Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 MARCH 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                0.5%    17.0%     1.9%     173.7%     32.7%
Share price                    3.8%    22.1%    -2.2%     176.2%     32.0%
HGSC ex Inv Trust + AIM*       0.4%    16.0%    -2.0%      94.5%    -13.0%

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):     615.34p
Net asset value Capital only (debt at fair value):    611.14p
Net asset value incl. Income (debt at par value):     623.89p**
Net asset value incl. Income (debt at fair value):    619.69p**
Share price:                                          522.00p
Discount to Cum Income NAV (debt at par value):         16.3%
Discount to Cum Income NAV (debt at fair value):        15.8%
Net yield:                                               1.3%
Total assets:                                         £323.6m^
Gearing incl. Income (debt at fair value):               9.0%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 8.55p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                          % of total assets

Support Services                                 9.9
Oil & Gas Producers                              8.8
Industrial Metals & Mining                       8.5
Electronic & Electrical Equipment                8.3
Software & Computer Services                     8.0
Financial Services                               5.8
Chemicals                                        5.7
Media                                            5.3
General Retailers                                5.2
Household Goods & Home Construction              4.5
                                                ----
Total                                           70.0
                                                ====

Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
Booker
Fidessa group
Hargreaves Services
ITE Group
Oxford Instruments
Senior
Victrex
Yule Catto

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

During March, the NAV on a capital only basis rose by 0.5%; the benchmark rose
by 0.4%. By contrast, the FTSE 100 Index fell by 1.7% during the month.

Slight outperformance was driven by stock selection. The best contributor to
relative outperformance was our holding in Gemfields which appreciated 51%.
Gemfields mines emeralds in Zambia, supplying about 20% of global emerald
demand. Prices at auction have remained firm and Gemfields is both cash rich
and lowly valued. Later this year it is due to bring its ruby mine in
Mozambique into production.

Newsflow from the portfolio was again generally good with holdings such as Yule
Catto and UTV Media delivering good results and a positive outlook. There were
no individually significant detractors from relative performance during March.

Sector allocation was negative during the month. The largest contributor to
this was our overweight position in electronics & electrical equipment, which
had been a positive contributor in prior months.

Activity in the portfolio was very limited.

19 April 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.