Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 January 2009) of £
13.50m

Net Assets (including unaudited revenue reserves at 31 January 2009) of £8.64m

The Net Asset Value (NAV) including unaudited current period revenue at 31
January 2009 was:

Per Ordinary share (bid price)*                       53.15p
                                                            
Ordinary share price                                  47.00p
                                                            
Discount to NAV                                      -11.57%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 31 January 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   51.36p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Fair value of interest rate SWAP £665,000

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

Top 20 Holdings as at 31 January 2009

      Company                            %
                                          
  1   THB Group                       5.44
                                          
  2   Dawson Holdings                 4.79
                                          
  3   Brit Insurance                  4.59
                                          
  4   Clarke (T)                      4.55
                                          
  5   Dee Valley Group                4.36
                                          
  6   Macfarlane Group                4.09
                                          
  7   Hilton Food Group               3.75
                                          
  8   Nichols                         3.34
                                          
  9   Victoria                        3.28
                                          
 10   Jarvis Securities               3.17
                                          
 11   Stadium Group                   3.06
                                          
 12   S & U                           2.85
                                          
 13   Arbuthnot Banking Group         2.84
                                          
 14   Zotefoams                       2.54
                                          
 15   Alumasc Group                   2.53
                                          
 16   Cineworld Group                 2.51
                                          
 17   Portmeirion Group               2.46
                                          
 18   Sinclair (W) Holdings           2.45
                                          
 19   ATH Resources                   2.41
                                          
 20   Chesnara                        2.39
                                          
      Balance held in 35 holdings    32.60
                                          
                                    100.00