Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 June 2012) of £20.83m

Net Assets (including unaudited revenue reserves at 30 June 2012) of £16.23m

The Net Asset Value (NAV) including unaudited current period revenue at 30 June
2012 was:

Per Ordinary share (bid price)                      99.85p  
                                                            
Ordinary share price                                93.25p  
                                                            
Discount to NAV                                     (6.61)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 30 June 2012 was:

Per Ordinary share (bid price)                        99.03p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.54m

Fair value of interest rate SWAP £65,122

Top 20 Holdings as at 30 June 2012

      Company                         % of
                                 portfolio
                                          
  1   Sanderson Group                 2.98
                                          
  2   Macfarlane Group                2.89
                                          
  3   Avesco Group                    2.79
                                          
  4   Office2Office                   2.71
                                          
  5   Personal Group Holdings         2.69
                                          
  6   Portmeirion Group               2.60
                                          
  7   Sinclair(W) Holdings            2.31
                                          
  8   Smiths News                     2.29
                                          
  9   Chesnara                        2.27
                                          
 10   Jarvis Securities               2.25
                                          
 11   VP                              2.22
                                          
 12   Arbuthnot Banking               2.14
                                          
 13   Braemar Shipping                2.11
                                          
 14   Marshalls                       2.11
                                          
 15   Abbey Protection                2.09
                                          
 16   GVC Holdings                    2.08
                                          
 17   Hansard Global                  1.98
                                          
 18   Morgan Sindall                  1.97
                                          
 19   Beazley                         1.95
                                          
 20   Cineworld                       1.94
                                          
      Balance held in 46             53.63
      holdings                            
                                          
                                    100.00