Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 August 2011) of 
£21.62m

Net Assets (including unaudited revenue reserves at 31 August 2011) of £16.67m

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

Per Ordinary share (bid price)                     102.59p  
                                                            
Ordinary share price                                94.00p  
                                                            
Discount to NAV                                     (8.37)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 31 August 2011 was:

Per Ordinary share (bid price)                     100.92p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.68m

Fair value of interest rate SWAP £264,934

*This NAV has been calculated with debt at fair value.

Top 20 Holdings as at 31 August 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           4.14
                                          
  2   Macfarlane Group                3.72
                                          
  3   Victoria                        3.35
                                          
  4   Office2Office                   3.07
                                          
  5   Sanderson Group                 3.05
                                          
  6   S & U                           3.03
                                          
  7   Cineworld Group                 2.68
                                          
  8   Stadium Group                   2.58
                                          
  9   Hansard Global                  2.57
                                          
 10   Portmerion Group                2.55
                                          
 11   Chesnara                        2.48
                                          
 12   Alumasc Group                   2.28
                                          
 13   Marshalls                       2.28
                                          
 14   Avesco Group                    2.24
                                          
 15   Personal Group Holding          2.18
                                          
 16   Beazley                         2.15
                                          
 17   Interior Services               2.05
                                          
 18   Jarvis Securities               2.04
                                          
 19   Abbey Protection                2.03
                                          
 20   Dee Valley Group                2.03
                                          
      Balance held in 38             47.50
      holdings                            
                                          
                                    100.00