Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 28 February 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*               4.0%     7.1%      -3.3%      54.1%     151.3%
Share price*                  -1.3%     6.1%     -10.6%      61.4%     176.4%
Numis ex Inv Companies + AIM   4.9%     4.3%      -8.5%      27.7%      58.8%

*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):     942.93p
Net asset value Capital only (debt at fair value):    935.50p
Net asset value incl. Income (debt at par value)**:   954.37p
Net asset value incl. Income (debt at fair value)**:  946.94p
Share price:                                          812.00p
Discount to Cum Income NAV (debt at par value):         14.9%
Discount to Cum Income NAV (debt at fair value):        14.3%
Net yield^^^:                                            1.6%
Gross assets^:                                        £496.8m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              8.6%
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 11.44p
^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                                     26.7
Consumer Services                               18.2
Financials                                      18.1
Consumer Goods                                   9.3
Basic Materials                                  8.5
Technology                                       7.7
Health Care                                      7.2
Oil & Gas                                        3.5
Telecommunications                               0.8
                                               -----
Total                                          100.0
                                               =====
Ten Largest Equity Investments

Company                                     % of portfolio

Workspace Group                                   1.9
Bodycote                                          1.8
Senior Engineering                                1.8
Tyman                                             1.7
Lookers                                           1.7
St. Modwen Properties                             1.6
Rathbone Brothers                                 1.6
Avon Rubber                                       1.6
CVS Group                                         1.6
Headlam Group                                     1.5
 
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:

During February the Company's NAV per share rose by 4.0% on a capital only
basis whilst the benchmark index rose by 4.9%; the FTSE 100 Index rose by 2.9%.

The major driver of underperformance was an under-representation of FTSE250
stocks in the portfolio; the FTSE250 increased by 6.5% during the month.
Conversely AIM rose by 3.5%; the portfolio is over-represented in AIM stocks.

There were no significant stock contributors to, or detractors from,
performance during the month. However newsflow from the portfolio continues to
be strong with particularly good recent results from companies such as 4imprint
and Lookers. 4imprint is a leading supplier of promotional products operating
almost wholly in the US market. Its growth continues to be very strong; in 2014
it grew revenues organically by 25% and earnings per share up 32%. It continues
to have excellent growth prospects not least because of the strength of the US
economy but also its low market share, of less than 5%, in a highly fragmented
market. In 2014 Lookers, a leading UK retailer of cars, and distributor of car
parts, grew sales by 23% and earnings per share by 30%; the shares still trade
at only 12 times forecast earnings.

Gearing positively contributed to relative performance during the month, as did
our overweight position in housebuilders.

Activity in the portfolio during the month was fairly limited although we added
a holding in industrial property company Hansteen, which we see as being well
placed to benefit from a likely reduction in the relatively high yields in
industrial property.

13 March 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.