Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 14 January 2011) of £
22.63m

Net Assets (including unaudited revenue reserves at 14 January 2011) of £18.18m

The Net Asset Value (NAV) including unaudited current period revenue at 14
January 2011 was:

Per Ordinary share (bid price)                     111.88p  
                                                            
Ordinary share price                               102.50p  
                                                            
Discount to NAV                                        8.38%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 14 January 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   110.90p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £453,162