SMALL COMPANIES DIVIDEND TRUST PLC - Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 18 November 2011) of £ 20.44m

Net Assets (including unaudited revenue reserves at 18 November 2011) of £ 15.81m

The Net Asset Value (NAV) including unaudited current period revenue at 18 November 2011 was:

Per Ordinary share (bid price)                        97.27p  
                                                            
Ordinary share price                                  91.00p  
                                                            
Discount to NAV                                      (6.45)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May 2011 to 18 November 2011 was:

Per Ordinary share (bid price)                        95.46p
                                                            
Ordinary shares have an undated life                        
                                                            

Issued share capital                           16,250,000 Ordinary shares 

Bank loan £4m, overdraft £0.44m

Fair value of interest rate SWAP £196,082