Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 JUNE 2012 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                1.5%    -7.8%     -9.0%     101.5%     18.5%
Share price                    1.6%    -8.4%     -9.6%     105.6%     18.3%
Numis ex Inv Trust + AIM*      1.3%    -8.3%    -10.8%      45.4%    -19.1%

Sources:  BlackRock and Datastream

*With effect from 1 September 2007 the Numis Smaller Companies plus AIM (ex
Investment Companies) Index, formerly 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):     567.31p
Net asset value Capital only (debt at fair value):    563.11p
Net asset value incl. Income (debt at par value):     572.35p**
Net asset value incl. Income (debt at fair value):    568.16p**
Share price:                                          478.00p
Discount to Cum Income NAV (debt at par value):         16.5%
Discount to Cum Income NAV (debt at fair value):        15.9%
Net yield:                                               1.8%
Total assets:                                         £299.0m^
Gearing incl. Income (debt at fair value):               9.9%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 5.04p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                         % of total assets

Support Services                                 9.5
Electronic & Electrical Equipment                9.1
Software & Computer Services                     8.4
Oil & Gas Producers                              8.3
Financial Services                               6.0
Industrial Metals & Mining                       5.9
Chemicals                                        5.7
General Retailers                                5.1
Media                                            5.1
Household Goods & Home Construction              4.7
                                                ----
Total                                           67.8
                                                ====

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva Group
Bellway
Booker Group
Elementis
Fidessa
Howden Joinery
Oxford Instruments
Senior
Victrex

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

During June, the NAV on a capital only basis rose by 1.5% and the benchmark
rose by 1.3%. The FTSE 100 Index rose by 4.7% during the month.

Our marginal relative outperformance in June was due to stock selection.
Significant contributors to outperformance included WSP Group and Nautical
Petroleum, both of which were bid for at premiums in excess of 60%, and
Bellway, the national housebuilder which continues to trade well.

On the negative side, we had profit warnings from Andor Technology, Yule Catto
and Avocet Mining. Andor experienced delays in signing a few large orders with
US customers; we believe it continues to have superior technology to
competitors. Yule Catto indicated that it was seeing reduced demand for nitrile
polymers, used mainly to coat disposable rubber gloves used in surgical, clean
room, food handling and other applications. Although the weakness was
experienced in Asia, it reflects weaker demand worldwide. At the same time
capacity has increased and selling prices have reduced. Current year earnings
were downgraded by about 20%. After the share price fall, Yule Catto shares
trade on 7.5 times downgraded earnings which we feel is too low. Avocet
announced that their Inata mine had experienced what they believe will be
temporarily lower grades and reduced production guidance from 160,000 ounces to
135,000 - 140,000 ounces. Cash costs are higher than expected. This was a very
disappointing update, although mining companies often find it difficult to
forecast with confidence. Avocet remains profitable, has net cash and its
shares now trade well below estimated net asset value.  

Sector allocation was negative with negative contributions from our large
overweight positions in chemicals and electronics, reversing the success of
these sectors in prior months.

Following the bids for WSP and Nautical Petroleum we sold our shares in these
companies in the market. We have added to our holding in software company
Aveva, after an excellent meeting with management.

13 July 2012

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.