Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 17 December 2010) of £
22.06m

Net Assets (including unaudited revenue reserves at 17 December 2010) of £
17.60m

The Net Asset Value (NAV) including unaudited current period revenue at 17
December 2010 was:

Per Ordinary share (bid price)                     108.33p  
                                                            
Ordinary share price                                95.00p  
                                                            
Discount to NAV                                        12.3%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 17 December 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   107.44p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £457,173