Net Asset Value(s)

NET ASSET VALUE

MERRILL LYNCH BRITISH SMALLER COMPANIES TRUST PLC

The unaudited net asset value for Merrill Lynch British Smaller Companies Trust
plc at close of business on 9 August 2007 was:

461.94p (capital only and including debt at par value)
457.04p (capital only and including debt at fair value)

Notes:

1. Investments have been valued on a bid price basis.

2. 518,815 ordinary shares purchased on 12 July 2007 to be held in Treasury
have been reflected in these calculations.

3. For the latest daily net asset value, previous month end performance
statistics, asset allocation and ten largest holdings of the BlackRock managed
Investment Trusts, see BLRKINDEX on Reuters or page 8800 on ICB (Topic 3).