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
H N Buchan

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
 Notification is in respect of holding of the Director 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)
 Brewin Nominees Limited

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

6) Please state the nature of the transaction. For PEP transactions
 please indicate whether general/single co PEP and if discretionary/non
 discretionary
 The shares were acquired as a result of the rollover of his shareholding
 in Aberforth Split Level Trust plc following the reconstruction and
 winding up of Aberforth Split Level Trust plc.

7) Number of shares/amount of stock acquired
14,330

8) Percentage of issued class
0.01%

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
N/A

13) Date of transaction
10 November 2003

14) Date company informed
19 November 2003

15) Total holding following this notification
14,330

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
None

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, for Aberforth Partners, Secretaries.

Date of Notification - 19 November 2003