Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 09 March 2012) of £22.13m

Net Assets (including unaudited revenue reserves at 09 March 2012) of £17.37m

The Net Asset Value (NAV) including unaudited current period revenue at 09 March 2012 was:

Per Ordinary share (bid price)                     106.90p  
                                                            
Ordinary share price                                96.25p  
                                                            
Discount to NAV                                      (9.96)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 09 March 2012 was:

Per Ordinary share (bid price)                       105.20p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.63m

Fair value of interest rate SWAP £129,407