Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 22 July 2011) of £23.36m

Net Assets (including unaudited revenue reserves at 22 July 2011) of £18.09m

The Net Asset Value (NAV) including unaudited current period revenue at 22 July
2011 was:

Per Ordinary share (bid price)                     111.34p  
                                                            
Ordinary share price                               103.50p  
                                                            
Discount to NAV                                      (7.04)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 22 July 2011 was:

Per Ordinary share (bid price)                   109.91p                       
                                                                               
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