TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the   Aberforth Smaller Companies Trust plc
underlying issuer of existing
shares to which voting rights are
attached:

2 Reason for the notification (please tick the appropriate box
or boxes):

An acquisition or disposal of voting rights                 X

An acquisition or disposal of qualifying financial
instruments which may result in the acquisition of
shares already issued to which voting rights are
attached

An acquisition or disposal of instruments with similar
economic effect to qualifying financial instruments

An event changing the breakdown of voting rights            X
                   Disclosure of holdings follows the sale
Other (please      of Insight Investment Management Limited
specify):          on 2 November 2009. This notification
                   supersedes any notifications previously
                   issued by Lloyds Banking Group plc.

3. Full name of person(s) subject  Lloyds Banking Group plc
to the notification obligation:

4. Full name of shareholder(s)     See Section 9.
(if different from 3.):

5. Date of the transaction and     2 November 2009
date on which the threshold is
crossed or reached:

6. Date on which issuer notified:  4 November 2009

7. Threshold(s) that is/are        N/A - Direct/Indirect
crossed or reached:                holdings remain above 5%


8. Notified details:
A: Voting rights attached to shares

Class/type Situation             Resulting situation after the
of         previous              triggering transaction
shares     to the
           triggering
if         transaction
possible
using the
ISIN CODE
           Number     Number     Number   Number of           % of
           of         of         of       voting              voting
           Shares     Voting     shares   rights              rights
                      Rights
                                 Direct   Direct   Indirect   Direct   Indirect
Ord 1p     5,438,536  5,438,536  485,733  485,733  5,067,270  0.5001%  5.229%
GB0000066554

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of        Expira  Exercise/     Number of      % of
financial      tion    Conversion    voting         voting
instrument     date    Period        rights that    rights
                                     may be
                                     acquired if
                                     the
                                     instrument is
                                     exercised/
                                     converted.

N/A

C: Financial Instruments with similar economic effect to
Qualifying Financial Instruments
Resulting situation after the triggering transaction

Type of     Exercise  Expiration   Exercise/    Number of    % of voting
financial   price     date         Conversion   voting       rights
instrument                         Period       rights
                                                instrument
                                                refers to
N/A

Total (A+B+C)

Number of voting rights            Percentage of voting rights
5,553,003                          5.731%

9. Chain of controlled undertakings through which the voting
rights and/or the financial instruments are effectively held,
if applicable:
4,875,881  shares  (5.032%) are under the control  of  Scottish
Widows Investment Partnership Ltd, a wholly owned subsidiary of
Scottish Widows Group Ltd, a wholly owned subsidiary of  Lloyds
TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group
plc (Indirect Interests).


Proxy Voting:

10. Name of the proxy holder:      N/A

11. Number of voting rights proxy  N/A
holder will cease to hold:

12. Date on which proxy holder     N/A
will cease to hold voting rights:

13. Additional information:

14. Contact name:                  David Holland, Aberforth Partners LLP

15. Contact telephone number:      0131-220-0733