The notification set out below is provided in accordance with the requirements
    of the EU Market Abuse Regulation.

    1 - Details of the person discharging managerial responsibilities / person       
    closely associated                                                               
                                                                                     
    Name of natural person                David Jeffcoat                             
                                                                                     
    2 - Reason for the notification                                                  
                                                                                     
    Position/status                       Director                                   
                                                                                     
    Initial notification/amendment        Initial Notification                       
                                                                                     
    3 - Details of the issuer, emission allowance market participant, auction        
    platform, auctioneer or auction monitor                                          
                                                                                     
    Full name of the entity               Aberforth Smaller Companies Trust plc      
                                                                                     
    Legal Entity Identifier code          213800GZ9WC73A92Q326                       
                                                                                     
    4 - Details of the transaction(s): section to be repeated for (i) each type of   
    instrument; (ii) each type of transaction; (iii) each date; (iv) each place      
    where transactions have been conducted                                           
                                                                                     
    Financial Instrument                  Ordinary Shares                            
                                                                                     
    Identification Code                   SEDOL: 0006655                             
                                                                                     
    Nature of transaction                 Purchase through dividend reinvestment plan
                                                                                     
    Date Of Transaction                   7 March 2017                               
                                                                                     
    Price (s)                             1200 pence                                 
                                                                                     
    Volume(s)                             137                                        
                                                                                     
    Aggregated information                N/A                                        
                                                                                     
    Place Of Transaction                  London Stock Exchange, Main Market (XLON)  
                                                                                     
    Currency                              GBP - British Pound                        
                                                                                     
    5 - Total holding following this      7,872                                      
    notification                                                                     
                                                                                     
    Contact                               David Holland                              
                                                                                     
                                          Aberforth Partners LLP, Secretaries        
                                                                                     
    Date of Notification                  8 March 2017