Net Asset Value(s)

NET ASSET VALUE

BLACKROCK SMALLER COMPANIES TRUST PLC

The unaudited net asset values for BlackRock Smaller Companies Trust plc at
close of business on 21 November 2011 was:

514.04p Capital only and including debt at par value
509.83p Capital only and including debt at fair value
520.03p Including current year income and debt at par value XD
515.82p Including current year income and debt at fair value XD

Notes:

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

2. The total number of ordinary shares in issue excluding treasury shares is
47,879,792. The total amount of ordinary shares held in treasury to 2,113,731.

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).