Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 04 May 2012) of £21.95m

Net Assets (including unaudited revenue reserves at 04 May 2012) of £16.96m

The Net Asset Value (NAV) including unaudited current period revenue at 04 May
2012 was:

Per Ordinary share (bid price)                     104.35p  
                                                            
Ordinary share price                                98.00p  
                                                            
Discount to NAV                                      (6.09)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 04 May 2012 was:

Per Ordinary share (bid price)                       102.89p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.93m

Fair value of interest rate SWAP £65,045