Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 7 May 2010) of £19.32m

Net Assets (including unaudited revenue reserves at 7 May 2010) of £14.80m

The Net Asset Value (NAV) including unaudited current period revenue at 7 May
2010 was:

Per Ordinary share (bid price)                      91.10p  
                                                            
Ordinary share price                                78.00p  
                                                            
Discount to NAV                                     (14.38)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 7 May 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    90.16p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £516,260