Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 May 2012) of £21.06m

Net Assets (including unaudited revenue reserves at 31 May 2012) of £16.10m

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

Per Ordinary share (bid price)                      99.07p  
                                                            
Ordinary share price                                92.50p  
                                                            
Discount to NAV                                     (6.63)% 

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

Per Ordinary share (bid price)                        96.52p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.90m

Fair value of interest rate SWAP £65,085

Top 20 Holdings as at 31 May 2012

      Company                         % of
                                 portfolio
                                          
  1   Sanderson Group                 3.36
                                          
  2   Macfarlane Group                2.93
                                          
  3   Portmeirion Group               2.67
                                          
  4   Office2Office                   2.64
                                          
  5   Avesco Group                    2.59
                                          
  6   Personal Group Holdings         2.54
                                          
  7   GVC Holdings                    2.33
                                          
  8   Sinclair(W) Holdings            2.30
                                          
  9   Smiths News                     2.29
                                          
 10   Jarvis Securities               2.21
                                          
 11   Morgan Sindall                  2.20
                                          
 12   Chesnara                        2.11
                                          
 13   S & U                           2.11
                                          
 14   VP                              2.10
                                          
 15   Cineworld Group                 2.07
                                          
 16   Arbuthnot Banking               2.07
                                          
 17   Stadium Group                   2.07
                                          
 18   Abbey Protection                2.04
                                          
 19   Hansard Global                  2.02
                                          
 20   Braemar Shipping                2.02
                                          
      Balance held in 47             53.33
      holdings                            
                                          
                                    100.00