Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 8 April 2011) of £22.88m

Net Assets (including unaudited revenue reserves at 8 April 2011) of £17.78m

The Net Asset Value (NAV) including unaudited current period revenue at 8 April
2011 was:

Per Ordinary share (bid price)                     109.44p  
                                                            
Ordinary share price                                99.00p  
                                                            
Discount to NAV                                        9.54%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 8 April 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   108.76p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.58m

Fair value of interest rate SWAP £373,432