Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 14 October 2011) of 
£20.45m

Net Assets (including unaudited revenue reserves at 14 October 2011) of 
£15.61m

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

Per Ordinary share (bid price)                      96.09p  
                                                            
Ordinary share price                                91.75p  
                                                            
Discount to NAV                                     (4.52)%

The Net Asset Value (NAV) excluding current period revenue for the period 
1 May 2011 to 14 October 2011 was:

Per Ordinary share (bid price)                      94.56p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.57m

Fair value of interest rate SWAP £264,243