Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 September 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*              -3.5%    -2.0%       7.7%      71.5%     147.1%
Share price*                  -2.4%    -1.5%       2.2%      77.3%     175.0%
Numis ex Inv Companies + AIM  -3.7%    -3.9%       1.1%      44.0%      58.3%

*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):     883.13p
Net asset value Capital only (debt at fair value):    875.69p
Net asset value incl. Income (debt at par value)**:   894.50p
Net asset value incl. Income (debt at fair value)**:  887.05p
Share price:                                          781.00p
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^:                                        £468.2m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.7%
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 11.37p
^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                                     29.6
Consumer Services                               17.1
Financials                                      15.6
Technology                                       9.8
Basic Materials                                  8.7
Health Care                                      7.3
Consumer Goods                                   6.6
Oil & Gas                                        3.3
Telecommunications                               2.0
                                               -----
Total                                          100.0
                                               =====
Ten Largest Equity Investments

Company                                     % of portfolio

Workspace Group                                   1.8
Optimal Payments                                  1.8
Senior Engineering                                1.6
Avon Rubber                                       1.6
Polar Capital Holdings                            1.5
Bodycote                                          1.4
Headlam Group                                     1.4
Lookers                                           1.3
Elementis                                         1.3
Clarkson                                          1.3

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

During September the Company's NAV per share fell by 3.5% (on a capital only
basis with debt at par and without income reinvested) whilst the benchmark
index fell by 3.7%; by contrast the FTSE 100 Index fell by 2.9%. Global stock
markets were weak during the month, partly driven by concerns about GDP growth
prospects, especially in Continental Europe, partly by conflict in the Middle
East and Ukraine, and partly by some weak results. In the UK there were profit
warnings from a number of well known companies including Tesco, Tate & Lyle,
Balfour Beatty, De La Rue and Aveva. It was probably not surprising that
markets gave up the gains of August.

Turning to our portfolio, modest outperformance at the portfolio level was
reduced by the impact of gearing. Stock selection was positive with the best
contributions coming from our holdings in Gemfields, Optimal Payments and
Hutchison China Meditech, although none made a major contribution. Detracting
from this was our holding in Polar Capital, where shares were weak given the
dip in world stockmarkets, but there was no specific newsflow.

Sector allocation had little impact on relative performance during September.

Activity within the portfolio was limited during the month.

16 October 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.