Correction : Net Asset Value(s)

The Company announces that the information in the Net Asset Value release dated
5 July 2011, reference PRNUK-0507111405-1428, contained an error.

The Net Asset Value excluding current period revenue for the period 1 May 2010
to 30 June 2011 is 111.07p, not 108.77p as stated in the announcement of 5 July
2011. 

A copy of the full corrected announcement is set out below, including an explanation. 
All other information remains unchanged.



SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 June 2011) of £22.82m

Net Assets (including unaudited revenue reserves at 30 June 2011) of £18.10m

The Net Asset Value (NAV) including unaudited current period revenue at 30 June
2011 was:

Per Ordinary share (bid price)                     111.41p  
                                                            
Ordinary share price                               100.00p  
                                                            
Discount to NAV                                    (10.24)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 30 June 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   111.07p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.39m

Fair value of interest rate SWAP £331,589

The unaudited NAV per Ordinary share of the Company as at 30 June 2011
excluding estimated current period revenue, as released in the Stock Exchange
announcement on 5 July 2011, included the dividend which went ex-dividend on 29
June 2011 twice.

Therefore, the revised NAV excluding estimated current period revenue as at 30
June is 111.07p per Ordinary share.

The NAV including current period revenue remains unchanged.

Top 20 Holdings as at 30 June 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.65
                                          
  2   Macfarlane Group                4.13
                                          
  3   Victoria                        3.27
                                          
  4   Alumsac Group                   2.96
                                          
  5   S & U                           2.89
                                          
  6   Cineworld Group                 2.63
                                          
  7   Chesnara                        2.60
                                          
  8   Portmeirion Group               2.51
                                          
  9   Stadium Group                   2.44
                                          
 10   Sanderson Group                 2.41
                                          
 11   Avesco group                    2.40
                                          
 12   Office2Office                   2.38
                                          
 13   Hansard Global                  2.32
                                          
 14   Marshalls                       2.30
                                          
 15   Beazley Plc                     2.15
                                          
 16   Telecom Plus                    2.15
                                          
 17   Randall & Quilter               2.14
                                          
 18   Personal Group Holding          2.12
                                          
 19   Electrocomponents               2.05
                                          
 20   Holidaybreak                    2.00
                                          
      Balance held in 39             47.50
      holdings                            
                                          
                                    100.00