REG-MerLynBritSmlCoTst: Net Asset Value(s)

NET ASSET VALUE

MERRILL LYNCH BRITISH SMALLER COMPANIES TRUST PLC

The unaudited net asset value for Merrill Lynch British Smaller Companies Trust
plc at close of business on 14 January 2008 was:

401.77p (capital only and including debt at par value)

395.99p (capital only and including debt at fair value)

401.77p (capital only and including debt at par value - diluted for treasury
shares)

395.99p (capital only and including debt at fair value - diluted for treasury
shares)

Notes:

1. Investments have been valued on a bid price basis.

2. 25,000 ordinary shares purchased on 07 January 2008, bringing the total
amount of ordinary shares held in treasury to 1,383,815.

3. For the latest daily net asset value, previous month end performance
statistics, asset allocation and ten largest holdings of the BlackRock managed
Investment Trusts, see BLRKINDEX on Reuters or page 8800 on ICB (Topic 3).

END