Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 November 2009) of £
17.59m

Net Assets (including unaudited revenue reserves at 30 November 2009) of £
12.99m

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

Per Ordinary share (bid price)*                     79.94p  
                                                            
Ordinary share price                                76.75p  
                                                            
Discount to NAV                                      (3.99)%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   78.94p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £595,000

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

Top 20 Holdings as at 30 November 2009

      Company                         % of
                                 portfolio
                                          
  1   Portmeirion Group               4.76
                                          
  2   Clarke (T)                      3.93
                                          
  3   S & U                           3.83
                                          
  4   Victoria                        3.49
                                          
  5   Macfarlane Group                3.39
                                          
  6   Dee Valley                      3.30
                                          
  7   Nichols                         3.18
                                          
  8   Sinclair (W) Holdings           3.15
                                          
  9   Zotefoams                       3.09
                                          
 10   Jarvis Securities               3.08
                                          
 11   Alumasc Group                   2.99
                                          
 12   Chensnara                       2.72
                                          
 13   Marshalls                       2.72
                                          
 14   Arbuthnot Banking               2.71
                                          
 15   Office2Office                   2.59
                                          
 16   Hilton Food Group               2.58
                                          
 17   Cineworld Group                 2.44
                                          
 18   Acal                            2.23
                                          
 19   Sanderson Group                 2.22
                                          
 20   Gaming VC Holdings              2.19
                                          
      Balance held in 39             39.41
      holdings                            
                                          
                                    100.00