Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 December 2009) of £17.51m

Net Assets (including unaudited revenue reserves at 31 December 2009) of £12.93m

The Net Asset Value (NAV) including unaudited current period revenue at 31
December 2009 was:

Per Ordinary share (bid price)*                     79.58p  
                                                            
Ordinary share price                                73.00p  
                                                            
Discount to NAV                                      (8.27)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 31 December 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   79.72p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £583,000

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

Top 20 Holdings as at 31 December 2009

      Company                         % of
                                 portfolio
                                          
  1   Portmeirion Group               4.90
                                          
  2   Macfarlane Group                4.14
                                          
  3   Clarke (T)                      4.07
                                          
  4   S & U                           3.64
                                          
  5   Victoria                        3.46
                                          
  6   Dee Valley                      3.28
                                          
  7   Zotefoams                       3.19
                                          
  8   Nichols                         3.15
                                          
  9   Sinclair (W) Holdings           3.12
                                          
 10   ATH Resources                   3.08
                                          
 11   Alumasc Group                   2.99
                                          
 12   Jarvis Securities               2.94
                                          
 13   Chensnara                       2.83
                                          
 14   Arbuthnot Banking               2.67
                                          
 15   Cineworld Group                 2.60
                                          
 16   Office2Office                   2.52
                                          
 17   Marshalls Group                 2.43
                                          
 18   Hilton Food Group               2.36
                                          
 19   Gaming VC Holdings              2.24
                                          
 20   Smiths News plc                 2.19
                                          
      Balance held in 39             38.20
      holdings                            
                                          
                                    100.00