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 7 January 2009 was:

248.32p (Capital only and including debt at par value)

242.83p (Capital only and including debt at fair value)

252.97p (Including current year income and debt at par value)

247.47p (Including current year income and debt at fair value)

Notes:

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

2. 6,916 ordinary shares purchased on 15 December 2008, bringing the total
amount of ordinary shares held in treasury to 1,498,731.

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).