Interim Management Statement

Interim Management Statement -3 months to 30 November 2012

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 2012
to 30 November 2012, 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*           -0.2%     6.2%   17.8%   74.4%   48.9%
Share Price*                1.8%     8.1%   27.0%   89.6%   63.7%
Numis ex Inv Trust + AIM*  -0.1%     5.0%   13.7%   29.7%   -0.4%
                                                           
*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.


Ten Largest Equity Holdings(in alphabetical order)at 30 November 2012

Ashtead
Aveva Group
AZ Electronic Materials
Bellway
Booker Group
Howden Joinery
Oxford Instruments
Senior
Victrex
Workspace


Financial position and performance as at 30 November 2012

Total Assets (£m)*                                       331.0
Short term borrowings (£m)                                15.0
7.75% Debenture 2022 at par value (£m)                    14.9
7.75% Debenture 2022 at fair value (£m)                   16.9
Net asset value - capital only (at par)                622.30p
Net asset value - capital only (at fair value)         618.13p                                                   
Net asset value - cum income (at par)*                 628.25p
Net asset value - cum income (at fair value)*          624.07p                                                         
Share Price                                            538.50p
Ordinary Shares in Issue**                          47,879,792
Gearing including Income (debt at fair value)            10.7%                                                   
Discount to Cum Income NAV (debt at par value)           14.3%                                           
Discount to Cum Income NAV (debt at fair value)          13.7%                                            
Average Discount over the Period***                      15.3%
                                                              
*Includes current year revenue                                                 
** Excluding 2,113,731 shares held in treasury                                                           
***calculation based on cum income NAV with debt at par       


Half Yearly Financial Results

The Company announced its half yearly financial results for the period ended 31
August 2012 on 26 October 2012.


Interim Dividend

An interim dividend in respect of the period ended 31 August 2012 of 3.50p per
ordinary share was recommended by the Directors. The dividend was paid on 7
December 2012 to shareholders on the register on 9 November 2012 (ex dividend
date 7 November 2012).


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 "News" tab.

The unaudited net asset value for BlackRock Smaller Companies Trust plc at
close of business on 19 December 2012 was:

Capital only debt at par                          637.95
Including current year income debt at par         633.66
Capital only debt at fair value                   644.87
Including current year income debt at fair value  640.59


Material Events & Transactions

There were no material events or transactions during the three months to 30
November 2012, other than the purchase and sale of securities undertaken in the
normal course of business.

The Board is not aware of any significant events or transactions, except as
disclosed herein, occurring between 30 November 2012 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]

20 December 2012

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).

BlackRock Smaller Companies Trust plc