Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 October 2011) of £20.78m

Net Assets (including unaudited revenue reserves at 31 October 2011) of £15.97m

The Net Asset Value (NAV) including unaudited current period revenue at 31
October 2011 was:

Per Ordinary share (bid price)                      98.29p  
                                                            
Ordinary share price                                91.50p  
                                                            
Discount to NAV                                     (6.91)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 31 October 2011 was:

Per Ordinary share (bid price)                      96.45p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                            16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.61m

Fair value of interest rate SWAP £196,082

Top 20 Holdings as at 31 October 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           3.98
                                          
  2   S & U                           3.29
                                          
  3   Macfarlane Group                3.13
                                          
  4   Office2Office                   2.87
                                          
  5   Avesco Group                    2.79
                                          
  6   Cineworld Group                 2.77
                                          
  7   Sanderson Group                 2.71
                                          
  8   Alumsac Group                   2.69
                                          
  9   Hansard Global                  2.60
                                          
 10   Portmeirion Group               2.56
                                          
 11   Chesnara                        2.36
                                          
 12   Personal Group Holding          2.35
                                          
 13   Braemer Shipping                2.25
                                          
 14   Interior Services               2.15
                                          
 15   Abbey Protection                2.14
                                          
 16   Jarvis Securities               2.14
                                          
 17   Beazley                         2.13
                                          
 18   Marshalls                       2.08
                                          
 19   Smiths News Plc                 2.08
                                          
 20   Timeweave                       2.06
                                          
      Balance held in 41             48.87
      holdings                            
                                          
                                    100.00