Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST plc

All information is at 31 March 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             -1.6%       1.9%       45.9%      51.8%      62.6%     
Share price                 -1.5%       6.9%       63.6%      68.5%      66.4%     
HGSC ex Inv Trust + AIM*    -1.1%       0.6%       19.4%      11.7%      -0.2%     

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):           604.14p           
Net asset value Capital only (debt at fair value):          599.91p           
Net asset value incl. Income (debt at par value):           611.32p**         
Net asset value incl. Income (debt at fair value):          607.09p**         
Share price:                                                534.00p           
Discount to Capital only NAV (debt at par value):           11.6%             
Discount to Capital only NAV (debt at fair value):          11.0%             
Net yield:                                                  1.1%              
Total assets:                                               £317.7m^          
Gearing incl. Income:                                       8.5%              
Ordinary shares in issue:                                   47,879,792^^      

**includes net revenue of 7.18p.
^includes current year revenue.
^^excludes 2,113,731 shares held in treasury.
 
Ten Largest Sector                                                         
Weightings                                    % of Total Assets
Software & Computer Services                               10.2
Support Services                                            9.5
Electronic & Electrical Equipment                           8.4
Financial Services                                          8.2
Oil & Gas Producers                                         7.6
Industrial Metals & Mining                                  6.5
Media                                                       5.8
Industrial Engineering                                      5.8
Pharmaceuticals & Biotechnology                             4.6
Travel & Leisure                                            3.8
                                                           ----
Total                                                      70.4
                                                           ====

Ten Largest Equity Investments (in alphabetical order)

Company

Abcam Group
Aveva Group
City of London Investment Group
Domino Printing Sciences
Fidessa group
Hargreaves Services
Hutchison China Meditech
IQE
ITE Group
Oxford Instruments

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

During March, the Company's NAV per share fell by 1.6% on a capital only basis,
behind the benchmark index which fell by 1.1%. The FTSE 100 Index fell by 1.4%.
Much of the slight underperformance, on a capital only basis, was down to a
number of larger holdings going ex-dividend. On a total return basis we
performed in-line with the benchmark.

The instability in North Africa and the Middle East, which led to higher oil
prices, continued during March. The tragic events in Japan caused further
uncertainty and worries about the impact on the global supply chain. Concerns
about the debt levels of certain smaller European countries also resurfaced.
These factors led to a sharp fall in stockmarkets in the first half of March,
but markets then shrugged these off to finish only modestly down on the month.

Our portfolio saw some profit taking during the month; some of our better
performers in recent months were our worst performers during March. Not one of
our holdings contributed more than 0.25% to relative performance, nor was there
any significant negative contributor to relative performance during the month,
in that no one holding detracted from relative performance by more than 0.25%.

Sector allocation was slightly positive during the month. This was mainly due
to the outperformance of engineering companies where we are significantly
overweight.

Activity during the month was fairly limited. There were no significant new
holdings or complete disposals.


18 April 2011

ENDS

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