Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 21 August 2009) of £
16.58m

Net Assets (including unaudited revenue reserves at 21 August 2009) of £12.58m

The Net Asset Value (NAV) including unaudited current period revenue at 21
August 2009 was:

Per Ordinary share (bid price)*                       77.44p
                                                            
Ordinary share price                                  63.00p
                                                            
Discount to NAV                                     (18.65)%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2009 to 21 August 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)*                   76.32p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4m

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