Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 29 February 2012) of £21.93m

Net Assets (including unaudited revenue reserves at 29 February 2012) of £17.10m

The Net Asset Value (NAV) including unaudited current period revenue at 29
February 2012 was:

Per Ordinary share (bid price)                     105.23p  
                                                            
Ordinary share price                                94.75p  
                                                            
Discount to NAV                                     (9.96)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2011 to 29 February 2012 was:

Per Ordinary share (bid price)                       103.61p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.70m

Fair value of interest rate SWAP £129,407

Top 20 Holdings as at 29 February 2012

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.55
                                          
  2   S & U                           3.62
                                          
  3   Sanderson Group                 3.41
                                          
  4   Macfarlane Group                3.26
                                          
  5   Avesco                          2.80
                                          
  6   Office2Office                   2.66
                                          
  7   Portmeirion                     2.51
                                          
  8   Personal Group Holding          2.35
                                          
  9   Marshalls                       2.26
                                          
 10   Braemar Shipping                2.22
                                          
 11   Hansard Global                  2.21
                                          
 12   Morgan Sindall                  2.18
                                          
 13   Jarvis Securities               2.15
                                          
 14   Smiths News                     2.12
                                          
 15   GVC Holdings                    2.11
                                          
 16   Park Group                      2.06
                                          
 17   VP                              1.99
                                          
 18   Beazley                         1.98
                                          
 19   Chesnara                        1.97
                                          
 20   Abbey Protection                1.96
                                          
      Balance held in 42             49.63
      holdings                            
                                          
                                    100.00