Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 May 2010) of £19.36m

Net Assets (including unaudited revenue reserves at 31 May 2010) of £14.80m

The Net Asset Value (NAV) including unaudited current period revenue at 31 May
2010 was:

Per Ordinary share (bid price)                      91.10p  
                                                            
Ordinary share price                                78.50p  
                                                            
Discount to NAV                                     (13.83)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 31 May 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    89.93p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £552,686

Top 20 Holdings as at 31 May 2010

      Company                         % of
                                 portfolio
                                          
  1   Portmeirion Group               4.25
                                          
  2   Macfarlane Group                4.00
                                          
  3   Clarke (T)                      3.97
                                          
  4   Sinclair (W) Holdings           3.58
                                          
  5   S & U                           3.52
                                          
  6   Victoria                        3.49
                                          
  7   Stadium Group                   2.88
                                          
  8   Alumasc Group                   2.88
                                          
  9   Cineworld Group                 2.87
                                          
 10   Chesnara                        2.65
                                          
 11   Zotefoams                       2.60
                                          
 12   Arbuthnot Banking               2.59
                                          
 13   Office2Office                   2.56
                                          
 14   Hilton Food Group               2.55
                                          
 15   Marshalls                       2.48
                                          
 16   Dee Valley Group                2.37
                                          
 17   Consort Medical                 2.26
                                          
 18   Omega Insurance                 2.25
                                          
 19   Electrocomponents               2.24
                                          
 20   Sanderson Group                 2.21
                                          
      Balance held in 41             41.80
      holdings                            
                                          
                                    100.00