Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 10 September 2010) of £
19.73m

Net Assets (including unaudited revenue reserves at 10 September 2010) of £
15.21m

The Net Asset Value (NAV) including unaudited current period revenue at 10
September 2010 was:

Per Ordinary share (bid price)                      93.57p  
                                                            
Ordinary share price                                83.75p  
                                                            
Discount to NAV                                       10.49%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 10 September 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    92.54p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £525,317