Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 19 August 2011) of £
21.25m

Net Assets (including unaudited revenue reserves at 19 August 2011) of £16.40m

The Net Asset Value (NAV) including unaudited current period revenue at 19
August 2011 was:

Per Ordinary share (bid price)                     100.91p  
                                                            
Ordinary share price                                92.75p  
                                                            
Discount to NAV                                     (8.09)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 19 August 2011 was:

Per Ordinary share (bid price)                      99.38p
                                                            
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