Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 17 June 2011) of £23.36m

Net Assets (including unaudited revenue reserves at 17 June 2011) of £18.33m

The Net Asset Value (NAV) including unaudited current period revenue at 17 June
2011 was:

Per Ordinary share (bid price)                     112.83p  
                                                            
Ordinary share price                                98.50p  
                                                            
Discount to NAV                                     (12.70)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 17 June 2011 was:

Per Ordinary share (bid price)                   110.46p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Issued share capital                              16,250,000

Bank loan £4m, overdraft £0.70m

Fair value of interest rate SWAP £326,673