Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 July 2014 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*              -1.0%    -4.5%      14.1%      43.4%     197.4%
Share price*                  -0.8%    -8.9%      13.1%      46.9%     234.7%
Numis ex Inv Companies + AIM  -1.5%    -3.5%       7.9%      25.0%      89.6%

*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     891.84p
Net asset value Capital only (debt at fair value):    884.39p
Net asset value incl. Income (debt at par value)**:   900.89p
Net asset value incl. Income (debt at fair value)**:  893.84p
Share price:                                          786.50p
Discount to Cum Income NAV (debt at par value):         12.7%
Discount to Cum Income NAV (debt at fair value):        12.0%
Net yield^^^:                                            1.5%
Gross assets^:                                        £471.2m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.0%
2014 Ongoing charges ratio^^:                            0.7%
2014 Ongoing charges ratio (including performance fees): 1.0%
Ordinary shares in issue#:                         47,879,792

**includes net revenue of 9.05p
^includes current year revenue
^^ As reported in the Annual Financial Report for the year ended
28 February 2014, 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
7.40 pence per share (announced on 25 April 2014 and gone ex-dividend on 14 May
2014) and the interim dividend of 4.60 pence per share, (announced on 24
October 2013, gone ex-dividend on 30 October 2013).
#excludes 2,113,731 shares held in treasury.

Sector Weightings                     % of portfolio

Industrials                                     30.3
Financials                                      16.5
Consumer Services                               16.3
Technology                                       9.5
Basic Materials                                  8.9
Health Care                                      6.9
Consumer Goods                                   6.1
Oil & Gas                                        3.6
Telecommunications                               1.9
                                               -----
Total                                          100.0
                                               =====
 
Ten Largest Equity Investments

Company                                    Total Market Value %

Optimal Payments                                  2.0
Workspace Group                                   1.8
Avon Rubber                                       1.7
Senior Engineering                                1.6
Polar Capital Holdings                            1.5
Bodycote                                          1.4
Headlam Group                                     1.4
Elementis                                         1.3
Tyman                                             1.3
St Modwen Properties                              1.3

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

During July the Company's NAV per share fell by 1.0% on a capital only basis
whilst the benchmark index fell by 1.5%; by contrast the FTSE 100 Index fell by
0.2%.

Modest outperformance was driven by stock selection. The impact from sector
allocation was neutral and from gearing slightly negative.

The largest individual stock contributor to relative outperformance was Hyder
Consulting. Hyder received a bid from Arcadis. In early August, Nippon Koei
announced a slightly higher offer for Hyder. During July, Hyder shares rose by 
41%, a welcome and full recovery to the level before the profit warning earlier 
this year.

On the negative side, Blinkx indicated that revenue growth had slowed;
forecasts were cut. We decided to sell our holding.

Activity within the portfolio was limited during the month.

15 August 2014

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.