Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 28 February 2011) of 
£23.31m

Net Assets (including unaudited revenue reserves at 28 February 2011) of 
£18.13m

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

Per Ordinary share (bid price)                   111.57p  
                                                            
Ordinary share price                              98.75p  
                                                            
Discount to NAV                                   11.49% 

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2010 to 28 February 2011 was:

                                                            Issued share capital
                                                                               
Per Ordinary share (bid price)                   110.37p          16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m, overdraft £0.81m

Fair value of interest rate SWAP £367,962

Top 20 Holdings as at 28 February 2011

      Company                         % of
                                 portfolio
                                          
  1   Sinclair (W) Holdings           4.65
                                          
  2   Macfarlane Group                4.32
                                          
  3   Portmerion Group                4.13
                                          
  4   Alumasc Group                   3.53
                                          
  5   S & U                           3.50
                                          
  6   Victoria                        3.06
                                          
  7   Stadium Group                   2.83
                                          
  8   Cineworld Group                 2.79
                                          
  9   Chesnara                        2.68
                                          
 10   Marshalls                       2.46
                                          
 11   Jarvis Securities               2.42
                                          
 12   Fiberweb                        2.39
                                          
 13   Sanderson Group                 2.38
                                          
 14   Beazley                         2.34
                                          
 15   Hansard Global                  2.25
                                          
 16   Avesco Group                    2.25
                                          
 17   Trifast                         2.13
                                          
 18   Arbuthnot Banking               2.12
                                          
 19   Consort Medical                 2.10
                                          
 20   Clarke (T)                      2.09
                                          
      Balance held in 36             43.58
      holdings                            
                                          
                                    100.00