Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 12 August 2011) of 
£21.27m

Net Assets (including unaudited revenue reserves at 12 August 2011) of £16.72m

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

Per Ordinary share (bid price)                     102.88p  
                                                            
Ordinary share price                                92.25p  
                                                            
Discount to NAV                                    (10.33)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 12 August 2011 was:

Per Ordinary share (bid price)                       101.40p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.29m

Fair value of interest rate SWAP £266,458