Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 January 2010) of £
17.87m

Net Assets (including unaudited revenue reserves at 31 January 2010) of £13.32m

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

Per Ordinary share (bid price)                      81.99p  
                                                            
Ordinary share price                                72.25p  
                                                            
Discount to NAV                                     (11.88)%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    81.87p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £545,000

Top 20 Holdings as at 31 January 2010

      Company                         % of
                                 portfolio
                                          
  1   Portmeirion Group               4.99
                                          
  2   Clarke (T)                      4.01
                                          
  3   Macfarlane Group                3.88
                                          
  4   Sinclair (W) Holdings           3.72
                                          
  5   Victoria                        3.57
                                          
  6   S & U                           3.47
                                          
  7   Nichols                         2.98
                                          
  8   Zotefoams                       2.94
                                          
  9   Chesnara                        2.89
                                          
 10   Dee Valley Group                2.84
                                          
 11   Jarvis Securities               2.70
                                          
 12   Arbuthnot Banking               2.68
                                          
 13   Alumasc Group                   2.64
                                          
 14   Cineworld Group                 2.61
                                          
 15   ATH Resources                   2.55
                                          
 16   TT Electronics                  2.41
                                          
 17   Office2Office                   2.35
                                          
 18   Marshalls Group                 2.33
                                          
 19   Smiths News plc                 2.30
                                          
 20   Hilton Food Group               2.22
                                          
      Balance held in 40             39.92
      holdings                            
                                          
                                    100.00