Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 8 May 2009) of £15.41m

Net Assets (including unaudited revenue reserves at 8 May 2009) of £11.41m

The Net Asset Value (NAV) including unaudited current period revenue at 8 May
2009 was:

Per Ordinary share (bid price)*                       70.19p
                                                            
Ordinary share price                                  58.00p
                                                            
Discount to NAV                                     (17.37)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 8 May 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   67.25p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

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