Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 16 December 2011) of £19.92m

Net Assets (including unaudited revenue reserves at 16 December 2011) of £15.07m

The Net Asset Value (NAV) including unaudited current period revenue at 16
December 2011 was:

Per Ordinary share (bid price)                      92.75p  
                                                            
Ordinary share price                                91.50p  
                                                            
Discount to NAV                                      (1.35)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 16 December 2011 was:

Per Ordinary share (bid price)                        91.64p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.66m

Fair value of interest rate SWAP £195,218