Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 April 2013 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               -0.3%     7.3%     16.5%      67.3%     73.7%
Share price                    0.0%     5.3%     19.9%      75.4%     86.3%
Numis ex Inv Companies + AIM  -1.0%     3.4%     12.8%      26.5%     20.5%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     722.15p
Net asset value Capital only (debt at fair value):    717.11p
Net asset value incl. Income (debt at par value)**:   730.73p
Net asset value incl. Income (debt at fair value)**:  725.69p
Share price:                                          626.00p
Discount to Cum Income NAV (debt at par value):         14.3%
Discount to Cum Income NAV (debt at fair value):        13.7%
Net yield^^^:                                            1.6%
Total assets^:                                        £382.7m
Gearing range as a % of gross assets:                   0-15%
Gearing including income (debt at par):                  9.4%
2013 Ongoing charges^^:                                  0.6%
Ordinary shares in issue#:                         47,879,792

*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.
**includes net revenue of 8.58p
^includes current year revenue
^^As reported in the Annual Financial Statements for the year ended
28 February 2013, the TER is calculated as a percentage of net assets and using
operating expenses, excluding performance fees, finance costs and taxation.
^^^Yield calculations are based on dividends announced in the last 12 months as
at the date of release of this announcement, and comprise the final dividend of
6.50 pence per share (announced on 26 April 2013 and going ex-dividend on 29
May 2013) and the interim dividend of 3.50 pence per share, paid on 7 December
2012.
#excludes 2,113,731 shares held in treasury

Sector Weightings                     % of portfolio

Industrials                                     23.6
Consumer Services                               18.8
Financials                                      15.2
Technology                                       9.2
Basic Materials                                  9.1
Consumer Goods                                   9.0
Health Care                                      8.0
Oil & Gas                                        5.4
Telecommunications Services                      1.7
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                     Total Market Value %

Bellway                                             2.6
Howden Joinery                                      2.5
Senior                                              2.5
Victrex                                             2.0
Workspace                                           1.8
Booker Group                                        1.8
Dunelm Group                                        1.8
Restaurant Group                                    1.7
Oxford Instruments                                  1.7
ITE Group                                           1.6
 
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:

During April the Company's NAV per share fell by 0.3% on a capital only basis.
The benchmark index fell by 1.0% whilst the FTSE 100 Index rose by 0.3%; again
both on a capital only basis.

The relative contribution from stock selection was positive, with modest
negative contribution from sector allocation.

The positive contribution from stock selection included good contributions from
a number of core holdings, notably Workspace, Xaar and Senior. Workspace
continues to benefit from its London focus, low but increasing rents,
increasing occupancy and scope for redevelopment of certain central sites. Xaar
had another positive trading update, the second in a few months, leading to
further significant earnings upgrades. Senior re-iterated steady trading in its
IMS, and benefits from strong revenue visibility.

On the negative side, we had a profit warning from AZ Electronic Materials
which was the largest detractor from stock selection contribution. AZ announced
it had had a weaker start to the year and they expected this to continue into
the second quarter; earnings were downgraded. This is not inconsistent from
many industrial companies which have had a tough start to 2013. We still regard
AZ as a well-run, world leading supplier of specialty chemicals, but it may
take a while for confidence to fully rebuild.

Negative sector allocation was due to our overweight position in electronics
companies, which were particularly impacted by the profit warning issued by
former holding Spectris. This effect was partly offset by our overweight
position in housebuilders which had another good month backed up by positive
newsflow across the sector.

Activity during the month was limited.

16 May 2013

ENDS

Latest information is available by typing www.blackrock.co.uk/brscon 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.