Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 October 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*               5.1%    10.3%     38.3%      64.1%     249.3%
Share price*                   6.8%    17.4%     54.3%      90.4%     336.4%
Numis ex Inv Companies + AIM   3.4%     7.6%     26.9%      36.1%     140.9%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     862.05p
Net asset value Capital only (debt at fair value):    854.57p
Net asset value incl. Income (debt at par value)**:   869.34p
Net asset value incl. Income (debt at fair value)**:  861.87p
Share price:                                          816.00p
Discount to Cum Income NAV (debt at par value):          6.1%
Discount to Cum Income NAV (debt at fair value):         5.3%
Net yield^^^:                                            1.4%
Total assets^:                                        £456.1m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):             10.1%
2013 Ongoing charges ratio^^:                            0.6%
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 7.29p
^includes current year revenue
^^As reported in the Half Yearly Financial Report for the period ended
31 August 2013, the ongoing charges ratio is calculated as a percentage of net
assets and using operating expenses, excluding performance fees, finance costs
and taxation.
^^^Yield calculations are based on dividends announced in the last 12 months as
at the date of release of this announcement, and comprise the final dividend of
6.50 pence per share (announced on 26 April 2013 and going ex-dividend on 
29 May 2013) and the interim dividend of 4.60 pence per share (announced on 
24 October 2013, going ex-dividend on 30 October 2013).
#excludes 2,113,731 shares held in treasury

Sector Weightings                      % of portfolio

Industrials                                     25.3
Consumer Services                               20.7
Financials                                      20.2
Consumer Goods                                   8.8
Technology                                       7.3
Health Care                                      7.2
Basic Materials                                  5.9
Oil & Gas                                        3.3
Telecommunications Services                      1.3
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                     Total Market Value %

Bellway                                             2.4
Howden Joinery                                      2.1
Workspace                                           2.0
Senior                                              1.9
ITE Group                                           1.9
Booker Group                                        1.9
Polar Capital Holdings                              1.7
Optimal Payments                                    1.6
Dunelm Group                                        1.5
XAAR                                                1.4

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

During October the Company's NAV per share rose by 5.1% on a capital only
basis. The benchmark index rose by 3.4% whilst the FTSE 100 Index rose by 4.2%;
again both on a capital only basis.

The relative contribution from stock selection and gearing were positive; the
contribution from sector allocation was slightly positive. Sector allocation
benefitted from our overweight sector position in housebuilders which again
performed well. Gearing remains around the 10% level.

Stock selection was helped by our holdings in ITE Group and Polar Capital. ITE
confirmed it was trading in line with expectations; like for like revenues were
4% higher in its 4th quarter to 30 September 2013. Polar Capital indicated
assets under management had climbed to $11.4billion at 30 September 2013, up a
very impressive 58% since 31 March 2013.

The portfolio did suffer from two profit warnings during the month; Anite and
Next Fifteen. Anite experienced delays in new handset testing contracts, which
tend to be unevenly dispersed.  Next Fifteen also experienced problems,
mainly relating to their German subsidiary. Neither are large holdings and the
aggregate negative impact of these two holdings on relative contribution was 19
basis points.

We added a few small holdings during the month: Tungsten, an IPO of an
e-invoicing company; Judges Scientific, a supplier of precision instruments;
and Marshalls, a leading supplier of natural stone and landscaping products.

21 November 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.