Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 July 2009) of £15.07m

Net Assets (including unaudited revenue reserves at 31 July 2009) of £10.55m

The Net Asset Value (NAV) including unaudited current period revenue at 31 July
2009 was:

Per Ordinary share (bid price)*                       64.95p
                                                            
Ordinary share price                                  59.00p
                                                            
Discount to NAV                                      (9.16)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 31 July 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   64.27p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £518,000

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

Top 20 Holdings as at 31 July 2009

      Company                            %
                                          
  1   Portmeirion Group               4.51
                                          
  2   Brit Insurance Holdings         4.34
                                          
  3   Clarke (T)                      4.32
                                          
  4   Arbuthnot Banking Group         4.25
                                          
  5   Hilton Food Group               4.09
                                          
  6   Macfarlane Group                3.94
                                          
  7   Dee Valley Group                3.88
                                          
  8   Jarvis Securities               3.53
                                          
  9   Victoria                        3.47
                                          
 10   Sinclair(W) Holdings            3.41
                                          
 11   Marshalls Group                 3.31
                                          
 12   Nichols                         3.23
                                          
 13   Alumasc Group                   3.10
                                          
 14   Cineworld Group                 2.95
                                          
 15   S & U                           2.86
                                          
 16   Chesnara                        2.68
                                          
 17   Zotefoams                       2.20
                                          
 18   BT Group                        2.19
                                          
 19   ACAL                            2.17
                                          
 20   Holidaybreak                    2.16
                                          
      Balance held in 32 holdings    33.41
                                          
                                    100.00