Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 May 2011) of £23.33m

Net Assets (including unaudited revenue reserves at 31 May 2011) of £18.26m

The Net Asset Value (NAV) including unaudited current period revenue at 31 May
2011 was:

Per Ordinary share (bid price)                     112.35p  
                                                            
Ordinary share price                                98.00p  
                                                            
Discount to NAV                                    (12.77)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 31 May 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   110.24p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.38m

Fair value of interest rate SWAP £326,673

Top 20 Holdings as at 31 May 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.90
                                          
  2   Macfarlane Group                3.78
                                          
  3   Alumsac Group                   3.28
                                          
  4   Victoria                        3.06
                                          
  5   S & U                           2.94
                                          
  6   Avesco Group                    2.67
                                          
  7   Cineworld Group                 2.64
                                          
  8   Chesnara                        2.60
                                          
  9   Stadium Group                   2.56
                                          
 10   Sanderson Group                 2.54
                                          
 11   Portmeirion Group               2.52
                                          
 12   Marshalls                       2.44
                                          
 13   Trifast                         2.31
                                          
 14   Office2Office                   2.25
                                          
 15   Electrocomponents               2.18
                                          
 16   Hansard Global                  2.16
                                          
 17   Beazley Plc                     2.16
                                          
 18   Personal Group Holding          2.06
                                          
 19   Clarke(T)                       2.00
                                          
 20   Braemar Shipping                1.95
                                          
      Balance held in 38             47.00
      holdings                            
                                          
                                    100.00