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
    2015, 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        1.7                
                                                    
    McKay Securities plc         1.3                
                                                    
                                 ----               
                                                    
    Total                        3.0                
                                                    
                                 ----               

    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: 0131 220 0733.

    Aberforth Partners LLP, Secretaries - 6 January 2016