Net Asset Value(s)

NET ASSET VALUE

BLACKROCK SMALLER COMPANIES TRUST PLC

The unaudited net asset value for BlackRock Smaller Companies Trust plc at
close of business on 9 December 2009 was:

351.23p Capital only and including debt at par value
346.99p Capital only and including debt at fair value
355.64p Including current year income and debt at par value
351.39p Including current year income and debt at fair value

Notes:

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

2. 300,000 ordinary shares purchased on 9 April 2009, bringing the total amount
of ordinary shares held in treasury to 1,798,731. The total number of ordinary
shares in issue excluding treasury shares is 48,194,792.

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).

4. Today's NAV includes £159,000 of VAT recovered from HMRC in association with
the JPMorgan Claverhouse case.

The VAT recovered relates to the period from March 1990 to March 1996.