Interim Management Statement

BLACKROCK SMALLER COMPANIES TRUST PLC

Interim Management Statement - 3 months to 31 May 2014

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 2014 to 31
May 2014, 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*               -1.3%    -5.5%   22.4%   48.1%   231.4%
Share price*                   -5.6%   -10.2%   23.7%   55.8%   248.3%
Numis ex Inv Companies + AIM   -0.2%    -5.4%   14.8%   25.8%   107.3%

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

Ten Largest Equity Holdings (in alphabetical order) at 31 May 2014

Workspace Group            1.8
Senior                     1.8
Polar Capital Holdings     1.7
Optimal Payments           1.6
Elementis                  1.6
Avon Rubber                1.6
Headlam Group              1.4
Restaurant Group           1.4
Clarkson                   1.3
Xaar                       1.3

Financial position and performance as at 31 May 2014

Gross Assets (£m)*                                           483.5
Short term borrowings (£m)                                     nil
Long term borrowings - 3 year multi-currency                      
facility (Scotia (Ireland) Limited) (£m)                      25.0
7.75% Debenture 2022 at par value (£m)                        14.9
7.75% Debenture 2022 at fair value (£m)                       18.5
Net asset value - capital only (at par)                    921.62p
Net asset value - capital only (at fair value)             914.17p
Net asset value - cum income (at par)*                     926.48p
Net asset value - cum income (at fair value)*              919.02p
Share Price                                                815.00p
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)               12.0%
Discount to Cum Income NAV (debt at fair value)              11.3%
Average Discount over the period to Cum Income                    
NAV (debt at par value)                                       9.7%
                                                                  
*Includes current year revenue of 4.86p                           
** Excluding 2,113,731 shares held in treasury                    
                                                           
Annual Results

The Company announced its annual results for the year ended 28 February 2014 on
25 April 2014.

Final Dividend

A final dividend in respect of the year ended 28 February 2014 of 7.40p per
ordinary share was recommended by the Directors. Shareholders approved the
resolution in respect of the dividend at the Annual General Meeting on Tuesday,
10 June 2014, and the dividend was paid on 17 June 2014 to shareholders
on the register on 16 May 2014 (ex dividend date 14 May 2014).

Annual General Meeting

At the Company's AGM held on Wednesday, 10 June 2014, 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 19 June 2014 was:

Net asset value - capital only (at par): 895.53p
Net asset value - capital only (at fair value) 888.08p
Net asset value - cum income (at par) 902.35p xd
Net asset value - cum income (at fair value) 894.90p xd

Material Events & Transactions

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 2014.

The Board is not aware of any significant events or transactions, except as
disclosed herein, occurring between 31 May 2014 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]

23 June 2014

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).