Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 30 APRIL 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                0.7%     9.2%    -1.6%     128.8%     30.1%
Share price                    0.0%    13.0%     0.2%     134.3%     28.7%
Numis ex Inv Trust + AIM*     -1.3%     5.8%    -6.5%      61.5%    -15.7%

Sources:  BlackRock and Datastream

*With effect from 1 September 2007 the Numis Smaller Companies Index plus AIM
(ex Investment Companies) Index, formerly 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):     619.65p
Net asset value Capital only (debt at fair value):    615.46p
Net asset value incl. Income (debt at par value):     627.37p**
Net asset value incl. Income (debt at fair value):    623.17p**
Share price:                                          522.00p
Discount to Cum Income NAV (debt at par value):         16.8%
Discount to Cum Income NAV (debt at fair value):        16.2%
Net yield:                                               1.6%
Total assets:                                         £327.0m^
Gearing incl. Income (debt at fair value):               9.5%
Ordinary shares in issue:                          47,879,792^^

**includes net revenue of 7.72p
^includes current year revenue
^^excludes 2,113,731 shares held in treasury

Ten Largest Sector
Weightings                         % of total assets

Oil & Gas Producers                              9.9
Support Services                                 9.6
Electronic & Electrical Equipment                8.7
Industrial Metals & Mining                       7.6
Software & Computer Services                     7.6
Chemicals                                        6.0
Financial Services                               5.7
Media                                            5.3
General Retailers                                4.6
Household Goods & Home Construction              4.3
                                                ----
Total                                           69.3
                                                ====

Ten Largest Equity Investments (in alphabetical order)
Company

Aveva Group
Bellway
Booker
Elementis
Hargreaves Services
ITE Group
Oxford Instruments
Senior
Spirax Sarco Engineering
Victrex

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

During March, the NAV on a capital only basis rose by 0.7%; the benchmark fell
by 1.3%. The FTSE 100 Index fell by 0.5% during the month.

Outperformance was driven by both stock selection and sector allocation, with
sector allocation more substantial. Positive sector allocation was driven
largely by our large overweight position in electronics & electrical equipment,
a complete reversal of March's underperformance in this sector.

No one stock contributed more than 0.25% to relative performance, the largest
contributor being our holding in Spirax Sarco Engineering, whose shares rose
12% over the month. Newsflow in the month was generally positive; this included
good trading updates from core holdings Senior and Elementis, and from Vectura
whose partner, Novartis, disclosed good Phase 111 QVA149 data.

There were no individually significant detractors from relative performance
during the month.

Following disposal of our holding in Cove Energy, which was bid for by Shell,
we invested in Ophir Energy, exploring like Cove off the coasts of Africa, and
Coastal Energy, an oil producer mainly producing offshore Thailand.

17 May 2012

ENDS

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