Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 10 December 2010) of £21.65m

Net Assets (including unaudited revenue reserves at 10 December 2010) of £17.19m

The Net Asset Value (NAV) including unaudited current period revenue at 10
December 2010 was:

Per Ordinary share (bid price)                     105.78p  
                                                            
Ordinary share price                                92.00p  
                                                            
Discount to NAV                                       13.03%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 10 December 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   103.55p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £457,173