Aberforth Smaller Companies Trust Plc will seek shareholder approval for a share repurchase program at its Annual General Meeting to be held on March 5, 2013. Under the program, the company will repurchase up to 14,335,356 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for a share shall be 1p being the nominal value of a share.

The maximum price (exclusive of expenses) which may be paid for a share shall be the higher of, either 5% above the average of the middle market quotations (as derived from the London Stock Exchange Daily Official List) for the shares for the five business days immediately preceding the date of purchase, or the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. Unless previously varied, revoked or renewed, the authority hereby conferred shall expire on July 31, 2014, or if earlier, at the conclusion of the Annual General Meeting of the company to be in 2013. As of January 29, 2013, the company has 95,632,792 shares in issue.