Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 November 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*               2.1%    -3.9%      -1.1%      66.6%     146.6%
Share price*                  -2.1%    -4.4%      -8.7%      80.4%     169.4%
Numis ex Inv Companies + AIM   0.4%    -5.2%      -4.9%      38.8%      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):     880.10p
Net asset value Capital only (debt at fair value):    872.66p
Net asset value incl. Income (debt at par value)**:   888.27p
Net asset value incl. Income (debt at fair value)**:  880.83p
Share price:                                          765.00p
Discount to Cum Income NAV (debt at par value):         13.9%
Discount to Cum Income NAV (debt at fair value):        13.2%
Net yield^^^:                                            1.7%
Gross assets^:                                        £465.2m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.5%
2014 Ongoing charges ratio^^:                            0.7%
2014 Ongoing charges ratio (including
performancefees):                                       1.0%
Ordinary shares in issue#:                         47,879,792
 
**includes net revenue of 8.17p
^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                               18.8
Financials                                      17.6
Technology                                       9.5
Basic Materials                                  8.6
Health Care                                      7.8
Consumer Goods                                   7.3
Oil & Gas                                        2.1
Telecommunications                               1.6
                                               -----
Total                                          100.0
                                               =====
Ten Largest Equity Investments

Company                                    % of portfolio

Polar Capital Holdings                            1.8
Workspace Group                                   1.8
Avon Rubber                                       1.8
Senior Engineering                                1.7
Tyman                                             1.6
Bodycote                                          1.6
Lookers                                           1.5
Headlam Group                                     1.5
Hutchison China Meditech                          1.5
Elementis                                         1.5

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

During November the Company's NAV per share rose by 2.1% on a capital only
basis whilst the benchmark index rose by 0.4%; the FTSE 100 Index rose by 2.7%.

Portfolio outperformance was helped by a number of stocks including Hutchison
China Meditech, on further consideration of good interims and director's share
buying; Topps Tiles, on final results showing earnings per share growth of
21.9%; and Fevertree Drinks, on a successful IPO. Our holdings in Quintain
Estates and Avon Rubber also performed well and we had good meetings with the
management of both companies following results.

Detracting from this was the continuing drag from bid approaches to companies
in our benchmark but not in our portfolio: in November not owning Songbird
Estates was our largest detractor from relative contribution.

We decided to take some profit in a few of our AIM holdings, including some of
our holdings in oil producers as the oil price fell sharply. We took part in a
few IPOs including Fevertree Drinks, which develops and sells high quality soft
drinks including tonic water; and Virgin Money. We added a few other small
holdings in companies that have recently impressed us on meeting.

11 December 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.