Investment Policy

ABERFORTH SMALLER COMPANIES TRUST plc

The Board of Aberforth Smaller Companies Trust plc (the 'Company') notes
the publication of the Investment Entities (Listing Rules and Conduct of
Business) Instrument 2003 and confirms that, as previously stated, it is
the  Company's  policy  not  to  invest  in  any  securities  issued  by
investment trusts or investment companies.

Contact for enquiries:-

David Warnock
Aberforth Partners
0131 220 0733