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: [phone]

28 January 2009