Interim Management Statement

BLACKROCK SMALLER COMPANIES TRUST PLC

Interim Management Statement - 3 months to 31 May 2013

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 March 2013 to
31 May 2013, 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 is available on the Manager's website - 
www.blackrock.co.uk/brsc.

The Company invests mainly in smaller UK quoted companies, and seeks to achieve
long term capital growth for shareholders. The Company is managed by 
Mike Prentis of BlackRock.

Stock Performance

Cumulative Performance (%):
                                  One      Three        One     Three      Five
                                Month     Months       Year     Years     Years
Net Asset Value                  4.3%       5.7%      34.7%     89.7%     70.9%
Share Price                      5.3%       5.2%      40.1%    104.0%     79.3%
Numis ex Inv Trust + AIM         3.0%       2.5%      26.7%     40.5%     22.7%

All performance figures are in £ on a capital only basis with debt at par.

Ten Largest Equity Holdings (in alphabetical order) at 31 May 2013

Company                                  Total Market Value %
Senior                                                    2.5
Bellway                                                   2.4
Howden Joinery                                            2.2
Victrex                                                   2.1
Workspace                                                 1.9
Booker Group                                              1.9
Dunelm Group                                              1.8
ITE Group                                                 1.7
Blinkx                                                    1.7
Oxford Instruments                                        1.7

Financial position and performance as at 31 May 2013

Total assets less current liabilities(£m)*                   398.5
Short term borrowings (£m)                                     nil
Long term borrowings - 3 year multi-currency                      
facility (Scotia (Ireland) Limited) (£m)                      21.0
7.75% Debenture 2022 at par value (£m)                        14.9
7.75% Debenture 2022 at fair value (£m)                       17.3
Net asset value - capital only (at par)                    752.92p
Net asset value - capital only (at fair value)             747.88p
Net asset value - cum income (at par)*                     757.38p
Net asset value - cum income (at fair value)*              752.34p
Share Price                                                659.00p
Ordinary Shares in Issue**                              47,879,792
Gearing including Income (debt at fair value)                 9.9%
Discount to Cum Income NAV (debt at par value)               13.0%
Discount to Cum Income NAV (debt at fair value)              12.4%
Average Discount over the period to Cum Income                    
NAV (debt at par value)                                      14.3%
                                                                  
*Includes current year revenue of 4.46p                           
** Excluding 2,113,731 shares held in treasury                    

Annual Results
The Company announced its annual results for the year ended 28 February 2013 on
26 April 2013.

Final Dividend
A final dividend in respect of the year ended 28 February 2013 of 6.50p per
ordinary share was recommended by the Directors. Shareholders approved the
resolution in respect of the dividend at the Annual General Meeting on
Wednesday, 26 June 2013, and the dividend will be payable on 3 July 2013 to
shareholders on the register on 31 May 2013 (ex dividend date 29 May 2013).

Annual General Meeting
At the Company's AGM held on Wednesday, 26 June 2013, all resolutions were
passed.

Net Asset Value
The Company announces its NAV on a daily basis, which can be accessed via 
http://www.blackrock.co.uk/brsc, under the "Announcements" tab.

The unaudited net asset value for BlackRock Smaller Companies Trust plc at
close of business on 28 June 2013 was:

Net asset value - capital only (at par): 726.12p
Net asset value - capital only (at fair value) 721.08p
Net asset value - cum income (at par) 732.74p
Net asset value - cum income (at fair value) 727.70p

Material Events & Transactions
During the period, the Board re-negotiated the Company's three year,
multicurrency revolving facility with Scotia (Ireland) Limited at an improved
margin, with the facility being extended from £15 million to £25 million and
the term to May 2016. This financing complements the Company's existing £15
million debenture and a £20 million uncommitted overdraft facility.

Gearing levels are reviewed regularly by the Board and will depend on
prevailing market conditions. However, it is intended that gearing will not
exceed 15% of the total assets of the Company at the time of the drawdown of
the relevant borrowings.

Other than the purchase and sale of securities undertaken in the normal course
of business and that mentioned above, there were no material events or
transactions during the three months to 31 May 2013.

The Board is not aware of any significant events or transactions, except as
disclosed herein, occurring between 31 May 2013 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.

Contact details:
Sarah Beynsberger
Secretary
Tel: [phone]

1 July 2013

ENDS

Please note that more detailed information is available on the Investment
Manager's website, www.blackrock.co.uk/brsc. 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.

Latest information is also available by typing, "BLRKINDEX" on Reuters, "BLRK"
on Bloomberg or "8800" on Topic 3 (ICV terminal).