Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 27 February 2009) of £
12.68m

Net Assets (including unaudited revenue reserves at 27 February 2009) of £8.05m

The Net Asset Value (NAV) including unaudited current period revenue at 27
February 2009 was:

Per Ordinary share (bid price)*                       49.52p
                                                            
Ordinary share price                                  43.00p
                                                            
Discount to NAV                                      -13.17%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 27 February 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   47.67p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £632,000

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

Top 20 Holdings as at 27 February 2009

      Company                            %
                                          
  1   THB Group                       5.61
                                          
  2   Clarke (T)                      5.29
                                          
  3   Brit Insurance                  4.56
                                          
  4   Macfarlane Group                4.48
                                          
  5   Dee Valley Group                4.34
                                          
  6   Dawson Holdings                 3.85
                                          
  7   Hilton Food Group               3.61
                                          
  8   Nichols                         3.34
                                          
  9   Jarvis Securities               3.24
                                          
 10   Arbuthnot Banking Group         3.17
                                          
 11   Stadium Group                   3.02
                                          
 12   S & U                           2.97
                                          
 13   Victoria                        2.95
                                          
 14   Sinclair (W) Holdings           2.86
                                          
 15   Cineworld Group                 2.82
                                          
 16   Alumasc Group                   2.76
                                          
 17   Chesnara                        2.54
                                          
 18   Hansard Global                  2.44
                                          
 19   Portmeirion Group               2.36
                                          
 20   Zotefoams                       2.30
                                          
      Balance held in 35 holdings    31.49
                                          
                                    100.00