Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 28 February 2010) of £
18.22m

Net Assets (including unaudited revenue reserves at 28 February 2010) of £
13.62m

The Net Asset Value (NAV) including unaudited current period revenue at 28
February 2010 was:

Per Ordinary share (bid price)                      83.81p  
                                                            
Ordinary share price                                74.75p  
                                                            
Discount to NAV                                     (10.81)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 28 February 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    83.46p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £597,000

Top 20 Holdings as at 28 February 2010

      Company                         % of
                                 portfolio
                                          
  1   Portmeirion Group               4.37
                                          
  2   Clarke (T)                      4.13
                                          
  3   S & U                           3.93
                                          
  4   Macfarlane Group                3.75
                                          
  5   Victoria                        3.71
                                          
  6   Sinclair (W) Holdings           3.56
                                          
  7   Nichols                         3.12
                                          
  8   Chesnara                        2.90
                                          
  9   Dee Valley Group                2.89
                                          
 10   Zotefoams                       2.84
                                          
 11   Alumasc Group                   2.68
                                          
 12   Cineworld Group                 2.62
                                          
 13   Arbuthnot Banking               2.61
                                          
 14   TT Electronics                  2.41
                                          
 15   Office2Office                   2.37
                                          
 16   ATH Resources                   2.36
                                          
 17   Jarvis Securities               2.36
                                          
 18   Stadium Group                   2.33
                                          
 19   Hilton Food Group               2.30
                                          
 20   Acal                            2.27
                                          
      Balance held in 40             40.49
      holdings                            
                                          
                                    100.00