Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 March 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*               -1.1%     4.0%      -2.7%      51.6%     125.3%
Share price*                    0.4%     6.0%      -5.9%      56.1%     149.6%
Numis ex Inv Companies + AIM   -1.3%     2.9%      -7.3%      25.6%      46.8%

*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):     932.63p
Net asset value Capital only (debt at fair value):    925.21p
Net asset value incl. Income (debt at par value)**:   946.92p
Net asset value incl. Income (debt at fair value)**:  939.49p
Share price:                                          815.00p
Discount to Cum Income NAV (debt at par value):         13.9%
Discount to Cum Income NAV (debt at fair value):        13.3%
Net yield^^^:                                            1.6%
Gross assets^:                                        £493.3m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.2%
2014 Ongoing charges ratio^^:                            0.7%
2014 Ongoing charges ratio (including
performance fees):                                       1.0%
Ordinary shares in issue#:                         47,879,792

**includes net revenue of 14.29p
^includes current year revenue
^^ As reported in the Annual Financial Report for the year ended
28 February 2014, 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 the final dividend of
7.40 pence per share (announced on 25 April 2014 and gone ex-dividend on 14 May
2014) and the interim dividend of 5.50 pence per share, (announced on 24
October 2014, gone ex-dividend on 6 November 2014).
#excludes 2,113,731 shares held in treasury.

Sector Weightings                     % of portfolio

Industrials                                     27.3
Consumer Services                               18.1
Financials                                      17.9
Consumer Goods                                   9.3
Basic Materials                                  8.8
Health Care                                      7.4
Technology                                       7.3
Oil & Gas                                        3.1
Telecommunications                               0.8
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                    % of portfolio

4imprint                                          1.9
Workspace Group                                   1.8
Avon Rubber                                       1.7
Senior Engineering Group                          1.7
CVS Group                                         1.7
Savills                                           1.7
Bodycote                                          1.6
Lookers                                           1.6
Tyman                                             1.6
Rathbone Brothers                                 1.5

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

During March the Company's NAV per share fell by 1.1% on a capital only basis
whilst the benchmark index fell by 1.3%; the FTSE 100 Index fell by 2.5%.

The major positive contributors to stock selection during the month were our
holdings in 4imprint, CVS Group and Betfair. These contributions were all based
on strong trading results in recent weeks. We had an excellent meeting with CVS
Group management who continue to grow their veterinary business both
organically and through small, bolt-on acquisitions.

The Company's core holdings of high quality companies, such as Workspace Group
and Ted Baker, are performing well supported by strong operational delivery.
Shares in Fevertree Drinks continued to be in demand as the company delivered
on the high growth expectations set at IPO. Our meetings with management over
results season left us confident that these portfolio companies and others are
in excellent shape to capitalise on their respective growth opportunities.

Encouragingly, there were no significant stock detractors from relative
outperformance during the month.

From a sector allocation perspective our underweight position in oil & gas
companies and our overweight position in the chemicals sector both contributed
positively during March.

We added holdings in Eurocell and Shawbrook, both on IPO. Eurocell is a leading
vertically integrated manufacturer and merchant of PVC profiles for doors,
windows and roofline products in the UK. Shawbrook is a niche banking business
which is growing well. We were impressed by management in both companies.

15 April 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.