Holding(s) in Company

    SCHEDULE 10
                                    
                NOTIFICATION OF MAJOR INTERESTS IN SHARES
                                    
1)   Name of company
Aberforth Smaller Companies Trust plc

2)   Name of shareholder having a major interest
The Royal Bank of Scotland Group plc

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
As stated 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
Not disclosed

5)   Number of shares/amount of stock acquired
N/A

6)   Percentage of issued class
N/A

7)   Number of shares/amount of stock disposed
Not disclosed

8)   Percentage of issued class
N/A

9)   Class of security
Ordinary Shares of 1p

10)  Date of transaction
Not disclosed

11)  Date company informed
23 January 2004

12)  Total holding following this notification
2,019,396

13)  Total percentage holding of issued class following this
notification
2.04%

14)  Any additional information
As the holding is now below 3%, The Royal Bank of Scotland Group plc no
longer have a notifiable interest in the Company's issued share capital

15)  Name of contact and telephone number for queries
David Holland - 0131 220 0733

16)  Name and signature of authorised company official responsible for
     making this notification
David Holland for Aberforth Partners, Secretaries.

Date of notification - 23 January 2004