Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 3O April 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*               -2.6%    -0.9%      29.3%      48.3%     244.6%
Share price*                   -0.3%    -5.2%      37.9%      65.7%     287.7%
Numis ex Inv Companies + AIM*  -2.7%    -0.9%      18.4%      24.7%     115.6%

*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):     933.45p
Net asset value Capital only (debt at fair value):    926.00p
Net asset value incl. Income (debt at par value)**:   944.10p
Net asset value incl. Income (debt at fair value)**:  936.65p
Share price:                                          863.50p
Discount to Cum Income NAV (debt at par value):          8.5%
Discount to Cum Income NAV (debt at fair value):         7.8%
Net yield^^^:                                            1.4%
Total assets^:                                        £491.9m
Gearing range as a % of total assets:                   0-15%
Net gearing including income (debt at par):              9.8%
2014 Ongoing charges ratio^^:                            0.7%
Ordinary shares in issue#:                         47,879,792
 
**includes net revenue of 10.65p
^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 going ex-dividend on 14
May 2014) 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                                     28.1
Financials                                      18.0
Consumer Services                               17.8
Technology                                       9.5
Health Care                                      7.4
Consumer Goods                                   7.0
Basic Materials                                  6.6
Oil & Gas                                        3.9
Telecommunications Services                      1.7
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                    Total Market Value %

Workspace Group                                   1.7
Senior                                            1.7
Polar Capital Holdings                            1.6
Optimal Payments                                  1.6
Elementis                                         1.5
Bellway                                           1.5
Avon Rubber                                       1.5
Restaurant Group                                  1.4
Dunelm Group                                      1.4
Clarkson                                          1.3
 
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:

During April the Company's NAV per share fell by 2.6% on a capital only basis
whilst the benchmark index fell by 2.7% (both on a capital only basis without
income reinvested); by contrast the FTSE 100 Index rose by 2.8%, helped by the
bid approach for AstraZeneca. Looking at the 4 months to 30 April 2014 the
Company's NAV per share rose by 1.2%, whereas the FTSE 100 Index rose by 0.5%,
again both on a capital only basis without income reinvested. April was a
difficult month for midcaps and AIM with a reversal of the recent momentum
trend. It seems hedge funds were reducing their market exposures, and this
often meant taking profit in the generally higher quality stocks which have
performed well and buying back shorts in some lower quality companies. In such
phases it is clearly more difficult to hold good companies and also outperform.
We think this phase is now largely over. 

The relative contribution from stock selection was positive during April but
the contribution from gearing and sector allocation were both negative.

Looking at stock selection the best relation contribution from holdings in the
month came from Faroe Petroleum, ITE Group and Clarkson. Faroe had a discovery
in the Norwegian Sea which tested well; increased acquisition activity in the
sector probably also helped. ITE shares partly recovered from the large fall in
March. Clarkson continues to benefit from strong operational performance in
gradually improving shipping markets.

The largest negative contributors to stock selection in the month came from
Blinkx and Xaar. Blinkx shares continued to come under pressure despite a
positive capital markets day and trading update. Xaar shares were weak as
investors took further profits reflecting that earnings in the first half of
the current year are likely to be lower than in the exceptionally strong first
half in 2013, and the retirement of the excellent CEO.

Sector allocation was impacted negatively by the overweight position in
housebuilders which were sold off in April. Investors are worried that the
housing market is too hot and measures will be taken to calm it. We do not see
this as necessarily being bad for either the housebuilders or the estate
agents. Our underweight position in oil producers was also negative as bids for
benchmark constituents Caracal Energy and Heritage Oil were both announced
during the month.

We continued to reduce some of our holdings in larger midcaps and used the
proceeds to gain greater exposure to companies benefitting from the gradual
improvement in the economies of Continental Europe. We also added a small
holding in Skyepharma, a drug delivery company, which completed a large
placing.  Skyepharma uses its know-how, capabilities and proprietary drug
delivery technologies to develop new formulations of existing products as well
as new chemical entities. Their best selling product is Flutiform, a treatment
for asthma. Flutiform is approved for sale in many European countries and
Japan; first sales were achieved in September 2012 and are growing strongly.

16 May 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.