Net Asset Value(s)

Merrill Lynch Br. SmallerCo Tst PLC
27 February 2006



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 24 February 2006 was:

359.44p (excluding income and including debt at par value)

351.02p (excluding income 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 Merrill Lynch
Investment Trusts, see MLIMINDEX on Reuters or page 8800 on ICV (Topic 3).

3. 300,000 ordinary shares purchased on 24 March 2005 (total 600,000 ordinary
shares purchased since change of management) has been reflected in these
calculations.





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