Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 December 2011) of £
20.17m

Net Assets (including unaudited revenue reserves at 31 December 2011) of £
15.24m

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

Per Ordinary share (bid price)                      93.79p  
                                                            
Ordinary share price                                92.00p  
                                                            
Discount to NAV                                     (1.91)% 

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

Per Ordinary share (bid price)                        92.75p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.74m

Fair value of interest rate SWAP £194,590

Top 20 Holdings as at 31 December 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.30
                                          
  2   S & U                           3.26
                                          
  3   Macfarlane Group                3.17
                                          
  4   Avesco Group                    3.10
                                          
  5   Cineworld Group                 3.01
                                          
  6   Office2Office                   2.73
                                          
  7   Sanderson Group                 2.54
                                          
  8   Hansard Global                  2.47
                                          
  9   Portmeirion Group               2.41
                                          
 10   Alumasc Group                   2.35
                                          
 11   Personal Group Holding          2.24
                                          
 12   Fiberweb Plc                    2.23
                                          
 13   Marshalls                       2.21
                                          
 14   Chesnara                        2.15
                                          
 15   Abbey Protection                2.11
                                          
 16   Victoria                        2.05
                                          
 17   Morgan Sindall                  2.03
                                          
 18   Smiths News                     2.01
                                          
 19   Jarvis Securities               1.97
                                          
 20   Beazley                         1.97
                                          
      Balance held in 43             49.69
      holdings                            
                                          
                                    100.00