Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 September 2011) of 
£ 20.97m

Net Assets (including unaudited revenue reserves at 30 September 2011) of 
£ 15.81m

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

Per Ordinary share (bid price)                      97.31p  
                                                            
Ordinary share price                                91.62p  
                                                            
Discount to NAV                                     (5.85)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 30 September 2011 was:

Per Ordinary share (bid price)                        96.15p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.89m

Fair value of interest rate SWAP £264,243

Top 20 Holdings as at 30 September 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           4.19
                                          
  2   Macfarlane Group                3.59
                                          
  3   Victoria                        3.50
                                          
  4   S & U                           3.34
                                          
  5   Office2Office                   2.92
                                          
  6   Alumsac Group                   2.74
                                          
  7   Cineworld Group                 2.59
                                          
  8   Sanderson Group                 2.59
                                          
  9   Hansard Global                  2.56
                                          
 10   Portmeirion Group               2.53
                                          
 11   Avesco Group                    2.50
                                          
 12   Chesnara                        2.49
                                          
 13   Marshalls                       2.36
                                          
 14   Jarvis Securities               2.31
                                          
 15   Personal Group Holding          2.25
                                          
 16   Beazley                         2.24
                                          
 17   Abbey Protection                2.12
                                          
 18   Interior Services               2.04
                                          
 19   Randall & Quilter               2.03
                                          
 20   Consort Medical                 2.01
                                          
      Balance held in 39             47.10
      holdings                            
                                          
                                    100.00