Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 NOVEMBER 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*              -0.2%     6.2%     17.8%      74.4%     48.9%
Share price*                   1.8%     8.1%     27.0%      89.6%     63.7%
Numis ex Inv Companies + AIM* -0.1%     5.0%     13.7%      29.7%     -0.4%

Sources:  BlackRock and Datastream


At month end
Net asset value Capital only (debt at par value):     622.30p
Net asset value Capital only (debt at fair value):    618.13p
Net asset value incl. Income (debt at par value):     628.25p**
Net asset value incl. Income (debt at fair value):    624.07p**
Share price:                                          538.50p
Discount to Cum Income NAV (debt at par value):         14.3%
Discount to Cum Income NAV (debt at fair value):        13.7%
Net yield:                                               1.8%
Total assets^:                                        £331.0m
Net gearing incl. Income (debt at fair value):          10.7%
2012 Total Expense Ratio ("TER")^^:                      0.7%
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 5.95p
^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                                 9.9
Software & Computer Services                     9.0
Oil & Gas Producers                              6.6
General Retailers                                6.5
Electronic & Electrical Equipment                6.4
Financial Services                               6.4
Chemicals                                        5.9
Travel & Leisure                                 5.4
Media                                            5.2
Household Goods & Home Construction              5.2
                                                ----
Total                                           66.5
                                                ====


Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva Group
AZ Electronic Materials
Bellway
Booker Group
Howden Joinery
Oxford Instruments
Senior
Victrex
Workspace

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

During November the Company's NAV per share fell by 0.2% whilst the benchmark
index decreased by 0.1%. The FTSE 100 Index increased by 1.5%. (All performance
percentages have been calculated on a capital only basis.)

Sector allocation was slightly positive with our overweight position in
specialitychemicals companies contributing to relative performance. Stock
selection was marginally negative.

No stock contributed more than 0.25% to relative performance, positively or
negatively. Our largest contributor to negative stock selection in the month
was from a smaller holding, Brainjuicer. Brainjuicer warned profits would be
below expectations because large corporate customers had delayed spending on
market research tools late in the year. Interestingly, sales of Brainjuicer's
most innovative tools were up 39% in the 10 months to 31 October 2012 compared
to the prior period, but other research tools revenues were down 22% over the
same period. The company has net cash and a strong management team. We expect a
better performance next year and therefore we are retaining our holding.

We had good results, trading updates or meetings from/with various holdings
during the month including Oxford Instruments, Keller, Aveva, Hyder Consulting,
Big Yellow and Workspace.

There were no new holdings during the month. We continued to sell a number of
small holdings where we see limited near term upside.

13 December 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.