REG-BlackRock Smll Cos: Net Asset Value(s)

NET ASSET VALUE

BLACKROCK SMALLER COMPANIES TRUST PLC

The unaudited net asset value for BlackRock Smaller Companies Trust plc at
close of business on 23 June 2009 was:

274.24p Capital only and including debt at par value
268.75p Capital only and including debt at fair value
277.14p Including current year income and debt at par value XD
271.64p Including current year income and debt at fair value XD

Notes:

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

2. 300,000 ordinary shares purchased on 9 April 2009, bringing the total amount
of ordinary shares held in treasury to 1,798,731. The total number of ordinary
shares in issue excluding treasury shares is 48,194,792.

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).