Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 22 May 2009) of £14.78m

Net Assets (including unaudited revenue reserves at 22 May 2009) of £10.78m

The Net Asset Value (NAV) including unaudited current period revenue at 22 May
2009 was:

Per Ordinary share (bid price)*                       66.33p
                                                            
Ordinary share price                                  57.50p
                                                            
Discount to NAV                                     (13.31)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 22 May 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   63.12p             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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