Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 January 2015 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*               1.1%     5.2%      -3.8%      59.8%     141.8%
Share price*                   7.0%     5.3%      -9.6%      78.1%     175.7%
Numis ex Inv Companies + AIM  -0.6%    -0.2%      -8.9%      30.0%      52.2%
 
*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):     906.45p
Net asset value Capital only (debt at fair value):    899.02p
Net asset value incl. Income (debt at par value)**:   917.19p
Net asset value incl. Income (debt at fair value)**:  909.76p
Share price:                                          823.00p
Discount to Cum Income NAV (debt at par value):         10.3%
Discount to Cum Income NAV (debt at fair value):         9.5%
Net yield^^^:                                            1.6%
Gross assets^:                                        £479.0m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              8.9%
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 10.74p
^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 5.50 pence per share, (announced on 24
October 2014, gone ex-dividend on 6 November 2014).
#excludes 2,113,731 shares held in treasury.

Sector Weightings                     % of portfolio

Industrials                                     26.5
Consumer Services                               18.6
Financials                                      18.0
Consumer Goods                                   8.9
Technology                                       8.5
Basic Materials                                  8.2
Health Care                                      7.5
Oil & Gas                                        2.6
Telecommunications                               1.2
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                    % of portfolio

Avon Rubber                                       1.9
Workspace Group                                   1.9
Senior Engineering                                1.8
Lookers                                           1.7
Rathbone Brothers                                 1.6
Tyman                                             1.6
Bodycote                                          1.6
Headlam Group                                     1.6
CVS Group                                         1.6
Polar Capital Holdings                            1.6

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

During January the Company's NAV per share rose by 1.1% on a capital only basis
whilst the benchmark index fell by 0.6%; the FTSE 100 Index rose by 2.8%.

The largest contributor to relative outperformance was our holding in Lookers.
Lookers is one of the largest car retailers in the UK, and has seen strong
trading over the last few years. UK car sales have remained good in recent
months, and this is very likely to have benefitted Lookers; the company's
shares remain attractively valued at just 12.5 times forecast earnings for the
year ended December 2014.

The largest detractor from relative performance was our holding in Skyepharma.
Skyepharma indicated that 2014 results should be in line with expectations, and
in particular that sales of its key drug, flutiform, are developing well (as
expected). Skyepharma has seen a rise in cash reserves recently and is
increasing its spending on research and development. This has inevitably led to
reductions in previously forecast profits as research costs are expensed.  

We generally saw good trading updates from holdings during the month including
Ted Baker and Workspace Group.

Activity in the portfolio during the month was fairly limited although
following the sharp fall in the oil price and share prices of oil producers, we
have added modestly to the sector.

16 February 2015

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.