Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 September 2010) of £
20.05m

Net Assets (including unaudited revenue reserves at 30 September 2010) of £
15.52m

The Net Asset Value (NAV) including unaudited current period revenue at 30
September 2010 was:

Per Ordinary share (bid price)                      95.52p  
                                                            
Ordinary share price                                85.75p  
                                                            
Discount to NAV                                       10.23%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    93.66p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £526,163

Top 20 Holdings as at 30 September 2010

      Company                         % of
                                 portfolio
                                          
  1   Portmeirion Group               3.93
                                          
  2   Macfarlane Group                3.84
                                          
  3   S & U                           3.70
                                          
  4   Sinclair (W) Holdings           3.58
                                          
  5   Alumasc Group                   3.24
                                          
  6   Clarke (T)                      3.19
                                          
  7   Cineworld Group                 3.11
                                          
  8   Stadium Group                   3.03
                                          
  9   Victoria                        2.98
                                          
 10   Consort Medical                 2.82
                                          
 11   Chesnara                        2.76
                                          
 12   Marshalls                       2.71
                                          
 13   Arbuthnot Banking               2.45
                                          
 14   Office2Office                   2.43
                                          
 15   Sanderson Group                 2.25
                                          
 16   Trifast                         2.19
                                          
 17   Electrocomponents               2.17
                                          
 18   Abbey Protection                2.15
                                          
 19   Fiberweb                        2.11
                                          
 20   Hansard Global                  2.04
                                          
      Balance held in 41             43.32
      holdings                            
                                          
                                    100.00