Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 January 2013 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                4.5%     7.9%     18.6%      79.5%     77.2%
Share price                    9.0%    12.4%     28.7%      99.2%     92.3%
Numis ex Inv Companies + AIM*  4.6%     7.7%     15.5%      35.2%     17.5%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     672.81p
Net asset value Capital only (debt at fair value):    667.20p
Net asset value incl. Income (debt at par value):     680.64p**
Net asset value incl. Income (debt at fair value):    675.04p**
Share price:                                          594.75p
Discount to Cum Income NAV (debt at par value):         12.6%
Discount to Cum Income NAV (debt at fair value):        11.9%
Net yield:                                               1.6%
Total assets^:                                        £360.0m
Net gearing incl. Income (debt at fair value):          11.2%
2012 Total Expense Ratio ("TER")^^:                      0.7%
Ordinary shares in issue#:                         47,879,792
 
*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.
**includes net revenue of 7.83p
^includes current year revenue
^^As reported in the Annual Financial Statements for the year ended
29 February 2012, the TER is calculated as a percentage of net assets and using
operating expenses, excluding performance fees, finance costs and taxation.

#excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                         % of total assets

Support Services                                 8.8
Software & Computer Services                     8.4
Financial Services                               7.2
General Retailers                                6.6
Electronic & Electrical Equipment                6.5
Industrial Metals & Mining                       5.7
Oil & Gas Producers                              5.6
Chemicals                                        5.4
Household Goods & Home Construction              5.4
Travel & Leisure                                 5.4
                                                ----
Total                                           65.0
                                                ====

Ten Largest Equity Investments (in alphabetical order)

Company

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

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

During January the Company's NAV per share increased by 4.5% on a capital only
basis whilst the benchmark index increased by 4.6%. The FTSE 100 Index
increased by 6.4%.

The relative contribution from stock selection was negative, and from sector
allocation was slightly negative. We have maintained gearing at about 10% and
this helped during the month.

Negative contribution from stock selection came mainly from 3 stocks,
Gemfields, Consort Medical and Victrex.  The negative impact on performance
from these stocks was less than 25bps each. Gemfields, a highly profitable
miner of emeralds, announced the purchase of Fabergé in a heavily dilutive
deal. The Fabergé brand has been largely dormant for many years; much depends
on whether Gemfields management can breathe new life into the Fabergé name. We
regard Gemfields management highly. Consort Medical announced the sale of its
King Systems business for what looks a reasonable price, transforming its
balance sheet into a net cash position. However, earnings were downgraded given
the loss of King Systems profits going forward. Victrex shares have been good
performers, but we saw some profit taking ahead of the early February trading
update. We see Victrex as a long term structural growth story as, increasingly,
high precision plastics replace metals in many applications.

Holdings in Oxford Instruments and Polar Capital both performed well, adding to
relative contribution. Oxford Instruments received good analytical coverage
during the month. Polar Capital announced that assets under management had
grown strongly. 

With markets strengthening we decided to try to introduce a few riskier
holdings. Accordingly small new holdings were taken in African Minerals and
London Mining, both early stage producing African iron ore miners. We also
started a holding in Canaccord Financial, a wealth management and corporate
advisory company with roots in resources.

12 February 2013

ENDS

Latest information is available by typing www.blackrock.co.uk/brscon 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.