Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 December 2010) of £
22.45m

Net Assets (including unaudited revenue reserves at 31 December 2010) of £
18.00m

The Net Asset Value (NAV) including unaudited current period revenue at 31
December 2010 was:

Per Ordinary share (bid price)                     110.76p  
                                                            
Ordinary share price                                95.50p  
                                                            
Discount to NAV                                      13.78% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 31 December 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   109.94p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £453,162

*This NAV has been calculated with debt at fair value.

Top 20 Holdings as at 31 December 2010

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                4.71
                                          
  2   Portmerion Group                4.59
                                          
  3   Sinclair (W) Holdings           4.01
                                          
  4   S & U                           3.45
                                          
  5   Alumasc Group                   3.25
                                          
  6   Avesco Group                    2.99
                                          
  7   Cineworld Group                 2.87
                                          
  8   Victoria                        2.86
                                          
  9   Trifast                         2.77
                                          
 10   Consort Medical                 2.69
                                          
 11   Stadium Group                   2.66
                                          
 12   Clarke (T)                      2.62
                                          
 13   Chesnara                        2.60
                                          
 14   Sanderson Group                 2.38
                                          
 15   Fiberweb                        2.26
                                          
 16   Marshalls                       2.26
                                          
 17   Office2Office                   2.20
                                          
 18   Arbuthnot Banking               2.15
                                          
 19   Jarvis Securities               2.14
                                          
 20   Smiths News                     2.09
                                          
      Balance held in 34             42.45
      holdings                            
                                          
                                    100.00