Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 November 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*               3.2%    11.8%     43.0%      65.9%     288.0%
Share price*                   2.7%    13.6%     55.6%      85.0%     417.3%
Numis ex Inv Companies + AIM   1.1%     7.4%     28.3%      38.0%     158.5%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     889.96p
Net asset value Capital only (debt at fair value):    882.49p
Net asset value incl. Income (debt at par value)**:   897.69p
Net asset value incl. Income (debt at fair value)**:  890.22p
Share price:                                          838.00p
Discount to Cum Income NAV (debt at par value):          6.6%
Discount to Cum Income NAV (debt at fair value):         5.9%
Net yield^^^:                                            1.3%
Total assets^:                                        £469.7m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):             10.4%
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 7.73p
^includes current year revenue
^^ As reported in the Half Yearly Financial Report for the period ended
31 August 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 4.60 pence per share (announced on 24
October 2013, going ex-dividend on 30 October 2013).
#excludes 2,113,731 shares held in treasury

Sector Weightings                      % of portfolio

Industrials                                     25.3
Consumer Services                               20.7
Financials                                      19.4
Consumer Goods                                   9.0
Technology                                       8.5
Health Care                                      6.9
Basic Materials                                  5.8
Oil & Gas                                        3.0
Telecommunications Services                      1.4
                                               -----
Total                                          100.0
                                               =====
Ten Largest Equity Investments

Company                                     Total Market Value %

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

During November the Company's NAV per share rose by 3.2% on a capital only
basis. The benchmark index rose by 1.1% whilst the FTSE 100 Index fell by 1.2%;
again both on a capital only basis.

The relative contribution from stock selection and gearing were positive; the
contribution from sector allocation was slightly positive. Gearing is currently
at about 9% of net assets.

Stock selection was helped by our holding in Telit Communications, where the
share price rose by 60% during month. Telit design machine to machine modules
used in most cellular technologies including short range technologies. During
October, Telit indicated that revenues for the first 9 months of the year were
up 14% and it expected to meet market expectations for the full year. Other
strong share price performances came from our holdings in Topps Tiles, Xaar and
Blinkx.

The largest detractor from relative performance during the month was BTG, a
company included in the benchmark index but which we do not own in the
portfolio. BTG shares rose 32% during the month. The portfolio also suffered
from a profit warning from Speedy Hire during the month. Speedy Hire
experienced accounting fraud in its Middle Eastern subsidiary and its shares
fell 22% during the month. However the holding is quite small and the impact on
relative contribution was only 9 basis points.

We added a few small holdings during the month; these include a small holding
in Kalibrate Technologies, a provider of pricing and retail planning software
used by petrol retailers worldwide.

12 December 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.