Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 15 July 2011) of £23.13m

Net Assets (including unaudited revenue reserves at 15 July 2011) of £17.85m

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

Per Ordinary share (bid price)                     109.86p  
                                                            
Ordinary share price                               104.12p  
                                                            
Discount to NAV                                     (5.22)%

The Net Asset Value (NAV) excluding current period revenue for the period 
1 May 2011 to 15 July 2011 was:

Per Ordinary share (bid price)                     108.50p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Issued share capital                           16,250,000 

Bank loan £4m, overdraft £0.94m

Fair value of interest rate SWAP £331,589