Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 7 October 2011) of 
£20.58m

Net Assets (including unaudited revenue reserves at 7 October 2011) of £15.52m

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

Per Ordinary share (bid price)                      95.48p  
                                                            
Ordinary share price                                91.00p  
                                                            
Discount to NAV                                     (4.69)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 7 October 2011 was:

Per Ordinary share (bid price)                      94.00p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.80m

Fair value of interest rate SWAP £264,243