Net Asset Value(s)

Merrill Lynch Br. SmallerCo Tst PLC
30 January 2007


NET ASSET VALUE

MERRILL LYNCH BRITISH SMALLER COMPANIES TRUST plc

The unaudited net asset value for Merrill Lynch British Smaller Companies Trust 
plc at close of business on 29 January 2007 was:

445.25p (capital only and including debt at par value)

439.24p (capital only and including debt at fair value)


1. Investments have been valued on a bid price basis.

2. For the latest daily net asset value, previous month and performance
statistics, asset allocation and ten largest holdings of the BlackRock managed
Investment Trusts, see BLRKINDEX on Reuters or page 8800 on ICV (Topic 3).

3. 100,000 ordinary shares purchased on 1 December 2006 (total 1,170,000
ordinary shares purchased since change of management) has been reflected in
these calculations.



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