Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 April 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*                4.7%     7.7%       4.6%      57.5%     126.2%
Share price*                    2.3%     1.3%      -3.4%      59.8%     133.6%
Numis ex Inv Companies + AIM    3.5%     7.2%      -1.4%      31.6%      47.7%

*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):     976.04p
Net asset value Capital only (debt at fair value):    968.62p
Net asset value incl. Income (debt at par value)**:   991.41p
Net asset value incl. Income (debt at fair value)**:  983.99p
Share price:                                          834.00p
Discount to Cum Income NAV (debt at par value):         15.9%
Discount to Cum Income NAV (debt at fair value):        15.2%
Net yield^^^:                                            1.7%
Gross assets^:                                        £514.6m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              8.4%
2015 Ongoing charges ratio^^:                            0.7%
2015 Ongoing charges ratio (including
performance fees):                                       1.0%
Ordinary shares in issue#:                         47,879,792

**includes net revenue of 15.37p
^includes current year revenue
^^ As reported in the Annual Financial Report for the year ended
28 February 2015, 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 of the interim
dividend of 5.50 pence per share, (announced on 24 October 2014, gone
ex-dividend on 6 November 2014) and the final dividend of 9.00 pence per share
(announced on 27 April 2015 and going ex-dividend on 21 May 2015)
#excludes 2,113,731 shares held in treasury.

Sector Weightings                     % of portfolio

Industrials                                     25.9
Financials                                      18.3
Consumer Services                               17.6
Consumer Goods                                   9.8
Basic Materials                                  9.3
Health Care                                      8.1
Technology                                       7.0
Oil & Gas                                        3.4
Telecommunications                               0.6
                                               -----
Total                                          100.0
                                               =====
 
Ten Largest Equity Investments

Company                                    % of portfolio

4imprint                                          1.9
CVS Group                                         1.9
Workspace Group                                   1.7
Lookers                                           1.6
Savills                                           1.6
Hutchison China Meditech                          1.6
Avon Rubber                                       1.6
Senior Engineering                                1.6
Ted Baker                                         1.6
Headlam Group                                     1.5
 
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:

During April the Company's NAV per share rose by 4.7% on a capital only basis
whilst the benchmark index rose by 3.5%; the FTSE 100 Index rose by 2.8%.
Outperformance was derived from stock selection and gearing.

The major positive contributors to stock selection during the month were our
holdings in Hutchison China Meditech and CVS Group. Shares in Hutchison China
Meditech were strong performers following the announcement that the first trial
of fruquintinib in patients achieved the primary endpoint, and also following
directors' share buying. We had an excellent meeting with CVS Group management
who continue to grow their veterinary business both organically and by small
bolt on acquisitions. Interim results showed sales up 19%, with like for like
sales growth of 10%, and eps growth of 34%. CVS Group still has only 11% of the
UK veterinary surgery market.

The largest detractor from relative outperformance during the month was
Northbridge Industrial Services. Northbridge was impacted by the decline in the
oil price. About 30% of its sales relate to the rental of oil tools, and demand
for these has weakened significantly. The majority of revenues involve the sale
and rental of loadbanks in power related applications; demand remains firm in
these areas.

We added a holding in JD Sports, a leading retailer and distributor of branded
sportswear and fashionwear. The group now has over 800 stores across six
countries. Growth has been strong with revenues up by 25% to £1.5 billion in
the year to 31 January 2015, and earnings per share up by 26%. The business has
also generated strong cashflow and had net cash of £84 million at 31 January
2015.

15 May 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.