Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 March 2011) of £22.71m

Net Assets (including unaudited revenue reserves at 31 March 2011) of £17.62m

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

Per Ordinary share (bid price)                     108.44p  
                                                            
Ordinary share price                                99.00p  
                                                            
Discount to NAV                                       8.71% 

The Net Asset Value (NAV) excluding current period revenue for the period 
1 May 2010 to 31 March 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   107.95p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.58m

Fair value of interest rate SWAP £373,432

*This NAV has been calculated with debt at fair value.

Top 20 Holdings as at 31 March 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           4.47
                                          
  2   Portmerion Group                4.33
                                          
  3   Macfarlane Group                4.29
                                          
  4   S & U                           3.95
                                          
  5   Alumasc Group                   3.37
                                          
  6   Victoria                        3.13
                                          
  7   Stadium Group                   2.82
                                          
  8   Cineworld Group                 2.75
                                          
  9   Chesnara                        2.72
                                          
 10   Marshalls                       2.52
                                          
 11   Sanderson Group                 2.39
                                          
 12   Office2Office                   2.31
                                          
 13   Trifast                         2.27
                                          
 14   Clarke (T)                      2.27
                                          
 15   Hansard Global                  2.23
                                          
 16   Beazley                         2.18
                                          
 17   Arbuthnot Banking               2.17
                                          
 18   Personal Group                  2.17
                                          
 19   Electrocomponents               2.07
                                          
 20   Avesco Group                    2.04
                                          
      Balance held in 35             43.55
      holdings                            
                                          
                                    100.00