Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 23 July 2012) of £21.53m

Net Assets (including unaudited revenue reserves at 23 July 2012) of £16.60m

The Net Asset Value (NAV) including unaudited current period revenue at 23 July
2012 was:

Per Ordinary share (bid price)                     102.16p  
                                                            
Ordinary share price                                91.50p  
                                                            
Discount to NAV                                     (10.43)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 23 July 2012 was:

Per Ordinary share (bid price)                       101.05p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.93m