Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 September 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*               3.0%    13.0%     34.9%      65.9%     152.8%
Share price*                   3.5%    19.6%     48.6%      89.9%     185.6%
Numis ex Inv Companies + AIM   2.7%    10.8%     24.6%      36.2%      80.6%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     820.26p
Net asset value Capital only (debt at fair value):    814.36p
Net asset value incl. Income (debt at par value)**:   830.58p
Net asset value incl. Income (debt at fair value)**:  824.67p
Share price:                                          764.00p
Discount to Cum Income NAV (debt at par value):          8.0%
Discount to Cum Income NAV (debt at fair value):         7.4%
Net yield^^^:                                            1.3%
Total assets^:                                        £435.5m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.5%
2013 Ongoing charges ratio^^:                            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 10.32p
^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                                     24.6
Consumer Services                               21.0
Financials                                      19.2
Consumer Goods                                   9.0
Technology                                       7.9
Health Care                                      7.1
Basic Materials                                  6.0
Oil & Gas                                        3.9
Telecommunications Services                      1.3
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                     Total Market Value %

Bellway                                             2.2
Howden Joinery                                      2.1
Workspace                                           2.0
Senior                                              1.9
Booker Group                                        1.8
ITE Group                                           1.7
Optimal Payments                                    1.6
Dunelm Group                                        1.6
Polar Capital Holdings                              1.5
XAAR                                                1.4
 
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:

During September the Company's NAV per share rose by 3.0% on a capital only
basis. The benchmark index rose by 2.7% whilst the FTSE 100 Index rose by 0.8%;
again both on a capital only basis.

The relative contribution from stock selection and gearing were slightly
positive whilst the contribution from sector allocation was slightly negative.
Sector allocation was negatively impacted by our overweight sector positions in
electronics and housebuilding companies; both groups underperformed during the
month. Gearing remains in the 9 - 10% range.

Stock selection was helped by our holding in Optimal Payments, a leading online
payments provider, which released interims showing sharply higher profits and
good cash generation, both expected to continue. Detractors from relative
performance included holdings such as Oxford Instruments, Cineworld and
Ashtead. None of these detracted in a material way.

We added a holding in London estate agent Foxtons, which had a successful IPO;
we were impressed with management and growth prospects.

10 October 2013

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.