Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 August 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*               2.7%    -0.7%      15.0%      67.8%     175.9%
Share price*                   1.8%    -1.8%       8.5%      68.2%     194.6%
Numis ex Inv Companies + AIM   1.2%    -2.2%       7.7%      40.0%      72.2%

*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):     915.60p
Net asset value Capital only (debt at fair value):    908.15p
Net asset value incl. Income (debt at par value)**:   925.05p
Net asset value incl. Income (debt at fair value)**:  917.61p
Share price:                                          800.50p
Discount to Cum Income NAV (debt at par value):         13.5%
Discount to Cum Income NAV (debt at fair value):        12.8%
Net yield^^^:                                            1.5%
Gross assets^:                                        £482.8m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              7.8%
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 9.45p
^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                               17.0
Financials                                      15.8
Technology                                       9.9
Basic Materials                                  8.6
Health Care                                      7.2
Consumer Goods                                   6.3
Oil & Gas                                        3.5
Telecommunications                               2.1
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                      % of Portfolio

Workspace Group                                   1.7
Optimal Payments                                  1.7
Senior Engineering                                1.7
Polar Capital Holdings                            1.7
Avon Rubber                                       1.6
Bodycote                                          1.5
Headlam Group                                     1.4
Elementis                                         1.4
Telit Communications                              1.3
Lookers                                           1.3

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

During August the Company's NAV per share rose by 2.7% on a capital only 
basis whilst the benchmark index rose by 1.2%; by contrast the FTSE 100 Index 
rose by 1.3%.

Outperformance was driven by mainly by stock selection although sector
allocation was also positive without any one sector making a substantial
contribution.

The largest individual stock contributor to relative outperformance was
Skyepharma, a relatively new holding. Skyepharma announced interim results in
the month with operating profits up by 187%. This is largely driven by the
success of Flutiform, Skyepharma's treatment for asthma, which has now been
launched in 23 countries. Market sales of Flutiform grew by 34% in Q2 2014
compared to Q1 2014.

There were no significant detractors from relative performance during the
month.

Activity within the portfolio was limited during the month.

11 September 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.
 END