Interim Management Statement

BLACKROCK SMALLER COMPANIES TRUST PLC

Interim Management Statement - 3 months to 31 May 2012

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 2012 to 31
May 2012, 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 is available on the Manager's website - 
www.blackrock.co.uk/brsc.

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                     -9.8%    -8.6%   -10.1%   101.0%    14.7%
Share Price                         -9.9%    -6.5%   -10.0%   101.1%    13.2%
Numis ex Inv Trust + AIM*           -8.3%    -9.1%   -13.5%    42.6%   -24.0%

*With effect from 1 September 2007 the Numis Smaller Companies plus AIM (ex
Investment Companies) Index, formerly 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 the five year period the
above 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 2012

Ashtead
Aveva Group
Bellway
Booker Group
City of London Investment Group
Elementis
Fidessa
Oxford Instruments
Senior
Victrex

Financial position and performance as at 31 May 2012
                                                   
Gross Assets (£m)*                                   292.9
Short term borrowings (£m)                            25.5
7.75% Debenture 2022 at par value (£m)                14.8
7.75% Debenture 2022 at fair value (£m)               16.9
Net asset value - capital only (at par)            559.10p
Net asset value - capital only (at fair value)     554.91p
Net asset value - cum income (at par)*             562.62p
Net asset value - cum income (at fair value)*      558.43p
Share Price                                        470.50p
Ordinary Shares in Issue**                      47,879,792
Gearing including Income (debt at fair value)         8.7%
Discount to Cum Income NAV (debt at par value)       16.4%
Discount to Cum Income NAV (debt at fair value)      15.7%
Average Discount over the Period                     15.4%
                                                       
*Includes current year revenue                            
** Excluding 2,113,731 shares held in treasury            
 
Annual Results

The Company announced its annual results for the year ended 29 February 2012 on
26 April 2012.

Final Dividend

A final dividend in respect of the year ended 29 February 2012 of 5.98p per
ordinary share was recommended by the Directors.  Shareholders approved the
resolution in respect of the dividend at the Annual General Meeting on
Wednesday, 27 June 2012, and the dividend will be payable on 4 July 2012 to
shareholders on the register on 1 June 2012 (ex dividend date 30 May 2012).

Directorate Changes

The Company announced on 20 March 2012 that Mr Richard Brewster would retire as
Chairman and a Director following the Annual General Meeting on Wednesday, 27
June 2012.

The Board are also pleased to announce that Mr Michael Peacock will be joining
as a non-executive director of the Company and chairman of the Audit Committee
with effect from 1 July 2012.

Annual General Meeting

At the Company's AGM held on Wednesday, 27 June 2012, all resolutions were
passed.

Directors' Sale of Shares

On 15 March 2012, Mr Robert S Robertson sold 11 ordinary shares to fund the ISA
plan management charge.

Material Events & Transactions

There were no material events or transactions during the three months to 31 May
2012, 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 2012 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.

Contact details:
Caroline Driscoll
Secretary
Tel: [phone]

27 June 2012

ENDS

Please note that more detailed information is available on the Investment
Manager's website, www.blackrock.co.uk/brsc.  Neither the contents of the
Manager's website nor the contents of any website accessible from hyperlinks on
the Manager's website (or any other website) is incorporated into, or forms
part of, this announcement.

Latest information is also available by typing, "BLRKINDEX" on Reuters, "BLRK"
on Bloomberg or "8800" on Topic 3 (ICV terminal).