Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 March 2009) of £12.29m

Net Assets (including unaudited revenue reserves at 31 March 2009) of £7.64m

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

Per Ordinary share (bid price)*                       47.01p
                                                            
Ordinary share price                                  38.50p
                                                            
Discount to NAV                                     (18.10)%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   45.83p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £646,000

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

Top 20 Holdings as at 31 March 2009

      Company                            %
                                          
  1   Clarke (T)                      5.34
                                          
  2   Macfarlane Group                4.96
                                          
  3   Brit Insurance                  4.51
                                          
  4   Hilton Food Group               4.51
                                          
  5   Dee Valley Group                4.08
                                          
  6   THB Group                       3.99
                                          
  7   Arbuthnot Banking Group         3.80
                                          
  8   S & U                           3.79
                                          
  9   Nichols                         3.51
                                          
 10   Sinclair (W) Holdings           3.38
                                          
 11   Cineworld Group                 3.15
                                          
 12   Jarvis Securities               3.08
                                          
 13   Portmeirion Group               2.92
                                          
 14   Marshalls Group                 2.89
                                          
 15   Zotefoams                       2.85
                                          
 16   Alumasc Group                   2.79
                                          
 17   Chesnara                        2.77
                                          
 18   Victoria                        2.75
                                          
 19   Hansard Global                  2.70
                                          
 20   Gaming VC Holdings              2.48
                                          
      Balance held in 35 holdings    29.75
                                          
                                    100.00