Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 23 September 2011) of 
£20.62m

Net Assets (including unaudited revenue reserves at 23 September 2011) of 
£15.66m

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

Per Ordinary share (bid price)                      96.36p  
                                                            
Ordinary share price                                89.00p  
                                                            
Discount to NAV                                     (7.64)%

The Net Asset Value (NAV) excluding current period revenue for the period 
1 May 2011 to 23 September 2011 was:

Per Ordinary share (bid price)                      95.41p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.70m

Fair value of interest rate SWAP £264,934