Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 24 August 2012) of £22.50m

Net Assets (including unaudited revenue reserves at 24 August 2012) of £17.63m

The Net Asset Value (NAV) including unaudited current period revenue at 24
August 2012 was:

Per Ordinary share (bid price)                     108.47p  
                                                            
Ordinary share price                                94.00p  
                                                            
Discount to NAV                                     (13.34)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2012 to 24 August 2012 was:

Per Ordinary share (bid price)                       106.45p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.87m