Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 25 July 2008) of £25.00m

Net Assets (including unaudited revenue reserves at 25 July 2008) of £18.00m

The Net Asset Value (NAV) including unaudited current period revenue at 25 July
2008 was:

Per Ordinary share (bid price)                       110.77p
                                                            
Ordinary share price                                  94.50p
                                                            
Discount to NAV                                     (14.69%)

The Net Asset Values (NAV) excluding current period revenue for the period 1
May 2008 to 25 July 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   111.33p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £7.00m

Overdraft £0.00m