Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 13 May 2011) of £22.93m

Net Assets (including unaudited revenue reserves at 13 May 2011) of £18.22m

The Net Asset Value (NAV) including unaudited current period revenue at 13 May
2011 was:

Per Ordinary share (bid price)                     112.13p  
                                                            
Ordinary share price                               100.00p  
                                                            
Discount to NAV                                     (10.82)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 13 May 2011 was:

Per Ordinary share (bid price)                   110.26p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Issued share capital              16,250,000


Bank loan £4m, overdraft £0.38m

Fair value of interest rate SWAP £321,412