Interim Management Statement

BLACKROCK SMALLER COMPANIES TRUST PLC

Interim Management Statement - 3 months to 31 May 2009

To the members of BlackRock Smaller Companies Trust plc

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.

This interim management statement relates to the period from 1 March 2009 to 31
May 2009, and contains information that covers this period, and up to the date
of publication of this interim management statement. Please note more detailed
performance information, in particular the March, April and May 2009 month end
announcements are available on the Manager's website - www.blackrock.co.uk/its.

The Company invests mainly in smaller UK quoted companies, and seeks to achieve
long term capital growth for shareholders. The Company is managed by Mike
Prentis of BlackRock.

Stock Performance

Cumulative Performance (%):
                                    One      Three        One     Three      Five
                                  Month     Months       Year     Years     Years
                                                                               
Net Asset Value                    2.7%      25.4%     -36.9%    -21.9%     26.1%
Share Price                        5.1%      32.2%     -36.3%    -21.1%     36.4%
HGSC ex Investment Trusts & AIM*   3.8%      29.3%     -32.1%    -35.1%    -14.1%
                                                                        

*With effect from 1 September 2007 the Hoare Govett Smaller Companies plus AIM
(ex Investment Companies) Index replaced the FTSE SmallCap Index (ex Investment
Companies) as the Company's benchmark. For three year and five year periods
above the index has been blended to reflect this.

All performance figures are in £ on a capital only basis.

Ten Largest Equity Holdings (in alphabetical order) at 31 May 2009

Abcam
Aveva Group
Brewin Dolphin Holdings
Chemring Group
City of London Investment Group
Dechra Pharmaceuticals
Emerald Energy
Fidessa Group
Rathbone Brothers
Victrex

Financial position and performance as at 31 May 2009

Gross Assets (£m)*                                      152.3
Short term borrowings (£m)                                0.3
7.75% Debenture 2022 at par value (£m)                   15.2
7.75% Debenture 2022 at fair value (£m)                  17.5
Net asset value - capital only (at par)               278.10p
Net asset value - capital only (at fair value)        272.60p
Net asset value - cum income (at par)                 284.46p
Net asset value - cum income (at fair value)          278.96p
Share Price                                           234.00p
Ordinary Shares in Issue**                         48,194,792
Actual Gearing                                          11.7%
Discount to NAV***                                      15.9%
Average Discount over the Period                        17.4%
                                                             
*Includes current year revenue                               
** Excluding 1,798,731 shares held in treasury                       
***Calculated on a capital only (at par) basis                     

Material Events & Transactions

On 9 April 2009, 300,000 shares were bought back and placed in treasury. There
were no other material events or transactions during the three months to 31 May
2009, other than the purchase and sale of securities undertaken in the normal
course of business.

The Board is not aware of any significant events or transactions, except as
disclosed herein, occurring between 31 May 2009 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company. Latest information is available by typing, 
www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on
Bloomberg or "8800" on Topic 3 (ICV terminal).

Contact details:

Caroline Driscoll
Secretary
Tel: [phone]

16 July 2009