Director Shareholding

    SCHEDULE 11

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

Aberforth Smaller Companies Trust plc

2) Name of director

Keith M. Miller

3) Please state whether notification indicates that it is in respect of
 holding of the shareholder named in 2 above or in respect of a non-
beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in
respect of a non-beneficial interest

In respect of person named in 2 above

4) Name of the registered holder(s) and, if more than one holder, the
 number of shares held by each of them (if notified)

Person named in 2 above

5) Please state whether notification relates to a person(s) connected
 with the Director named in 2 above and identify the connected person(s)

N/A

6) Please state the nature of the transaction. For PEP transactions
 please indicate whether general/single co PEP and if discretionary/non
 discretionary

Exercise of 2,000 Warrants

7) Number of shares/amount of
 stock acquired

N/A

8) Percentage of issued class

N/A

9) Number of shares/amount
 of stock disposed

N/A

10) Percentage of issued class

N/A

11) Class of security

Ordinary Shares of 1p

12) Price per share

100p

13) Date of transaction

2 April 2003

14) Date company informed

2 April 2003

15) Total holding following this notification

Director's holding is now 12,000 Ordinary Shares of 1p

16) Total percentage holding of issued class following this notification

0.01%

If a director has been granted options by the company please complete
the following boxes

17) Date of grant

N/A

18) Period during which or date on which exercisable

N/A

19) Total amount paid (if any) for grant of the option

N/A

20) Description of shares or debentures involved: class, number

N/A

21) Exercise price (if fixed at time of grant) or indication that price
 is to be fixed at time of exercise

N/A

22) Total number of shares or debentures over which options held
 following this notification

N/A

23) Any additional information

Director no longer has an interest in the Warrants to subscribe for
Ordinary Shares of 1p

24) Name of contact and telephone number for queries

David Holland 0131 220 0733

25) Name and signature of authorised company official responsible for
 making this notification

David Holland

Date of Notification

3 April 2003