Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 OCTOBER 2011 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                5.1%   -13.0%     3.0%    119.3%     39.0%
Share price                    2.8%   -15.5%     5.6%    142.0%     33.9%
HGSC ex Inv Trust + AIM*       4.4%   -11.6%    -3.6%     70.6%    -13.1%

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 the five year period the above
index has been blended to reflect this.

At month end
Net asset value Capital only (debt at par value):     541.32p
Net asset value Capital only (debt at fair value):    537.11p
Net asset value incl. Income (debt at par value):     546.88p**
Net asset value incl. Income (debt at fair value):    542.66p**
Share price:                                          452.50p
Discount to Cum Income NAV (debt at par value):         17.3%
Discount to Cum Income NAV (debt at fair value):        16.6%
Net yield:                                               1.6%
Total assets:                                         £276.7m^
Gearing incl. Income (debt at par value):                5.4%
Gearing incl. Income (debt at fair value):               6.1%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 5.56p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                         % of total assets

Software & Computer Services                     9.7
Support Services                                 8.8
Electronic & Electrical Equipment                7.8
Financial Services                               6.8
Industrial Metals & Mining                       6.8
Oil & Gas Producers                              6.4
Household Goods & Home Construction              5.7
Media                                            5.7
General Retailers                                5.5
Pharmaceuticals & Biotechnology                  4.9
                                                ----
Total                                           68.1
                                                ====

Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
Blinkx
Fidessa group
Hargreaves Services
Immunodiagnostic Systems
ITE Group
City of London Investment Group
Oxford Instruments
Senior

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

October was a rather better month for markets and our portfolio. The NAV on a
capital only basis rose by 5.1%, whereas the benchmark rose by 4.4%. The
FTSE 100 Index increased by 8.1% during the month.

Outperformance during the month was mainly derived from sector allocation and
gearing. Although the contribution from sector allocation was good, this was
from a variety of sector positions with no one position being significant.
Gearing had been reduced over the previous months but still made a useful
contribution in rising markets.

Newsflow from the portfolio was generally good, although we did get
disappointing statements from Vectura, where further trials will be required
for a key drug, and IQE, which saw slower growth due to destocking. We continue
to hold these stocks. On the positive side, Sierra Rutile attracted an offer
from its largest shareholder at a good premium.

We continued to sell a number of holdings where our conviction was not high
enough, or where gearing or valuations were too high for current markets. The
proceeds were generally used to reduce our borrowing.

Many uncertainties persist at the macro level, most importantly achieving a
satisfactory resolution to the funding and debt problems in Greece, Italy and
other economies. These uncertainties are inevitably having an impact on the
decision making and activity levels of individual companies. We have already
seen various downgrades to forecasts, for instance from IQE as mentioned above,
and we suspect that more are in the pipeline.

14 November 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/brsc on the
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terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.