Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 16 April 2010) of £20.14m

Net Assets (including unaudited revenue reserves at 16 April 2010) of £15.53m

The Net Asset Value (NAV) including unaudited current period revenue at 16
April 2010 was:

Per Ordinary share (bid price)                      95.55p  
                                                            
Ordinary share price                                87.75p  
                                                            
Discount to NAV                                     (8.16)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 16 April 2010 was:

                                                             Issued share capital
                                                                               
Per Ordinary share (bid price)                      95.13p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £608,609


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