Interim Management Statement

ABERFORTH SMALLER COMPANIES TRUST plc


Interim Management Statement for the three months to 30 September 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 30 September 2009, the Company's net asset value
     rose by 24.5%. By comparison, the Company's benchmark, the HGSC (XIC) Index,
     rose by 26.0%. All figures are total returns.
·    As at 30 September 2009, the share price was 557p, representing a discount
     of 11.8% to the net asset value.
·    During the 3 months to 30 September 2009, the level of gearing was reduced
     from 9.1% to 6.0%.
·    No shares were purchased for cancellation during the period under review.
     96,900,000 shares remain in issue.
·    The first interim dividend in respect of the year to 31 December 2009 of
     6.0p was paid on 21 August 2009.

Performance - Total Returns
Periods to 30 September 2009
                  3 Months   6 Months    1 Year       3 Years
ASCoT Share Price +20.8%     +49.7%      +31.3%       -8.8%
ASCoT NAV         +24.5%     +54.3%      +23.5%       -8.2%
HGSC (XIC)        +26.0%     +55.2%      +27.5%       -1.8%
Note: Past performance is not a guide to future performance


Top 10 Holdings               % of Investment Portfolio
As at 30 September 2009
Bellway                                     2.9
Greggs                                      2.8
JD Sports Fashion                           2.5
Beazley                                     2.5
Robert Wiseman Dairies                      2.3
Domino Printing Sciences                    2.2
RPC Group                                   2.2
Huntsworth                                  2.2
Spectris                                    2.2
CRS                                         1.9
                                           ----
                                           23.7


Size Distribution across FTSE Indices
As at 30 September 2009
                     HGSC (XIC)           ASCoT
                        % Total          %Total
FTSE 100                    1.4             0.0
FTSE 250                   75.9            51.0
FTSE SmallCap              16.9            38.4
FTSE Fledgling              1.9             5.7
Other                       3.9             4.9
                          -----           -----
                          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
                              30 September 2009     30 June 2009

Fixed Assets: Investments at bid        £648.5m          £542.1m
price
Net Current Liabilities                 £(36.6m)         £(45.2m)
                                        -------          -------
Total Shareholders' Funds               £611.9m          £496.9m
                                        -------          -------
Net Asset Value                         631.49p          512.77p
Share Price                             557.00p          467.00p
Discount                                  11.8%             8.9%
Shares in Issue                      96,900,000       96,900,000
Market Capitalisation                   £539.7m          £452.5m
Gearing                                    6.0%             9.1%


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 any 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, 5 October 2009

END