Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 November 2011) of £
20.66m

Net Assets (including unaudited revenue reserves at 30 November 2011) of £
15.70m

The Net Asset Value (NAV) including unaudited current period revenue at 30
November 2011 was:

Per Ordinary share (bid price)                      96.64p  
                                                            
Ordinary share price                                89.25p  
                                                            
Discount to NAV                                     (7.65)% 

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

Per Ordinary share (bid price)                        94.65p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.76m

Fair value of interest rate SWAP £195,218

Top 20 Holdings as at 30 November 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.21
                                          
  2   Macfarlane Group                3.33
                                          
  3   S & U                           3.24
                                          
  4   Avesco Group                    2.97
                                          
  5   Cineworld Group                 2.93
                                          
  6   Office2Office                   2.75
                                          
  7   Hansard Global                  2.53
                                          
  8   Alumasc Group                   2.51
                                          
  9   Sanderson Group                 2.51
                                          
 10   Portmeirion Group               2.31
                                          
 11   Beazley                         2.30
                                          
 12   Personal Group Holding          2.25
                                          
 13   Marshalls                       2.23
                                          
 14   Abbey Protection                2.14
                                          
 15   Arbuthnot Banking               2.11
                                          
 16   Fiberweb Plc                    2.09
                                          
 17   Park Group                      2.08
                                          
 18   Jarvis Securities               2.01
                                          
 19   Chesnara                        1.99
                                          
 20   Interior Services               1.99
                                          
      Balance held in 43             49.52
      holdings                            
                                          
                                    100.00