Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 22 October 2010) of £
20.58m

Net Assets (including unaudited revenue reserves at 22 October 2010) of £16.06m

The Net Asset Value (NAV) including unaudited current period revenue at 22
October 2010 was:

Per Ordinary share (bid price)                      98.81p  
                                                            
Ordinary share price                                86.00p  
                                                            
Discount to NAV                                      12.96% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 22 October 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    96.89p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £526,163