Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 June 2009) of £15.22m

Net Assets (including unaudited revenue reserves at 30 June 2009) of £10.68m

The Net Asset Value (NAV) including unaudited current period revenue at 30 June
2009 was:

Per Ordinary share (bid price)*                       65.71p
                                                            
Ordinary share price                                  57.50p
                                                            
Discount to NAV                                     (12.49)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 30 June 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   62.16p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £541,000

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

Top 20 Holdings as at 30 June 2009

      Company                            %
                                          
  1   Portmeirion Group               4.51
                                          
  2   Dee Valley Group                4.36
                                          
  3   Clarke (T)                      4.30
                                          
  4   THB Group                       4.17
                                          
  5   Arbuthnot Banking Group         4.11
                                          
  6   Brit Insurance Holdings         3.92
                                          
  7   Jarvis Securities               3.74
                                          
  8   S & U                           3.68
                                          
  9   Macfarlane Group                3.64
                                          
 10   Hilton Food Group               3.63
                                          
 11   Nichols                         3.44
                                          
 12   Sinclair(W) Holdings            3.41
                                          
 13   Victoria                        3.22
                                          
 14   Alumasc Group                   3.10
                                          
 15   Cineworld Group                 2.97
                                          
 16   Marshalls Group                 2.91
                                          
 17   Chesnara                        2.53
                                          
 18   ATH Resources                   2.37
                                          
 19   Holidaybreak                    2.33
                                          
 20   Stadium Group                   2.31
                                          
      Balance held in 32 holdings    31.35
                                          
                                    100.00