Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 5 August 2011) of £21.06m

Net Assets (including unaudited revenue reserves at 5 August 2011) of £16.58m

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

Per Ordinary share (bid price)                      102.01p  
                                                            
Ordinary share price                                 96.25p  
                                                            
Discount to NAV                                      (5.65)%

The Net Asset Value (NAV) excluding current period revenue for the period 
1 May 2011 to 5 August 2011 was:

Per Ordinary share (bid price)                       100.57p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                             16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.22m

Fair value of interest rate SWAP £266,458