Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 March 2014 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               -1.8%     3.9%      32.2%      58.6%     326.2%
Share price                   -4.6%    -5.4%      38.4%      62.3%     358.5%
Numis ex Inv Companies + AIM  -2.6%     3.0%      20.4%      32.6%     163.3%

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     958.04p
Net asset value Capital only (debt at fair value):    950.58p
Net asset value incl. Income (debt at par value)**:   968.84p
Net asset value incl. Income (debt at fair value)**:  961.38p
Share price:                                          866.50p
Discount to Cum Income NAV (debt at par value):         10.6%
Discount to Cum Income NAV (debt at fair value):         9.9%
Net yield^^^:                                            1.3%
Total assets^:                                        £503.8m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.3%
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 10.80p
^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                                     27.0
Financials                                      18.6
Consumer Services                               18.1
Technology                                       9.7
Consumer Goods                                   8.0
Basic Materials                                  6.6
Health Care                                      6.5
Oil & Gas                                        3.6
Telecommunications Services                      1.9
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                     Total Market Value %

Senior                                              1.8
Workspace                                           1.8
Restaurant Group                                    1.6
Polar Capital                                       1.6
Elementis                                           1.6
Bellway                                             1.6
Avon Rubber                                         1.4
Optimal Payments                                    1.4
Headlam                                             1.4
Paragon                                             1.4

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

During March the Company's NAV per share fell by 1.8% on a capital only basis.
The benchmark index fell by 2.6% whilst the FTSE 100 Index fell by 3.1% (both
on a capital only basis without income reinvested).

The relative contributions from stock selection and sector allocation were both
positive.

Looking at stock selection the best relative contribution from holdings in the
month came from Clarkson, Walker Greenbank, Telit Communications and Lookers.
Clarkson is benefitting from strong performance in gradually improving shipping
markets. Walker Greenbank is seeing improving demand for its wallcoverings and
soft furnishings, with good sales increases in the US and Western Europe. Telit
is achieving strong growth in sales of its machine to machine communications
modules. Lookers has seen good new and used car sales in the UK, and also good
performances from its aftermarket and parts businesses. All these companies are
well set and confident.

The largest negative contributors to stock selection in the month were Optimal
Payments and ITE Group. Optimal shares had performed very strongly in February
and saw some profit taking. It announced full year results with revenues up by
41% and EBITDA up by 89%. We met management who remain positive about prospects
for 2014 and especially 2015 when the opportunities in US online gaming should
begin to benefit Optimal significantly.

Shares in ITE fell sharply given its exposure to Russia and the former Soviet
Union, where it generates most of its revenues from the exhibitions that it
organizes. ITE announced a trading update confirming that its exhibitions in
Russia and the Ukraine have thus far taken place as planned. However revenues
from the recent exhibitions in the Ukraine have been impacted and currency
weakness is also reducing revenues and profits. Earnings have been downgraded
for this year and next, but, post downgrades, the shares are now trading on
only 10 times current year earnings; the company has net cash on its balance
sheet. This has been an excellent long term and high quality growth company and
in time we expect this to be recognised again. 

Sector allocation benefitted from our lack of holdings in the non-life
insurance space. In particular the companies providing annuities suffered
following the Chancellor's budget announcement that individuals would no longer
be required to convert their pension funds into annuities.

We trimmed further some of our holdings in larger midcaps and used the proceeds
to gain greater exposure to companies benefitting from the gradual improvement
in the economies of Continental Europe. We also added a holding in Boohoo, the
online fashion clothing retailer, which completed a successful IPO during the
month.

7 April 2014

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.