Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 May 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                4.3%     5.7%     34.7%      89.7%     70.9%
Share price                    5.3%     5.2%     40.1%     104.0%     79.3%
Numis ex Inv Companies + AIM   3.0%     2.5%     26.7%      40.5%     22.7%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     752.92p
Net asset value Capital only (debt at fair value):    747.88p
Net asset value incl. Income (debt at par value)**:   757.38p
Net asset value incl. Income (debt at fair value)**:  752.34p
Share price:                                          659.00p
Discount to Cum Income NAV (debt at par value):         13.0%
Discount to Cum Income NAV (debt at fair value):        12.4%
Net yield^^^:                                            1.5%
Total assets^:                                        £398.5m
Gearing range as a % of gross assets:                   0-15%
Gearing including income (debt at par):                  9.9%
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 4.46p
^includes current year revenue
^^As reported in the Annual Financial Statements for the year ended
28 February 2013, the ongoing charges ratio 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                                     24.4
Consumer Services                               19.3
Financials                                      15.2
Technology                                       9.9
Consumer Goods                                   8.9
Basic Materials                                  8.5
Health Care                                      7.5
Oil & Gas                                        4.6
Telecommunications Services                      1.7
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                     Total Market Value %

Senior                                              2.5
Bellway                                             2.4
Howden Joinery                                      2.2
Victrex                                             2.1
Workspace                                           1.9
Booker Group                                        1.9
Dunelm Group                                        1.8
ITE Group                                           1.7
Blinkx                                              1.7
Oxford Instruments                                  1.7

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

During May the Company's NAV per share rose by 4.3% on a capital only basis.
The benchmark index rose by 3.0% whilst the FTSE 100 Index rose by 2.4%; again
both on a capital only basis.

The relative contribution from stock selection was positive, with a very slight
positive contribution from sector allocation. Gearing was also helpful during
the month.

The positive contribution from stock selection included good contributions from
a number of high growth holdings, in particular Blinkx and Xaar. Blinkx, the
leading supplier of internet video search capability and content, announced
full year results with revenue up 73% and earnings up 94%, both well ahead of
expectations. Xaar shares continued to benefit from the very strong trading
update made in April, which itself followed excellent full year results.

On the negative side, the largest contributor to stock selection was Ocado, a
benchmark constituent but not a holding. Ocado shares increased by 59.9% during
the month costing us 25 basis points in relative contribution.

During the month we took part in placings in Tyman and Thomas Cook. Tyman
manufactures door fittings and is benefitting from a pick up in new
housebuilding activity in the US. During the month Tyman announced the purchase
of Truth from Melrose, and with this, its sales will be 60% US, mainly to the
new housebuilding market. Thomas Cook is the well-known travel operator. During
May it announced a firm placing and rights issue to strengthen its balance
sheet. Following an update with management we bought some stock in the firm
placing; this is a small position.

13 June 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.