Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 20 May 2011) of £22.95m

Net Assets (including unaudited revenue reserves at 20 May 2011) of £18.14m

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

Per Ordinary share (bid price)                     111.64p  
                                                            
Ordinary share price                                99.00p  
                                                            
Discount to NAV                                    (11.32)%

The Net Asset Value (NAV) excluding current period revenue for the period 
1 May 2010 to 20 May 2011 was:

Per Ordinary share (bid price)                     109.57p                       
                                                                               
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