Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 29 May 2009) of £14.78m

Net Assets (including unaudited revenue reserves at 29 May 2009) of £10.15m

The Net Asset Value (NAV) including unaudited current period revenue at 29 May
2009 was:

Per Ordinary share (bid price)*                       62.48p
                                                            
Ordinary share price                                  55.00p
                                                            
Discount to NAV                                     (11.97)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 29 May 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   59.51p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

Fair value of interest rate SWAP £628,000

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

Top 20 Holdings as at 29 May 2009

      Company                            %
                                          
  1   Clarke (T)                      4.50
                                          
  2   Hilton Food Group               4.21
                                          
  3   Macfarlane Group                4.19
                                          
  4   Arbuthnot Banking Group         4.18
                                          
  5   Portmeirion Group               4.15
                                          
  6   Brit Insurance Holdings         4.04
                                          
  7   THB Group                       4.01
                                          
  8   S & U                           3.89
                                          
  9   Sinclair (W) Holdings           3.56
                                          
 10   Victoria                        3.55
                                          
 11   Jarvis Securities               3.48
                                          
 12   Dee Valley Group                3.45
                                          
 13   Nichols                         3.35
                                          
 14   Cineworld Group                 3.01
                                          
 15   Alumasc Group                   3.01
                                          
 16   Holidaybreak                    2.65
                                          
 17   Marshalls Group                 2.59
                                          
 18   Chesnara                        2.55
                                          
 19   Stadium Group                   2.41
                                          
 20   ATH Resources                   2.37
                                          
      Balance held in 33 holdings    30.85
                                          
                                    100.00