Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 16 September 2011) of 
£21.03m

Net Assets (including unaudited revenue reserves at 16 September 2011) of 
£16.07m

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

Per Ordinary share (bid price)                      98.91p  
                                                            
Ordinary share price                                91.88p  
                                                            
Discount to NAV                                     (7.11)%

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

Per Ordinary share (bid price)                      98.21p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 


Bank loan £4m, overdraft £0.69m

Fair value of interest rate SWAP £264,934