Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 18 March 2011) of £22.69m

Net Assets (including unaudited revenue reserves at 18 March 2011) of £17.41m

The Net Asset Value (NAV) including unaudited current period revenue at 18
March 2011 was:

Per Ordinary share (bid price)                     107.15p  
                                                            
Ordinary share price                                97.00p  
                                                            
Discount to NAV                                        9.47%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 18 March 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   105.37p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.95m

Fair value of interest rate SWAP £367,962