Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 29 FEBRUARY 2012 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                7.9%    15.8%    -0.3%     120.1%     36.0%
Share price                    8.9%    18.6%    -7.2%     184.2%     28.1%
HGSC ex Inv Trust + AIM*       6.8%    13.4%    -3.4%     103.0%    -12.6%

Sources:  BlackRock and Datastream

*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 the five year period the above
index has been blended to reflect this.

At month end
Net asset value Capital only (debt at par value):     612.02p
Net asset value Capital only (debt at fair value):    607.82p
Net asset value incl. Income (debt at par value):     619.75p**
Net asset value incl. Income (debt at fair value):    615.55p**
Share price:                                          503.00p
Discount to Cum Income NAV (debt at par value):         18.8%
Discount to Cum Income NAV (debt at fair value):        18.3%
Net yield:                                               1.4%
Total assets:                                         £319.5m^
Gearing incl. Income (debt at fair value):               7.8%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 7.73p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                         % of total assets

Support Services                                 9.6
Oil & Gas Producers                              9.1
Electronic & Electrical Equipment                8.8
Industrial Metals & Mining                       8.5
Software & Computer Services                     8.1
Financial Services                               5.6
Media                                            5.6
Pharmaceuticals & Biotechnology                  4.7
Household Goods & Home Construction              4.7
Chemicals                                        4.6
                                                ----
Total                                           69.3
                                                ====

Ten Largest Equity Investments (in alphabetical order)

Company

Aveva Group
Bellway
Booker
City of London Investment Group
Fidessa group
Hargreaves Services
ITE Group
Oxford Instruments
Senior
Spirax-Sarco Engineering

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

During February, the NAV on a capital only basis rose by 7.9% and the benchmark
rose by 6.8%. By contrast, the FTSE 100 Index increased by only 3.3% during the
month.

Performance was driven by good sector allocation and gearing. Within sector
allocation no one sector made a large contribution, but the largest was our
overweight position in housebuilders, which proved beneficial. Various
housebuilders made positive trading statements during the month. We have
increased gearing over the last few months and this has helped performance.

Stock selection was marginally negative, although we had no significant
disappointments during February. Our largest positive contributor to stock
selection was from Oxford Instruments. This company is our largest holding and
had performed poorly in January despite a good trading statement mid-January.

Newsflow from the portfolio was again generally good during the month.

Cove Energy received competing bids from Shell and PTT Exploration, a leading
Thai energy company, pushing up the price of Cove shares significantly. St
Modwen and Galliford Try were amongst holdings that delivered good results.

14 March 2012

ENDS

Latest information is available by typing www.brscplc.co.uk 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.