Ten Largest Investments as at 31 December 2003

ABERFORTH SMALLER COMPANIES TRUST plc The Board of Aberforth Smaller Companies Trust plc ("the Company") confirms that as at 31 December 2003 - the top ten securities ranked by market value in the Company's investment portfolio were as follows: % of Total Accumulated % of Company £ Investments Total Investments Paladin Resources 13,882,039 3.1% 3.1% Johnson Service 12,720,557 2.9% 6.0% Group Holidaybreak 9,937,473 2.3% 8.3% BSS Group 9,336,144 2.1% 10.4% Bellway 9,232,456 2.1% 12.5% Headlam Group 9,190,872 2.1% 14.6% SMG 8,978,980 2.0% 16.6% Countrywide Assured 8,679,069 2.0% 18.6% Group Mersey Docks & 8,412,425 1.9% 20.5% Harbour Grainger Trust 8,273,584 1.9% 22.4% Contact for enquiries David Holland Aberforth Partners 0131 220 0733 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/01/05/20040105BIT00470/wkr0001.doc http://www.waymaker.net/bitonline/2004/01/05/20040105BIT00470/wkr0002.pdf