Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 July 2010) of £19.37m

Net Assets (including unaudited revenue reserves at 30 July 2010) of £14.87m

The Net Asset Value (NAV) including unaudited current period revenue at 30 July
2010 was:

Per Ordinary share (bid price)                      91.48p  
                                                            
Ordinary share price                                82.25p  
                                                            
Discount to NAV                                     10.09%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 30 July 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    91.36p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £507,616

Top 20 Holdings as at 30 July 2010

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           3.99
                                          
  2   Macfarlane Group                3.85
                                          
  3   Portmeirion Group               3.83
                                          
  4   Clarke (T)                      3.58
                                          
  5   Victoria                        3.42
                                          
  6   S & U                           3.37
                                          
  7   Cineworld Group                 3.08
                                          
  8   Alumasc Group                   2.92
                                          
  9   Zotefoams                       2.80
                                          
 10   Chesnara                        2.78
                                          
 11   Stadium Group                   2.66
                                          
 12   Arbuthnot Banking               2.65
                                          
 13   Dee Valley Group                2.54
                                          
 14   Consort Medical Group           2.50
                                          
 15   Hilton Food Group               2.49
                                          
 16   Avesco Group                    2.48
                                          
 17   Marshalls                       2.28
                                          
 18   Sanderson Group                 2.28
                                          
 19   Abbey Protection                2.10
                                          
 20   Omega Insurance                 2.05
                                          
      Balance held in 42             42.35
      holdings                            
                                          
                                    100.00