Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 JULY 2012 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                0.4%    -8.1%     -8.5%      89.9%     19.3%
Share price                    1.0%    -7.5%     -9.8%     105.4%     21.6%
Numis ex Inv Companies + AIM*  0.6%    -6.6%     -9.3%      37.6%    -17.1%

Sources:  BlackRock and Datastream

*With effect from 1 September 2007 the Numis Smaller Companies plus AIM (ex
Investment Companies) Index, formerly 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 the five year period the
above index has been blended to reflect this.

At month end
Net asset value Capital only (debt at par value):     569.49p
Net asset value Capital only (debt at fair value):    565.30p
Net asset value incl. Income (debt at par value):     575.40p**
Net asset value incl. Income (debt at fair value):    571.21p**
Share price:                                          482.75p
Discount to Cum Income NAV (debt at par value):         16.1%
Discount to Cum Income NAV (debt at fair value):        15.5%
Net yield:                                               1.7%
Total assets:                                         £300.4m^
Gearing incl. Income (debt at fair value):               9.0%
2012 Total Expense Ratio ("TER")#:                       0.7%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 5.91p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury
#As reported in the 29 February 2012's Annual Financial Statements, the TER is
calculated as a percentage of net assets and using operating expenses,
excluding performance fees, finance costs and taxation

Ten Largest Sector
Weightings                         % of total assets

Support Services                                 9.4
Software & Computer Services                     8.6
Oil & Gas Producers                              8.6
Electronic & Electrical Equipment                8.4
Financial Services                               6.2
Industrial Metals & Mining                       5.7
General Retailers                                5.2
Chemicals                                        5.2
Media                                            5.1
Travel & Leisure                                 4.9
                                                ----
Total                                           67.3
                                                ====

Ten Largest Equity Investments (in alphabetical order)
Company

Ashtead
Aveva Group
Bellway
Booker Group
Elementis
Howden Joinery
ITE Group
Oxford Instruments
Senior
Victrex

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

During July, the NAV on a capital only basis rose by 0.4% and the benchmark
rose by 0.6%. The FTSE 100 Index rose by 1.2% during the month.

Stock selection was marginally positive, whilst sector allocation was slightly
negative. For the second month running the most significant negative
contribution to sector allocation was from our large overweight position in
electronics.

There were no individually significant contributors to stock selection; the
largest positive contribution came from Inchcape, in anticipation of good
results, which were duly delivered.

Given the continuing uncertainties in Europe, and further signs that the global
economy may be stuttering, we decided to trim some of the more capital spending
related industrial companies. We added a holding in Young & Co's Brewery, the
predominantly London based pub company.

13 August 2012

ENDS

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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.