Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 13 January 2012) of £
20.27m

Net Assets (including unaudited revenue reserves at 13 January 2012) of £15.51m

The Net Asset Value (NAV) including unaudited current period revenue at 13
January 2012 was:

Per Ordinary share (bid price)                      95.43p  
                                                            
Ordinary share price                                90.50p  
                                                            
Discount to NAV                                      (5.17)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 13 January 2012 was:

Per Ordinary share (bid price)                        94.26p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.56m

Fair value of interest rate SWAP £194,590