Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 SEPTEMBER 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                3.7%     7.2%     18.1%      70.1%     35.8%
Share price*                   3.2%     7.5%     16.7%      81.0%     36.0%
Numis ex Inv Companies + AIM*  3.4%     7.4%     14.4%      25.7%     -6.6%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     608.06p
Net asset value Capital only (debt at fair value):    603.87p
Net asset value incl. Income (debt at par value)**:   615.37p
Net asset value incl. Income (debt at fair value)**:  611.18p
Share price:                                          514.00p
Discount to Cum Income NAV (debt at par value):         16.5%
Discount to Cum Income NAV (debt at fair value):        15.9%
Net yield:                                               1.6%
Total assets^:                                        £322.0m
Net gearing incl. Income (debt at fair value):          10.0%
2012 Total Expense Ratio ("TER")^^:                      0.7%
Ordinary shares in issue#:                         47,879,792

*without income reinvested
**includes net revenue of 7.31p
^includes current year revenue
^^As reported in the Annual Financial Statements for the year ended
29 February 2012, the TER is calculated as a percentage of net assets 
and using operating expenses, excluding performance fees, finance costs 
and taxation.
#excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                          % of total assets

Support Services                                 9.4
Software & Computer Services                     9.4
Oil & Gas Producers                              7.4
Electronic & Electrical Equipment                7.3
Financial Services                               6.1
Industrial Metals & Mining                       5.8
Chemicals                                        5.7
General Retailers                                5.4
Media                                            5.4
Pharmaceuticals & Biotechnology                  5.2
                                                ----
Total                                           67.1
                                                ====

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva Group
Bellway
Booker Group
Galliford Try
Howden Joinery
ITE Group
Oxford Instruments
Senior
Victrex

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

During September, the NAV on a capital only basis rose by 3.7%; the benchmark
rose by 3.4%. The FTSE 100 Index increased by 0.5% during the month.

Gearing had a slightly positive impact on relative performance; neither stock
selection nor sector allocation had much impact on relative performance during
the month.

There were no individually significant contributors to stock selection. We did
however have strong results and trading updates from a number of larger
holdings including Ashtead, Galliford Try and Hyder Consulting, and good
meetings with many other holdings including Restaurant Group, Abcam, AZ
Electronic Materials, Dunelm, Dechra Pharmaceuticals and Coastal Energy.

We added small holdings in Entertainment One and Sinclair IS Pharma.
Entertainment One is a leading international entertainment company specializing
in the acquisition, production and distribution of film and television content
across all media. It acquired Alliance Films, a similar but complementary
business making the combined entity the largest independent film distributor in
the UK and Canada, with considerable strength in many other key markets. We
took part in an equity placing to part fund the purchase. Sinclair IS Pharma 
is an international specialty pharmaceutical company providing solutions to 
treat wounds, dermatological & oral diseases through advanced surface technology 
& innovative delivery systems. It has a growing sales and marketing operation 
in the UK and Continental Europe, and an extensive marketing partner network 
across selected developed & emerging markets which is generating strong sales 
growth. Management has impressed us and is beginning to achieve much better 
financial performance.

11 October 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.