Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 11 December 2009) of £17.24m

Net Assets (including unaudited revenue reserves at 11 December 2009) of £12.65m

The Net Asset Value (NAV) including unaudited current period revenue at 11
December 2009 was:

Per Ordinary share (bid price)*                     77.83p  
                                                            
Ordinary share price                                72.25p  
                                                            
Discount to NAV                                     (7.17)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 11 December 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   78.06p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £595,000

*This NAV has been calculated with debt at par value.