Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 25 November 2011) of £20.12m

Net Assets (including unaudited revenue reserves at 25 November 2011) of £15.49m

The Net Asset Value (NAV) including unaudited current period revenue at 25
November 2011 was:

Per Ordinary share (bid price)                        95.32p  
                                                            
Ordinary share price                                  88.00p  
                                                            
Discount to NAV                                       (7.68)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 25 November 2011 was:

Per Ordinary share (bid price)                        93.43p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.44m

Fair value of interest rate SWAP £196,082