Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 27 August 2010) of £19.48m

Net Assets (including unaudited revenue reserves at 27 August 2010) of £14.98m

The Net Asset Value (NAV) including unaudited current period revenue at 27 August 2010 was:

Per Ordinary share (bid price)                      92.16p  
                                                            
Ordinary share price                                82.75p  
                                                            
Discount to NAV                                     10.21%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 27 August 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    90.55p             16,250,000
                                                                               
Ordinary shares have an undated life                                           

Bank loan £4m

Fair value of interest rate SWAP £507,616