Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 August 2010) of £
19.48m

Net Assets (including unaudited revenue reserves at 31 August 2010) of £14.96m

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

Per Ordinary share (bid price)                      92.05p  
                                                            
Ordinary share price                                83.00p  
                                                            
Discount to NAV                                        9.83%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    90.47p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £525,317

Top 20 Holdings as at 31 August 2010

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                4.10
                                          
  2   Portmeirion Group               3.97
                                          
  3   Sinclair (W) Holdings           3.62
                                          
  4   S & U                           3.48
                                          
  5   Clarke (T)                      3.42
                                          
  6   Victoria                        3.42
                                          
  7   Zotefoams                       3.16
                                          
  8   Cineworld Group                 2.96
                                          
  9   Chesnara                        2.94
                                          
 10   Alumasc Group                   2.81
                                          
 11   Stadium Group                   2.74
                                          
 12   Consort Medical Group           2.67
                                          
 13   Arbuthnot Banking               2.50
                                          
 14   Trifast                         2.48
                                          
 15   Marshalls                       2.40
                                          
 16   Sanderson Group                 2.27
                                          
 17   Hilton Food Group               2.13
                                          
 18   Abbey Protection                2.11
                                          
 19   Avesco Group                    2.10
                                          
 20   Office2Office                   1.98
                                          
      Balance held in 41             42.74
      holdings                            
                                          
                                    100.00