Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC

All information is at 31 October 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*              -2.4%    -3.4%       0.0%      59.2%     140.4%
Share price*                   0.1%    -0.6%      -4.2%      72.7%     176.1%
Numis ex Inv Companies + AIM  -2.0%    -4.5%      -4.3%      21.5%      57.1%

*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
reinvestment.

Sources:  BlackRock and Datastream

At month end
Net asset value Capital only (debt at par value):     861.74p
Net asset value Capital only (debt at fair value):    854.30p
Net asset value incl. Income (debt at par value)**:   874.77p
Net asset value incl. Income (debt at fair value)**:  867.32p
Share price:                                          781.50p
Discount to Cum Income NAV (debt at par value):         10.7%
Discount to Cum Income NAV (debt at fair value):         9.9%
Net yield^^^:                                            1.7%
Gross assets^:                                        £458.7m
Gearing range as a % of net assets:                     0-15%
Net gearing including income (debt at par):              9.0%
2014 Ongoing charges ratio^^:                            0.7%
2014 Ongoing charges ratio (including
performancefees):                                       1.0%
Ordinary shares in issue#:                         47,879,792
 
**includes net revenue of 13.03p
^includes current year revenue
^^ As reported in the Annual Financial Report for the year ended
28 February 2014, 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
7.40 pence per share (announced on 25 April 2014 and gone ex-dividend on 14 May
2014) and the interim dividend of 5.50 pence per share, (announced on 24
October 2014, gone ex-dividend on 6 November 2014).
#excludes 2,113,731 shares held in treasury.

Sector Weightings                     % of portfolio

Industrials                                     27.1
Consumer Services                               18.5
Financials                                      16.9
Technology                                       9.6
Basic Materials                                  8.6
Health Care                                      7.5
Consumer Goods                                   6.7
Oil & Gas                                        3.1
Telecommunications                               2.0
                                               -----
Total                                          100.0
                                               =====

Ten Largest Equity Investments

Company                                    % of portfolio

Polar Capital Holdings                            1.9
Workspace Group                                   1.7
Avon Rubber                                       1.7
Senior                                            1.7
Lookers                                           1.6
Elementis                                         1.6
Bodycote                                          1.5
Rathbone Brothers                                 1.5
Headlam Group                                     1.4
Tyman                                             1.4
 
Commenting on the markets, Mike Prentis, representing the Investment Manager
noted:
 
During October the Company's NAV per share fell by 2.4% on a capital only basis
whilst the benchmark index fell by 2.0%; the FTSE 100 Index fell by 1.2%.
Global stock markets were volatile during the month, falling sharply in the
first half of the month before recovering in the second half. The midcap index
actually finished up on the month, but smaller companies, and especially AIM,
recovered less strongly finishing well down over the month. The weakness
continued to be driven partly by concerns about GDP growth prospects,
especially in Continental Europe. Towards the end of October, markets were
encouraged by the Bank of Japan taking steps to stimulate the Japanese economy.

Turning to the Company's portfolio, the negative impact of gearing
contributed almost half of the NAV underperformance. Looking at stock
selection, the largest detractor was the fact that the portfolio did not hold
stocks in the benchmark which were bid for, especially New Britain Palm Oil and
Synergy Healthcare. We also suffered from profit taking in some of the
portfolio's AIM stocks, in particular Optimal Payments and Walker Greenbank,
both of which have had positive trading updates in recent months. On the
positive, side Avon Rubber released a positive trading update, with earnings
being upgraded by 6%, and Polar Capital Holdings shares bounced back after a
weak September.

We decided to take some profit in a few of the portfolio's AIM holdings, and
selectively added to core holdings such as Elementis and Rathbone Brothers
during the month as valuations were attractive.

18 November 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.