Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST plc

All information is at 30 April 2009 and unaudited.

Performance at month end is calculated on a capital only basis

                              One     Three        One     Three      Five      
                            Month    Months       Year     Years     Years     
                                                                              
Net asset value             20.5%     17.6%     -34.8%    -29.0%     17.6%     
Share price                 17.9%     23.1%     -33.7%    -32.4%     20.6%     
HGSC ex Inv Trust + AIM*    18.9%     22.5%     -33.8%    -40.2%    -20.9%  

Sources: BlackRock and Datastream

*With effect from 1 September 2007 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 three year and five year periods the
above index has been blended to reflect this.

At month end                                                                  
                                                                              
Net asset value Capital only (debt at par value):               270.86p           
Net asset value Capital only (debt at fair value):              265.36p           
Net asset value incl. Income (debt at par value):               276.50p**         
Net asset value incl. Income (debt at fair value):              271.00p**         
Share price:                                                    222.75p           
Discount to Capital only NAV (debt at par value):               -17.76%           
Discount to Capital only NAV (debt at fair value):              -16.06%           
Net yield:                                                        2.23%             
Total assets:                                                   £148.8m^           
Gearing incl. income:                                             12.2%             
Ordinary shares in issue:                                   48,194,792^^      

**includes net revenue of 5.64p.
^includes current year revenue.
^^excludes 1,798,731 shares held in treasury.

Ten Largest Sector                                                             
Weightings                                                    % of Total Assets
                                                                               
Software & Computer Services                                               11.1
Support Services                                                           11.1
Financial Services                                                         10.7
Oil & Gas Producers                                                         6.7
Industrial Metals & Mining                                                  5.7
Industrial Engineering                                                      5.6
Aerospace & Defence                                                         5.6
Electronic & Electrical Equipment                                           3.7
Health Care Equipment                                                       3.7
Travel & Leisure                                                            3.7
                                                                           ----
Total                                                                      67.6
                                                                           ====

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                                                        
                                                                               
Abcam                                                                          
Aveva Group                                                                    
Brewin Dolphin Holdings                                                        
Chemring Group                                                                 
Dechra Pharmaceuticals                                                         
Domino Printing                                                                
Emerald Energy                                                                 
Fidessa Group                                                                  
Rathbone Brothers                                                              
Victrex                                                                        

Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:

April was a very good month with markets rallying strongly, led by recovery
stocks. Whilst our portfolio remains relatively defensive, recent purchases of
recovery stocks helped performance, as did our gearing. The NAV increased by
20.5% on a capital only basis, ahead of our benchmark which rose by 18.9%. The
FTSE 100 Index lagged, rising by 8.1%.

The main contributors to relative performance were holdings in Fidessa, Pace,
ITE Group and Alterian. Fidessa shares powered ahead as trading has remained
stronger than anticipated by the market; at a recent product demonstration
management were clearly very assured. Pace has seen very strong growth in
demand for its digital set top boxes and earnings forecasts have increased by
more than 70%. ITE shares have benefited as it reaffirmed that trading is in
line with expectations; the company's shares had become very cheap partly due
to worries about a possible cyclical slowdown and partly due to its exposure to
Russia. Alterian confirmed trading in line with expectations, with very strong
revenue growth for its software helped by a high level of recurring revenues.

Relative performance was impacted by poor contributions from London Capital,
Dechra Pharmaceuticals, Mouchel Group, Brewin Dolphin and Alternative Networks.
London Capital indicated that trading had been quieter than expected in late
March, and some extra costs had been incurred pending finalisation of testing
of their new trading software. Current year earnings were cut by 7% and the
shares fell 15% during the month and now trade at about 8 times current year
earnings, which we see as good value. Dechra shares were flat on the month; a
trading update late in the month confirmed that trading remains in line with
expectations. Mouchel shares fell 12% as worries persist about the degree of
recoverability of their Middle Eastern debts and their ability to win new large
contracts; we see these as fully priced into the valuation. Brewin's shares
were flat on an absence of news. Alternative Networks indicated lower economic
activity was impacting call revenues; this is hardly surprising and we continue
to like the company.

New holdings were acquired in Heritage Oil, Game Group and Enterprise Inns.
Heritage found a significant oilfield in Kurdistan; this looks to be a multi
billion barrel field. Game Group has been delivering strong growth, most
recently helped by sales of high margin, pre-owned games software. We were
impressed when we met management. Enterprise Inns is a former FTSE 100 company 
and an owner of over 5,000 freehold pubs in the UK, which it lets to
tenants. Its core estate of high quality pubs is proving resilient, but the
growing tail of underperformers is requiring considerable attention.

We are continuing to look for attractively valued early cycle recovery stocks
to supplement our core high quality growth stocks.

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

21 May 2009