Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 06 January 2012) of £
20.43m

Net Assets (including unaudited revenue reserves at 06 January 2012) of £15.29m

The Net Asset Value (NAV) including unaudited current period revenue at 06
January 2012 was:

Per Ordinary share (bid price)                      94.11p  
                                                            
Ordinary share price                                90.75p  
                                                            
Discount to NAV                                      (3.57)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 06 January 2012 was:

Per Ordinary share (bid price)                        92.90p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.94m

Fair value of interest rate SWAP £194,590