Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 March 2012) of £22.14m

Net Assets (including unaudited revenue reserves at 30 March 2012) of £17.34m

The Net Asset Value (NAV) including unaudited current period revenue at 30
March 2012 was:

Per Ordinary share (bid price)                     106.72p  
                                                            
Ordinary share price                                99.00p  
                                                            
Discount to NAV                                     (7.23)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 30 March 2012 was:

Per Ordinary share (bid price)                       106.16p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.67m

Fair value of interest rate SWAP £129,381

Top 20 Holdings as at 30 March 2012

      Company                         % of
                                 portfolio
                                          
  1   S & U                           3.74
                                          
  2   Sanderson Group                 3.12
                                          
  3   Office2Office                   2.86
                                          
  4   Macfarlane Group                2.85
                                          
  5   Avesco                          2.82
                                          
  6   Portmeirion                     2.75
                                          
  7   Sinclair(W) Holdings            2.45
                                          
  8   Personal Group Holding          2.43
                                          
  9   Chesnara                        2.29
                                          
 10   Braemar Shipping                2.27
                                          
 11   Marshalls                       2.20
                                          
 12   Hansard Global                  2.14
                                          
 13   Morgan Sindall                  2.12
                                          
 14   Stadium Group                   2.09
                                          
 15   Arbuthnot Banking               2.01
                                          
 16   Zotefoams                       2.00
                                          
 17   Randall & Quilter               1.98
                                          
 18   Smiths News                     1.98
                                          
 19   Wilmington Group                1.97
                                          
 20   VP                              1.97
                                          
      Balance held in 47             51.96
      holdings                            
                                          
                                    100.00