Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 13 July 2012) of £21.33m

Net Assets (including unaudited revenue reserves at 13 July 2012) of £16.40m

The Net Asset Value (NAV) including unaudited current period revenue at 13 July
2012 was:

Per Ordinary share (bid price)                     100.91p  
                                                            
Ordinary share price                                93.25p  
                                                            
Discount to NAV                                      (7.59)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 13 July 2012 was:

Per Ordinary share (bid price)                       100.91p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.93m

The interest rate SWAP expired on 10 July 2012.