Interim Management Statement

BLACKROCK SMALLER COMPANIES TRUST PLC Interim Management Statement - 3 months to 30 November 2008 To the members of BlackRock Smaller Companies Trust plc This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure & Transparency Rules. It should not be relied on by any other party for any other reason. This interim management statement relates to the period from 1 September 2008 to 30 November 2008, and contains information that covers this period, and up to the date of publication of this interim management statement. Please note more detailed performance information, in particular the, September, October and November 2008 month end announcements are available on the Manager's website - www.blackrock.co.uk/its. The Company invests mainly in smaller UK quoted companies, and seeks to achieve long term capital growth for shareholders. The portfolio is managed by Mike Prentis of BlackRock. Stock Performance Cumulative Performance (%): One Three One Three Five Month Months Year Years Years Net Asset Value -7.1% -41.3% -45.1% -26.2% 9.6% Share Price -13.4% -48.7% -50.8% -37.7% -0.3% HGSC ex Investment Trusts & AIM* -5.8% -39.2% -50.6% -45.5% -31.2% *With effect from 1 September 2007 the Hoare Govett Smaller Companies plus AIM (ex Investment Companies) Index replaced the FTSE SmallCap Index (ex Investment Companies) as the Company's benchmark. For three year and five year periods above the index has been blended to reflect this. All performance figures are in £ on a capital only basis. Ten Largest Equity Holdings (in alphabetical order) at 30 November 2008 Brewin Dolphin Holdings Chemring Group Connaught Dechra Pharmaceuticals Mouchel Rathbone Brothers Rotork Spirax-Sarco Engineering Ultra Electronics Holdings Victrex Financial position and performance as at 30 November 2008 Gross Assets (£m)* 128.0 Short term borrowings (£m) Nil 7.75% Debenture 2022 at par (£m) 14.8 7.75% Debenture 2022 at fair value(£m) 17.4 Net asset value - capital only (debt at par) 229.37p Net asset value - capital only (debt at fair value) 223.88p Net asset value - cum income (debt at par) 233.41p Net asset value - cum income (debt at fair value) 227.92p Share Price 162.00p Ordinary Shares in Issue** 48,509,708 Actual Gearing 13.6% Discount to NAV*** 29.37% Average Discount over the Period 20.37% *Includes current year revenue ** Excluding 1,483,815 shares held in treasury ***Calculated on a capital only (at par) basis Material Events & Transactions There were no material events or transactions during the period. The Board is not aware of any significant events or transactions, except as disclosed herein, occurring between 30 November 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. Latest information is available by typing, www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Contact details: Caroline Driscoll Secretary Tel: 020 7743 2427 28 January 2009
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