Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 12 March 2010) of £18.50m

Net Assets (including unaudited revenue reserves at 12 March 2010) of £13.90m

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

Per Ordinary share (bid price)                      85.57p  
                                                            
Ordinary share price                                75.25p  
                                                            
Discount to NAV                                     (12.06)%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    86.06p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £597,000