Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 April 2012) of £22.19m

Net Assets (including unaudited revenue reserves at 30 April 2012) of £17.18m

The Net Asset Value (NAV) including unaudited current period revenue at 30
April 2012 was:

Per Ordinary share (bid price)                     105.72p  
                                                            
Ordinary share price                                98.00p  
                                                            
Discount to NAV                                     (7.30)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 30 April 2012 was:

Per Ordinary share (bid price)                       104.24p
                                                            
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 £65,045

Top 20 Holdings as at 30 April 2012

      Company                         % of
                                 portfolio
                                          
  1   S & U                           3.66
                                          
  2   Sanderson Group                 3.44
                                          
  3   Macfarlane Group                3.20
                                          
  4   Office2Office                   2.69
                                          
  5   Personal Group Holding          2.58
                                          
  6   Avesco Group                    2.55
                                          
  7   Portmeirion Group               2.52
                                          
  8   Sinclair(W) Holdings            2.51
                                          
  9   Smiths News                     2.25
                                          
 10   Braemar Shipping                2.19
                                          
 11   Chesnara                        2.19
                                          
 12   Arbuthnot Banking               2.17
                                          
 13   Hansard Global Plc              2.17
                                          
 14   GVC Holdings Plc                2.16
                                          
 15   Morgan Sindall                  2.11
                                          
 16   Marshalls                       2.11
                                          
 17   VP                              2.08
                                          
 18   Zotefoams                       1.96
                                          
 19   Jarvis Securities               1.94
                                          
 20   Wilmington                      1.93
                                          
      Balance held in 47             51.59
      holdings                            
                                          
                                    100.00