Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 June 2011) of £22.82m

Net Assets (including unaudited revenue reserves at 30 June 2011) of £18.10m

The Net Asset Value (NAV) including unaudited current period revenue at 30 June
2011 was:

Per Ordinary share (bid price)                     111.41p  
                                                            
Ordinary share price                               100.00p  
                                                            
Discount to NAV                                    (10.24)% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 30 June 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   108.77p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.39m

Fair value of interest rate SWAP £331,589

Top 20 Holdings as at 30 June 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair(W) Holdings            4.65
                                          
  2   Macfarlane Group                4.13
                                          
  3   Victoria                        3.27
                                          
  4   Alumsac Group                   2.96
                                          
  5   S & U                           2.89
                                          
  6   Cineworld Group                 2.63
                                          
  7   Chesnara                        2.60
                                          
  8   Portmeirion Group               2.51
                                          
  9   Stadium Group                   2.44
                                          
 10   Sanderson Group                 2.41
                                          
 11   Avesco Group                    2.40
                                          
 12   Office2Office                   2.38
                                          
 13   Hansard Global                  2.32
                                          
 14   Marshalls                       2.30
                                          
 15   Beazley Plc                     2.15
                                          
 16   Telecom Plus                    2.15
                                          
 17   Randall & Quilter               2.14
                                          
 18   Personal Group Holding          2.12
                                          
 19   Electrocomponents               2.05
                                          
 20   Holidaybreak                    2.00
                                          
      Balance held in 39             47.50
      holdings                            
                                          
                                    100.00