Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 March 2010) of £19.33m

Net Assets (including unaudited revenue reserves at 31 March 2010) of £14.72m

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

Per Ordinary share (bid price)                      90.60p  
                                                            
Ordinary share price                                80.50p  
                                                            
Discount to NAV                                     (11.15)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 31 March 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    91.12p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £608,609

Top 20 Holdings as at 31 March 2010

      Company                         % of
                                 portfolio
                                          
  1   Clarke (T)                      4.45
                                          
  2   Macfarlane Group                4.33
                                          
  3   Portmeirion Group               4.21
                                          
  4   S & U                           3.71
                                          
  5   Sinclair (W) Holdings           3.69
                                          
  6   Victoria                        3.51
                                          
  7   Zotefoams                       3.39
                                          
  8   Chesnara                        3.09
                                          
  9   Cineworld Group                 2.96
                                          
 10   Arbuthnot Banking               2.76
                                          
 11   Sanderson Group                 2.63
                                          
 12   Alumasc Group                   2.63
                                          
 13   Hilton Food Group               2.53
                                          
 14   Office2Office                   2.47
                                          
 15   Stadium Group                   2.46
                                          
 16   Consort Medical                 2.36
                                          
 17   Dee Valley Group                2.33
                                          
 18   Electrocomponents               2.31
                                          
 19   Acal                            2.31
                                          
 20   Marshalls                       2.29
                                          
      Balance held in 40             39.58
      holdings                            
                                          
                                    100.00