Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 15 May 2009) of £15.06m

Net Assets (including unaudited revenue reserves at 15 May 2009) of £11.06m

The Net Asset Value (NAV) including unaudited current period revenue at 15 May
2009 was:

Per Ordinary share (bid price)*                       68.05p
                                                            
Ordinary share price                                  58.00p
                                                            
Discount to NAV                                     (14.77)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 15 May 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   64.31p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

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


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