Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 15 January 2010) of £
17.97m

Net Assets (including unaudited revenue reserves at 15 January 2010) of £13.39m

The Net Asset Value (NAV) including unaudited current period revenue at 15
January 2010 was:

Per Ordinary share (bid price)*                     82.38p  
                                                            
Ordinary share price                                74.00p  
                                                            
Discount to NAV                                     (10.17)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 15 January 2010 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   82.43p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £583,000

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