Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 August 2009) of £17.39m

Net Assets (including unaudited revenue reserves at 31 August 2009) of £12.80m

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

Per Ordinary share (bid price)*                       78.79p
                                                            
Ordinary share price                                  66.75p
                                                            
Discount to NAV                                     (15.28)%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   77.81p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £590,000

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

Top 20 Holdings as at 31 August 2009

      Company                            %
                                          
  1   Portmeirion Group               5.02
                                          
  2   Clarke (T)                      4.49
                                          
  3   Arbuthnot Banking Group         4.28
                                          
  4   Brit Insurance Holdings         3.91
                                          
  5   Hilton Food Group               3.76
                                          
  6   Macfarlane Group                3.73
                                          
  7   Marshalls Group                 3.67
                                          
  8   Dee Valley Group                3.49
                                          
  9   Alumasc Group                   3.46
                                          
 10   S & U                           3.44
                                          
 11   Jarvis Securities               3.42
                                          
 12   Victoria                        3.42
                                          
 13   Nichols                         3.30
                                          
 14   Cineworld Group                 2.84
                                          
 15   Office2Office                   2.79
                                          
 16   Sinclair(W) Holdings            2.63
                                          
 17   Chesnara                        2.55
                                          
 18   TT Electonics                   2.49
                                          
 19   Zotefoams                       2.45
                                          
 20   Holidaybreak                    2.07
                                          
      Balance held in 34 holdings    32.79
                                          
                                    100.00