Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 January 2012) of £
21.58m

Net Assets (including unaudited revenue reserves at 31 January 2012) of £16.74m

The Net Asset Value (NAV) including unaudited current period revenue at 31
January 2012 was:

Per Ordinary share (bid price)                     103.00p  
                                                            
Ordinary share price                                90.50p  
                                                            
Discount to NAV                                    (12.14)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 31 January 2012 was:

Per Ordinary share (bid price)                       101.86p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.71m

Fair value of interest rate SWAP £129,661

Top 20 Holdings as at 31 January 2012

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.42
                                          
  2   Sanderson Group                 3.66
                                          
  3   Macfarlane Group                3.57
                                          
  4   Avesco Group                    3.19
                                          
  5   S & U                           3.16
                                          
  6   Portmeirion Group               2.59
                                          
  7   Office2Office                   2.52
                                          
  8   Victoria                        2.37
                                          
  9   GVC Holdings                    2.35
                                          
 10   Alumasc Group                   2.32
                                          
 11   Arbuthnot Banking               2.31
                                          
 12   Hansard Global                  2.27
                                          
 13   Smiths News                     2.22
                                          
 14   Braemar Shipping                2.22
                                          
 15   Personal Group Holding          2.22
                                          
 16   Marshalls                       2.19
                                          
 17   Morgan Sindall                  2.18
                                          
 18   Park Group                      2.11
                                          
 19   Chesnara                        2.07
                                          
 20   Abbey Protection                2.02
                                          
      Balance held in 42             48.04
      holdings                            
                                          
                                    100.00