Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 January 2011) of £
22.13m

Net Assets (including unaudited revenue reserves at 31 January 2011) of £17.76m

The Net Asset Value (NAV) including unaudited current period revenue at 31
January 2011 was:

Per Ordinary share (bid price)                     109.28p  
                                                            
Ordinary share price                               100.75p  
                                                            
Discount to NAV                                       7.81% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 31 January 2011 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   108.28p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.68m

Fair value of interest rate SWAP £372,701

*This NAV has been calculated with debt at fair value.

Top 20 Holdings as at 31 January 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           4.67
                                          
  2   Portmerion Group                4.45
                                          
  3   Macfarlane Group                3.90
                                          
  4   S & U                           3.47
                                          
  5   Alumasc Group                   3.35
                                          
  6   Consort Medical                 2.85
                                          
  7   Chesnara                        2.81
                                          
  8   Victoria                        2.79
                                          
  9   Cineworld Group                 2.78
                                          
 10   Stadium Group                   2.78
                                          
 11   Avesco Group                    2.59
                                          
 12   Trifast                         2.54
                                          
 13   Marshalls                       2.51
                                          
 14   Sanderson Group                 2.47
                                          
 15   Jarvis Securities               2.46
                                          
 16   Fiberweb                        2.37
                                          
 17   Braemer Shipping                2.18
                                          
 18   Omega Insurance                 2.17
                                          
 19   VP                              2.16
                                          
 20   Arbuthnot Banking               2.12
                                          
      Balance held in 33             42.58
      holdings                            
                                          
                                    100.00