Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 27 April 2012) of £22.12m

Net Assets (including unaudited revenue reserves at 27 April 2012) of £17.04m

The Net Asset Value (NAV) including unaudited current period revenue at 27
April 2012 was:

Per Ordinary share (bid price)                     104.84p  
                                                            
Ordinary share price                                98.50p  
                                                            
Discount to NAV                                     (6.05)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 27 April 2012 was:

Per Ordinary share (bid price)                       103.35p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.95m

Fair value of interest rate SWAP £129,381