Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 AUGUST 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                2.9%     4.8%      7.4%      76.6%     28.3%
Share price                    3.2%     5.8%      4.6%      83.3%     30.2%
Numis ex Inv Companies + AIM*  3.2%     5.2%      3.6%      27.5%    -11.6%

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):     586.16p
Net asset value Capital only (debt at fair value):    581.97p
Net asset value incl. Income (debt at par value):     592.48p**
Net asset value incl. Income (debt at fair value):    588.29p**
Share price:                                          498.00p
Discount to Cum Income NAV (debt at par value):         15.9%
Discount to Cum Income NAV (debt at fair value):        15.3%
Net yield:                                               1.7%
Total assets:                                         £310.1m^
Gearing incl. Income (debt at fair value):              10.1%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 6.32p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                         % of total assets

Support Services                                 9.3
Software & Computer Services                     9.0
Oil & Gas Producers                              8.4
Electronic & Electrical Equipment                7.8
Financial Services                               6.0
Media                                            5.8
Industrial Metals & Mining                       5.6
Chemicals                                        5.3
General Retailers                                5.3
Travel & leisure                                 5.1
                                                ----
Total                                           67.6
                                                ====

Ten Largest Equity Investments (in alphabetical order)
Company

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

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

During August the NAV on a capital only basis rose by 2.9%; the benchmark rose
by 3.2%. The FTSE 100 Index rose by 1.3% during the month.

Stock selection was negative whilst sector allocation and gearing both had a
slightly positive impact on relative performance.

There were no individually significant contributors to stock selection; the
largest negative contributions came from Planet Payment and Futura Medical, but
both were small. Planet Payment posted weaker second quarter results, mainly
due to reducing margins on multi-currency payments processing with certain
customers, especially in Asia. Payment volumes processed continue to grow
strongly and revenue growth is still expected to be good for the full year.
Futura announced that the license of its CSD500 condom to Reckitt Benckiser had
been terminated because the parties could not agree the basis for
commercialisation. Futura intends to partner CSD500 with one or more of the
world's other leading condom or healthcare companies, from which it has
received considerable interest. It has already licensed other products to such
companies. This will however result in a delay in getting CSD500 to market. We
still see the potential for this and Futura's other products as being very
significant.

We added a small holding in Perform Group, which owns digital rights to more
than 200 sporting leagues, tournaments and events. It provides combined video,
editorial and data content to customers, particularly betting companies, around
the world. Growth has been strong and the business looks well set.

14 September 2012

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.