Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 23 October 2009) of £17.88m

Net Assets (including unaudited revenue reserves at 23 October 2009) of £13.88m

The Net Asset Value (NAV) including unaudited current period revenue at 23
October 2009 was:

Per Ordinary share (bid price)*                     85.44p  
                                                            
Ordinary share price                                74.50p  
                                                            
Discount to NAV                                      (12.8)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 23 October 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   83.58p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

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