Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 July 2011) of £23.40m

Net Assets (including unaudited revenue reserves at 31 July 2011) of £18.19m

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

Per Ordinary share (bid price)                     111.95p  
                                                            
Ordinary share price                               102.75p  
                                                            
Discount to NAV                                     (8.22)% 

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

Per Ordinary share (bid price)                       110.55p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                             16,250,000 Ordinary shares

Bank loan £4m, overdraft £0.94m

Fair value of interest rate SWAP £266,458

Top 20 Holdings as at 31 July 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.37
                                          
  2   Macfarlane Group                3.63
                                          
  3   Victoria                        3.30
                                          
  4   Sanderson Group                 2.99
                                          
  5   Holidaybreak                    2.93
                                          
  6   S & U                           2.89
                                          
  7   Stadium Group                   2.58
                                          
  8   Office2Office                   2.57
                                          
  9   Portmeirion Group               2.49
                                          
 10   Chesnara                        2.48
                                          
 11   Cineworld Group                 2.40
                                          
 12   Hansard Global                  2.39
                                          
 13   Avesco group                    2.37
                                          
 14   Alumsac Group                   2.34
                                          
 15   Marshalls                       2.33
                                          
 16   Beazley                         2.21
                                          
 17   Telecom Plus                    2.21
                                          
 18   Randall & Quilter               2.14
                                          
 19   Personal Group Holding          2.08
                                          
 20   Jarvis Securities               2.03
                                          
      Balance held in 39             47.27
      holdings                            
                                          
                                    100.00