Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 12 February 2010) of £
17.84m

Net Assets (including unaudited revenue reserves at 12 February 2010) of £
13.29m

The Net Asset Value (NAV) including unaudited current period revenue at 12
February 2010 was:

Per Ordinary share (bid price)                      81.80p  
                                                            
Ordinary share price                                70.50p  
                                                            
Discount to NAV                                     (13.81)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 12 February 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    81.69p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £545,000