Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 April 2009) of £14.85m

Net Assets (including unaudited revenue reserves at 30 April 2009) of £10.22m

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

Per Ordinary share (bid price)*                       62.90p
                                                            
Ordinary share price                                  53.25p
                                                            
Discount to NAV                                     (15.34)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 30 April 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   60.32p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £629,000

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

Top 20 Holdings as at 30 April 2009

      Company                            %
                                          
  1   Macfarlane Group                4.75
                                          
  2   Clarke (T)                      4.39
                                          
  3   Portmeirion Group               4.21
                                          
  4   Hilton Food Group               4.16
                                          
  5   S & U                           3.90
                                          
  6   Brit Insurance Holdings         3.87
                                          
  7   Arbuthnot Banking Group         3.79
                                          
  8   Victoria                        3.44
                                          
  9   THB Group                       3.44
                                          
 10   Alumasc Group                   3.33
                                          
 11   Dee Valley Group                3.29
                                          
 12   Sinclair (W) Holdings           3.15
                                          
 13   Nichols                         3.09
                                          
 14   Cineworld Group                 2.96
                                          
 15   Jarvis Securities               2.92
                                          
 16   ATH Resources                   2.91
                                          
 17   Marshalls Group                 2.73
                                          
 18   Zotefoams                       2.42
                                          
 19   Chesnara                        2.34
                                          
 20   Acal                            2.23
                                          
      Balance held in 35 holdings    32.68
                                          
                                    100.00