Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 April 2011) of £22.77m

Net Assets (including unaudited revenue reserves at 30 April 2011) of £18.21m

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

Per Ordinary share (bid price)                     112.08p  
                                                            
Ordinary share price                               100.50p  
                                                            
Discount to NAV                                    (10.33)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 30 April 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   110.57p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.24m

Fair value of interest rate SWAP £321,412

Top 20 Holdings as at 30 April 2011

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                4.40
                                          
  2   Sinclair(W) Holdings            4.32
                                          
  3   S & U                           3.42
                                          
  4   Alumsac Group                   3.28
                                          
  5   Victoria                        3.15
                                          
  6   Cineworld Group                 2.90
                                          
  7   Chesnara                        2.80
                                          
  8   Stadium Group                   2.78
                                          
  9   Marshalls                       2.68
                                          
 10   Portmerion Group                2.67
                                          
 11   Trifast                         2.45
                                          
 12   Hansard Global                  2.44
                                          
 13   Sanderson Group                 2.34
                                          
 14   Beazley                         2.31
                                          
 15   Clarke(T)                       2.22
                                          
 16   Braemer Shipping                2.21
                                          
 17   Office2Office                   2.20
                                          
 18   Avesco Group                    2.15
                                          
 19   Electrocomponents               2.15
                                          
 20   Personal Group Holdings         2.05
                                          
      Balance held in 35             45.08
      holdings                            
                                          
                                    100.00