Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 06 May 2011) of £22.68m

Net Assets (including unaudited revenue reserves at 06 April 2011) of £18.13m

The Net Asset Value (NAV) including unaudited current period revenue at 06 May
2011 was:

Per Ordinary share (bid price)                     111.59p  
                                                            
Ordinary share price                               100.00p  
                                                            
Discount to NAV                                     (10.39)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 6 May 2011 was:

                                                           
                                                                               
Per Ordinary share (bid price)                     110.01p             
                                                                               
Ordinary shares have an undated life                                           

Issued share capital                               16,250,000                                                

Bank loan £4m, overdraft £0.23m

Fair value of interest rate SWAP £321,412