Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 July 2012) of £21.70m

Net Assets (including unaudited revenue reserves at 30 July 2012) of £16.81m

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

Per Ordinary share (bid price)                     103.45p  
                                                            
Ordinary share price                                93.00p  
                                                            
Discount to NAV                                    (10.10)% 

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

Per Ordinary share (bid price)                       101.50p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.89m

Top 20 Holdings as at 30 July 2012

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                2.98
                                          
  2   Avesco Group                    2.86
                                          
  3   Sanderson Group                 2.76
                                          
  4   Office2Office                   2.74
                                          
  5   Personal Group                  2.65
                                          
  6   Portmeirion Group               2.57
                                          
  7   Smiths News                     2.56
                                          
  8   Vp                              2.44
                                          
  9   Jarvis Securities               2.22
                                          
 10   Beazley                         2.22
                                          
 11   Braemar Shipping                2.20
                                          
 12   Morgan Sindall Group            2.18
                                          
 13   Abbey Protection                2.16
                                          
 14   Sinclair(W) Holdings            2.13
                                          
 15   Chesnara                        2.11
                                          
 16   Arbuthnot Banking               2.09
                                          
 17   Cineworld Group                 2.08
                                          
 18   Electrocomponents               2.02
                                          
 19   Brown(N) Group                  2.00
                                          
 20   GVC Holdings                    1.94
                                          
      Balance held in 46             53.09
      holdings                            
                                          
                                    100.00