Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 April 2010) of £20.27m

Net Assets (including unaudited revenue reserves at 30 April 2010) of £15.75m

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

Per Ordinary share (bid price)                      96.94p  
                                                            
Ordinary share price                                85.50p  
                                                            
Discount to NAV                                     (11.80)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 30 April 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    96.07p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £516,260

Top 20 Holdings as at 30 April 2010

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                4.49
                                          
  2   Portmeirion Group               4.26
                                          
  3   Clarke (T)                      3.97
                                          
  4   Sinclair (W) Holdings           3.71
                                          
  5   S & U                           3.65
                                          
  6   Victoria                        3.50
                                          
  7   Cineworld Group                 3.04
                                          
  8   Alumasc Group                   2.90
                                          
  9   Chesnara                        2.88
                                          
 10   Stadium Group                   2.77
                                          
 11   Office2Office                   2.76
                                          
 12   Zotefoams                       2.73
                                          
 13   Arbuthnot Banking               2.60
                                          
 14   Marshalls                       2.58
                                          
 15   Hilton Food Group               2.49
                                          
 16   Sanderson Group                 2.46
                                          
 17   Consort Medical                 2.34
                                          
 18   ATH Resources                   2.34
                                          
 19   Dee Valley Group                2.32
                                          
 20   Electrocomponents               2.31
                                          
      Balance held in 38             39.90
      holdings                            
                                          
                                    100.00